Toronto, March 18, 2010 – Atlantic Wind and Solar is acquiring a 60 percent interest in Aim Global Energy, a manufacturer of converter/inverter technology used in renewable energy systems.
Atlantic initiated the acquisition of this manufacturer with a view to simplifying and streamlining the supply chain of AIM’s inverters; to provide a degree of control for AWSL in ensuring that its clients’ orders for renewable energy systems will be fulfilled on time; reducing costs of delivered inverters, and to also enhance the company’s growth potential through synergistic vertical integration.
The AIM acquisition is being carried out following the unfortunate default by the vendor in the original agreement, announced previously, to acquire a 47.5 percent interest in Hybridyne Power Systems Canada, rendering the transaction null and void. The cancellation of this transaction will be reflected in the upcoming restatement of the company’s quarterly and annual filings.
AWSL had initiated the process of acquiring an interest in Hybridyne to give it an immediate presence in Ontario in light of management’s anticipation of the government’s FIT program and accompanying Ontario-content rules, and to also provide AWSL secure access to the CIT technology manufactured by AIM Global Energy Inc.
The management of Toronto based AIM Global Energy has provided power quality and renewable energy solutions for commercial, industrial, and municipal facilities for more than 25 years.
The company’s forte in the industry is its ability to supply proprietary CIT technology that is a critical component in solar and wind power systems.
Inverters are an essential component of all renewable energy systems. Connecting to the grid through FIT programs such as that recently introduced in Ontario can make the difference between an acceptable ROI and a highly profitable ROI.
The company’s inverters provide up to 30 percent higher yield in Solar Energy systems, a competitive advantage in assessing the economics of all solar energy systems available today.