Scandinavian-German PV module maker Innotech Solar (ITS) has concluded two key transactions, one an acquisition and one an investment which will further strengthen ITS´s balance sheet and enable further expansion. In addition, the company has announced three new board members.
The acquisition was of the successful PV project development and investment company Tripod Energy AB based in Stockholm, Sweden and includes liquid assets as well as two 1 MW operating PV plants located in Italy. Through the acquisition, ITS will strengthen its cash position as well as providing reliable operating revenues from the two PV plants. Tripod Energy was acquired from its management and its main investor, Sustainable Technologies Fund.
The company also 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.
Commenting on the acquisition, investment and new board members Jerry Stokes, CEO of Innotech Solar, said “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. 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.”