May 17, 2020

GT Solar: Acquisition of Crystal Systems Inc for $24M

gt-solar-acquisition-crystal-systems-inc-24m
Admin
2 min
GT Solar
GT Solar International Inc has acquired the privately held company, Crystal Systems Inc, a crystalline growth technology manufacturer of top qualit...


GT Solar International Inc has acquired the privately held company, Crystal Systems Inc, a crystalline growth technology manufacturer of top quality large area sapphire substrates. GT Solar is a leader in global polysilicon production technology. Additionally GT Solar supplies crystalline ingot systems and related photovoltaic manufacturing services to the solar industry worldwide.

“Crystal Systems’ sapphire process knowledge complements our expertise in silicon growth technologies and we believe this combination will allow us to quickly deliver products that leapfrog sapphire crystallization technology available from other suppliers,” stated Tom Gutierrez, GT Solar’s president and CEO. “We expect to capitalize on the attractive opportunities we have identified in equipment, LED, and high tech specialty markets that require high-quality, low cost crystalline substrates. Crystal Systems has a rich history of innovation and we believe the combination of their technical expertise supported by our proven global operating experience and available capital resources will accelerate the adoption of new low-cost, high-quality crystalline sapphire solutions.”

The terms of the agreement indicate that the purchase consideration included around $24 million in cash, plus 5.4 million shares of GT Solar common stock and a $21 million cash earn out. The cash earn out provision is dependent upon the attainment of certain specific financial and technical targets. Crystal Systems is a proven profitable enterprise, with anticipated revenues of around $16 million for the 2010 calendar year. The Company will contribute significantly to GT Solar’s operating income over the following 18 months, and is due to be accretive on an EPS basis by the year end FY12.
 

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Apr 20, 2021

Amazon's renewable energy projects surpass 200 milestone

Amazon
Renewables
Solar
Netzero
Dominic Ellis
2 min
Nine new projects announced today takes Amazon's renewables portfolio beyond 200 projects

Amazon claims it is now Europe's largest corporate buyer of renewable energy as its projects surpassed 200 globally.

Broken down, it has 136 solar rooftops on facilities and stores and 71 utility-scale wind and solar projects, nine of which were announced today covering the US, Canada, Spain, Sweden and UK. They include:

First solar project paired with energy storage Based in California’s Imperial Valley, Amazon’s first solar project paired with energy storage allows the company to align solar generation with the greatest demand. The project generates 100MW of solar energy, and includes 70MW storage.

First renewable project in Canada An 80 MW solar project in the County of Newell in Alberta. Once complete, it will produce over 195,000MWh of renewable energy to the grid.

Largest corporate renewable energy project in the UK Amazon’s newest project in the UK is a 350MW wind farm off the coast of Scotland and is Amazon’s largest in the country. It is also the largest corporate renewable energy deal announced by any company in the UK to date.

New projects in the US Amazon’s first renewable energy project in Oklahoma is a 118 MW wind project located in Murray County. Amazon is also building new solar projects in Ohio’s Allen, Auglaize, and Licking counties. Together, these Ohio projects will account for more than 400MW of new energy procurement in the state.

Additional investments in Spain and Sweden In Spain, Amazon’s newest solar projects are located in Extremadura and Andalucia, and together add more than 170 MW to the grid. Amazon’s newest project in Sweden is a 258 MW onshore wind project located in Northern Sweden.

It now has more than 2.5 GW of renewable energy capacity, enough to power more than two million European homes a year, and aims to power all its activities with renewables by 2025 and net zero by 2040.

Amazon and Global Optimism co-founded The Climate Pledge in 2019, a commit ment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. The pledge now has 53 signatories, including IBM, Unilever, Verizon, Siemens, Microsoft, and Best Buy.

A map of all of Amazon’s renewable energy projects around the world can be found here.

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