Innotech Solar's acquisition of Tripod Energy AB1 , based in Stockholm, Sweden, includes liquid assets as well as two 1 MW operating PV plants located in Italy. Through the acquisition, Innotech Solar aims to strengthen its cash position.
In a related move, Innotech Solar announced that the successful Norwegian serial entrepreneur Mr. Geir Førre has increased his investment in Innotech Solar through his Firda Investments company and has accepted to join the ITS Board of Directors. Also joining the Board of Directors are Mr. Klas Gustafsson, a partner at Sustainable Technologies Fund, and Ms. Tove Langlet a highly experienced and accomplished Swedish business expert and Board Member of several Nordic companies.
“During a challenging time for the PV industry, we are especially pleased to have been able to make the acquisition of Tripod, bring in new investment and further strengthen our Board of Directors," said Jerry Stokes, CEO of Innotech Solar. "This is a clear demonstration that Innotech Solar has been able to establish a strong and scalable business which with the benefit of the investment and strengthened balance sheet will enable us to significantly grow our business.”
Innotech Solar specializes in the production of environmentally friendly modules using 100 per cent renewable energy. The company optimizes solar cells at its purpose built factory in Halle an der Saale, Germany, and assembles them into modules at its fully automated factory in Glava, Sweden
REFERENCES
1. Tripod Energy was acquired from its management and its main investor, Sustainable Technologies Fund.