Ayala Corp acquires U.S.-based solar tech firm

MANILA, Philippines – Ayala Corporation (AC), through its manufacturing arm AC Industrial Technology Holdings Incorporated (AC Industrials), took a controlling stake in a United States-based solar solutions firm.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, February 26, AC said it has “acquired a controlling stake in Merlin Solar Technologies, Incorporated (Merlin).”

“The transaction was done through AC Industrials’ subsidiary, ACI Solar Holdings NA (ACI Solar), which had previously made a minority investment in Merlin in 2016,” it added.

“AC Industrials will have an ownership interest of 78.2% in Merlin after the transaction and completion of other related activities.”

Headquartered in San Jose, California, Merlin develops flexible solar panels and products which allow for potentially innovative applications in areas with demanding environments such as transportation and infrastructure.

The solar firm also has manufacturing facilities in Thailand, and AC noted that “moving forward, Merlin shall also be establishing a manufacturing presence in the Philippines through Integrated Microelectronics, Incorporated (IMI), a subsidiary of AC Industrials.”

“Merlin’s patent and intellectual property portfolio allows a differentiated value proposition in solar which, when combined with AC Industrials’ core strength of providing manufacturing scale through IMI’s global platform, will provide AC Industrials with the opportunity to disrupt the solar energy industry,” said AC Industrials chief executive officer Arthur Tan.

This is the latest in what has been a string of acquisitions in manufacturing and emerging industries by the Ayala Group in recent years. (READ: Story of Zalora deal points way for Ayala Corp’s dive into digital future)

“We are excited to have the opportunity to add Merlin’s solar technology to our portfolio. The proprietary solar solutions that Merlin brings to the table are key to AC Industrials’ strategy of working on disruptive technologies, and aligns with the Ayala Group’s drive to invest in emerging, innovative spaces, such as in e-commerce and fintech,” said AC chairman Jaime Augusto Zobel de Ayala in a statement.

“In addition, Merlin is highly complementary to various Ayala businesses, such as the renewable energy generation under AC Energy. We strongly believe that Merlin’s solar technology has the potential to profoundly impact people’s lives in the coming years.” – Rappler.com