Silex Systems Ltd (SLX) announced today that it has entered into a conditional agreement to acquire the assets of Melbourne based Solar Systems Group (SSG) from the company’s Administrators. SSG’s solar technology is applicable to large utility-scale electrical power generation using its proprietary “Dense Array” concentrating photovoltaic (CPV) solar conversion technology. This technology utilizes ultra-high efficiency photovoltaic (PV) cells (initially developed for space applications) and is ideally suited to the burgeoning global utility- scale solar power station market. The key and unique advantages of this technology include the use of advanced ‘triple junction’ solar cells capable of at least 35% efficiency – approximately double the efficiency of today’s best silicon-based cells – and the use of active cooling to maximize power output and lifetime performance from the solar cells. Following completion of the acquisition, Silex will conduct a 12 to 18 month technology commercialization program in parallel with business development and marketing activities, with the aim of commencing commercial project activities in 2011.
“This is a very exciting development and a priceless opportunity for Silex to enter the utility scale concentrating photovoltaic market for a fraction of the cost it has taken to develop” Dr Michael Goldsworthy, Silex’s CEO said today. “Combined with our acquisition of the Sydney Olympic Park solar panel manufacturing facility in mid-2009, Silex will have world class technology for both the distributed rooftop solar panel market as well as the utility scale CPV power generation market. Both of these solar technologies will play an important part in the renewable energy industry, as global climate change policies become mainstream in the energy sector ”, he added.
As noted above, approximately $150 million has been invested to date in research and development activities, power generation projects, manufacturing plant and equipment, and business development activities. The assets to be acquired include Patented IP relating to Dense-Array CPV technology; a manufacturing facility located in Melbourne with an annual capacity of up to 500MW of CPV solar modules per year; a fully functional power generation demonstration facility (rated at ~140kW) in Bridgewater, Victoria; a development site and adjoining acreage (option to acquire) for a proposed 154MW solar power station project in Mildura, Victoria. The purchase price of A$20 million comprises of $2 million in cash upon completion ($1 million of which has been paid as a fully refundable deposit).; $18 million in fully paid ordinary shares in Silex with $13 million worth of shares to be issued on completion and held in escrow with $6.5 million worth of shares to be released from escrow 12 months following completion, and the remaining $6.5 million worth of shares to be released from escrow 24 months following completion; and $1 million worth of shares to be issued each month after completion for 5 months.
Tags: New acquisition, Silex Systems, SLX, Solar Energy
