Q-Cells buys Solar Fields for $5M

Thalheim, Germany-based Q-Cells said today it acquired Toledo, Ohio's Solar Fields for $5 million plus stock.

Under the agreement, Solar Fields was absorbed by Q-Cells' Calyxo subsidiary, merging the two companies' production of cadmium telluride photovoltaic modules.

Solar Fields previously signed a deal to exclusively license its deposition technology to Calyxo.

With today's acquisition, Calyxo takes over all of Solar Fields' intellectual property, transferring all of Solar Fields' assets into the newly formed Calyxo USA.

Q-Cells said the U.S. unit would focus on research and development, with all of Solar Fields' employees transferring to the new group.

In addition to the cash payment, Solar Fields received a 7 percent stake in Calyxo.

Calyxo is currently building its first prototype facility with a capacity 25 megawatts in Bitterfeld-Wolfen in Germany, which is expected to start production in the first quarter of 2008.

Q-Cells recently announced that its EverQ venture would be building a third plant and getting an initial public offering (see EverQ partners plan for an offering).

EverQ is a joint venture of Q-Cells, Oslo's Renewable Energy Corp., and Marlboro, Mass.-based Evergreen Solar (Nasdaq: ESLR).

The companies have not yet announced the timing, size or location of the IPO.

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