In doing so, Microsol said it has established Solon Energy GmbH, as the core of the new group.
As a result of these developments, the company said about 600 jobs have been saved worldwide having been transferred from the Solon SE (including subsidiaries) to the new Solon Energy GmbH and the other affiliates.
Despite the changes, the former firms mmain sites in Berlin-Adlershof (Germany), Tucson (USA) and Carmignano di Brenta (Italy) will be maintained.
The purchase price was not disclosed by the contract partners; an approval by Italian authorities is still pending.
Microsol produces high-efficiency solar cells with around 325 employees in Fujairah (UAE), and is considered to have good prospects for further growth in its core markets of Arab and Asian countries, with special emphasis on India.
"Microsol’s market access and the module and power plant expertise of Solon provide us with excellent prospects in India," said Kiran Turlapati, the company chairman.
The acquisition of Berlin-based Solon will also allow Microsol to more readily extend its presence into the European and North American markets.
Turlapati also pointed to Solon’s strengths in the power plant business, in research and development and marketing and distribution as being particularly valuable to Microsol.
Solar power systems will continue to be produced in Germany and production facilities will come on line at Microsol’s home base in Fujairah in the course of this year, he said, adding, "This is a joining of two ideal partners."
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