March 25, 2010 (FinancialWire) — Advanced Energy Industries, Inc. (NASDAQ: AEIS) said it has signed a definitive agreement to acquire PV Powered Inc., a manufacturer of grid-tied PV inverters in the residential, commercial, and utility-scale markets.

Under the agreement, Advanced Energy will acquire PV Powered for a purchase price of up to $90 million consisting of $50 million to be paid at closing in the form of $35 million in cash and $15 million in Advanced Energy's common stock, as well as up to $40 million in a potential earn-out based on PV Powered's full year 2010 financial results.

The acquisition is expected by Advanced to add an estimated $40-50 million to its 2010 revenues and be neutral to marginally dilutive to GAAP net income in 2010.

PV Powered makes transformer-based PV inverters utilized in commercial roof top and ground mount systems for the North American market. Founded in 2003 and based in Bend, Oregon, PV Powered is a privately held company with around 90 employees. It posted $21 million of revenues in 2009, according to Advanced. Throughout 2010, PV Powered will operate as a wholly-owned subsidiary, continuing to sell and support its PV Powered branded inverters.

Colorado-based Advanced Energy offers power and control technologies for thin-film manufacturing and solar-power generation. Specifically, Advanced Energy targets solar grid-tie inverters, solar cells, semiconductors, flat panel displays, data storage products, architectural glass and other advanced applications.

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