Thursday, October 2, 2008
EI Solutions Acquired By Suntech
Pasadena-based EI Solutions, the solar power integrator arm of Idealab-backed Energy Innovations, has been acquired by a Chinese photovoltaic module manufacturer, Suntech Power Holdings. Financial terms of the acquisition were not disclosed. According to Suntech, it is will rename EI Solutions as Suntech Energy Solutions. The new unit will be headed by Andrew Beebe, current president of EI Solutions. EI Solutions was a wholly owned subsidiary of Energy Innovations, which is backed by Idealab, MDV Mohr, Davidow Ventures, and Westlake Venture Partners. EI Solutions was acquired by Energy Innovations in February of 2005, and was formerly known as Prevalent Power. The solar power integrator was known for its installation of Google's campus solar power project, as well as for projects done for Disney, Sony Pictures, the North Face, and Puget Sound Energy. According to the firms, Broadpoint Capital advised Energy Innovations on the sale.