Ventizz Capital Fund IV, L.P. signed a contract to acquire thin-film solar start-up Sovello AG from the multinational partnership of companies that developed it.
Until now, the company was equally owned by the shareholders of Massachusett-based Evergreen Solar Inc (Nasdaq: ESLR), Germany’s Q-Cells SE (QCE.DE) and Norway’s REC ASA (REC.OL).
In the course of this transaction, Ventizz plans to increase the equity of Sovello AG by an amount in the "double-digit million Euro range" and to largely eliminate the company’s debt, according to press release.
The change in ownership is subject to the approval by the participating financial institutions as well as antitrust, state and local authorities.
Dr. Helmut Vorndran, Managing Partner of Ventizz Capital Partners said he is confident the company can compete in a growing global solar market. "Sovello is one of the few fully integrated players which cover three levels of the value chain, namely wafer, cell and module production, and at the same time epitomize competitive premium technology ‘Made in Germany.’ Furthermore, the Company is led by an experienced and highly qualified executive management team," he said.
Dr. Ted Scheidegger will remain CEO of Sovello.
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