Atlantic Wind and Solar Inc. plans to acquire a 60% interest in Aim Global Energy Inc., a manufacturer of high-yield converter/inverter (CIT) technology used in Atlantic Wind's 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 Atlantic Wind in ensuring that its clients' orders for renewable energy systems will be fulfilled on time; and to reduce the cost of delivered inverters.
The Aim acquisition is being carried out following the default by the vendor in the original agreement, announced previously, to acquire a 47.5% interest in Hybridyne Power Systems Canada (HPSC), rendering the transaction null and void.
Atlantic Wind had initiated the process of acquiring an interest in HPSC to give it an immediate presence in Ontario in light of management's anticipation of the Canadian government's feed-in-tariff program and accompanying Ontario-content rules, and to also provide Atlantic Wind secure access to the CIT technology manufactured by Aim Global Energy Inc.
SOURCE: Atlantic Wind and Solar Inc. Â Â Â
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