Energy Conversion acquires solar tech co. and its debt for $16.3M

Rochester Hills, Mich.-based Energy Conversion Devices (Nasdaq:ENER) said today it plans to buy Los Angeles-based, London-listed Solar Integrated Technologies (LON:SIT) for about $16.3 million, including assumption of its debt.

Solar Integrated Technologies, which makes building integrated photovoltaic roofing systems, saw its stock close today, up 13.04 percent. ECD, which includes subsidiary United Solar Ovonic, makes flexible, thin-film solar laminate products for the building integrated and commercial rooftop markets.

United Solar Ovonic has secured numerous orders for its flexible, thin-film Uni-Solar technology (see $5.8 million UNI-SOLAR BIPV order from Unimetal in Italy, Uni-Solar lands $15M German order and New $9m Air Force contract for UNI-SOLAR).

“Our combined organization will also be well positioned to meaningfully participate in the expected growth in the U.S. market, including under the stimulus plan,” said Mark Morelli, ECD’s CEO, in a news release.

Financing the acquisition from existing corporate funds, ECD said it would pay about 6.75 pence ($0.11) in cash for each share of Solar Integrated Technologies, or about $11.2 million. The deal is expected to close within 60 days.

In February 2009, ECD’s founder, American inventor and scientist Stanford Ovshinski was awarded the Cleantech Pioneer award by the Cleantech Group. He retired from ECD as an active employee and the company’s director in 2007 (see Stan calls it quits).

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