Friday August 9, 2019 0 comments
FORT COLLINS -- SDR Ventures announced Advanced Energy Industries, Inc. (NASDAQ: AEIS) has sold its grid-tie central solar inverter services business to Bold Renewables Holdings, LLC, an affiliate of Right Lane Industries.
SDR served as the exclusive advisor to Advanced Energy throughout the process.
For Advanced Energy, a publicly traded company with 2018 revenues of $700M+ and market capitalization of $2B+, this was an opportunity to continue to focus on its leadership position in precision power conversion.
For RLI, it was an opportunity to further realize their long-term commitment of creating a family of customer-focused businesses with Advanced Energy’s central solar inverter services, which span everything from inverters to PV modules, electrical systems, tracking systems and periodic reporting.
“We were happy to work with the outstanding team at Advanced Energy to create a win-win outcome that allows Advanced Energy to focus on their core competencies while also providing a great long-term home for the central inverter services business in Bold Renewables,” said Scott Mitchell, SDR Ventures VP.
“We have great confidence in Bold Renewables, which has been our invaluable partner throughout the transition process,” said John Williams, Advanced Energy’s VP of global services.
“Considering the sharp focus on renewable energy, and the fact that the U.S. solar industry reported its strongest quarter yet, we anticipate a bright future for Bold Renewable’s dedicated team of industry experts.”
Bold Renewables is a North American leader in the servicing of solar inverters, primarily supporting fields generating utility power. Bold Renewables’ management, engineers and other office staff are headquartered in Fort Collins, while the company’s service technicians are strategically located throughout North America.