Yaskawa Electric Corporation has purchased a US company that makes parts for solar energy generators.
Solectria Renewables — which is based in Lawrence, Massachusetts — will become the wholly-owned subsidiary of the Japanese machinery maker under the deal. The terms of the acquisition were undisclosed.
Solectria makes high performance photovoltaic inverters for residential, commercial and utility-scale power systems. These convert direct current output from solar panels to alternating current technology. The company’s CEO, James Worden, said the acquisition will ultimately benefit Solectria’s customers.
“While this is a significant step for Solectria, I am even more thrilled about what this means for our customers,” Worden said in a company news release. “They will have the same management team and personal interaction they are accustomed to, with the advantage of a powerful diversified global partner. Our entire team should feel incredibly proud about what we have built over the past 10 years, but the b est is yet to come.
For Yaskawa, the purchase allows the company to expand its product lineups. Currently, Yaskawa makes inverters for small solar projects, but Solectria’s expertise at large-scale solar ventures will allow the company to aim higher, according to Mike Knapek, president and COO of Yaskawa America.
“This is an effort to broaden Yaskawa’s exposure in the renewable energy market and expand the use of our technology expertise,” Knapek said.