Print
Email
Print Edition Stories
Friday, July 30, 2010
GT Solar buys Salem’s Crystal Systems
By Mass High Tech Staff
Cellect Plastics demos oil spill cleanup tech
Mass. metal developer aims for more fuel efficient cars
MHT's Galen Moore: N.E. firms target individual carbon footprints
GT Solar International Inc., the Merrimack, N.H., maker of solar energy production technology, said that it is acquiring Salem-based sapphire producer Crystal Systems.
The deal is priced at $24 million in cash, 5.4 million shares of GT Solar (Nasdaq: SOLR) common stock (GT Solar closed at $6.25 on Thursday) and a $21 million cash earn-out.
By acquiring Crystal Systems, founded in 1971, GT Solar gains access to cystalline growth technology that can be used to manufacture large-area substrates used in light-emitting diode, defense, medical and aerospace applications. GT Solar develops polysilicon production technology, crystalline ingot growth systems and related photovoltaic manufacturing services for the solar industry.
Crystal Systems founder Fred Schmid, who invented his company’s Heat Exchanger Method (HEM) process, will join GT Solar in a senior technical capacity.
The deal comes just months after another sapphire technology company, Advanced Renewable Energy Company LLC, of Nashua, N.H., received a $5 million funding from General Catalyst Partners. ARC Energy was founded by GT Solar co-founder Kedar Gupta.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
