Younicos Inc., a wholly owned subsidiary of Berlin-based Younicos AG, has acquired Xtreme Power's assets with a winning bid in a Chapter 11 auction supervised by the U.S. District Bankruptcy Court of West Texas. Financial details of the deal were not disclosed.
Younicos has acquired all relevant strategic assets and will also retain members of Xtreme Power's former management, engineering, business development and operations team. Xtreme, which filed for bankruptcy in January, was among the few companies in the industry with multi-megawatt energy storage installations in the field. Teaming up with Duke Energy, the company implemented a wind energy storage system at the Notrees project in West Texas. In Hawaii and Alaska, Xtreme Power's energy management systems are deployed at five locations, providing island renewable integration and grid support.
"This is a historic and strategic moment for Younicos," says James P. McDougall, CEO of Younicos. "We're on-boarding a great and talented team, acquiring important assets, know-how and customer relationships that are complementary to our current product and services offering. Younicos AG is the industry leader in Europe. The Xtreme Power asset acquisition and joining of forces establishes Younicos firmly in North America, one of the highest potential growth markets for large-scale energy storage applications."
