Emcore Corp of Alhambra, CA, USA, which makes compound semiconductor-based components and subsystems for the fiber-optics market, has completed the sale of its Space Photovoltaics business (announced on 17 September) to SolAero Technologies Corp (formerly known as Photon Acquisition Corp), an affiliate of private equity firm Veritas Capital.
Founded in 1998 and based in Albuquerque, Emcore’s Space Photovoltaics business provides products for space power applications including high-efficiency multi-junction solar cells, coverglass interconnected cells (CICs) and complete satellite solar panels, along with terrestrial applications including high-efficiency multi-junction solar cells for concentrating photovoltaic (CPV) power systems. The assets sold comprise substantially all of Emcore’s Photovoltaics reporting segment, as well as all rights to the buildings owned, and includes about 275 staff in Albuquerque. The Space Photovoltaics business’ fiscal 2013 revenue was $70.5m.
In connection with the closing of the transaction, Emcore received $150m in cash, subject to a post-closing working capital adjustment.
