Aqualis ASA: Aqualis buys 49.9% of Adler Solar

2 September 2015 - Engineering consultancy group Aqualis ASA (Aqualis) has signed a MoU to acquire a 49.9 percent stake in Adler Solar - a technical and engineering service provider for the global solar industry.  

"The solar energy sector is rapidly growing and we want to be part of it. We are well established within oil and gas through Aqualis Offshore and in the offshore wind market through Offshore Wind Consultants. The acquisition of Adler Solar gives us a strategic third leg to stand on in another attractive market," says David Wells, CEO of Aqualis ASA.

Adler Solar is a leading full service provider for the solar power industry. The company offers an extensive spectrum of technical and engineering services for the entire lifecycle of photovoltaic (PV) power plants. It was founded in 2009 and today employs 100 people, including worldwide operating service teams and PV experts.

The company is based in Germany, but is engaged in projects all over Europe as well as in the USA, South Africa, Asia and the Middle East. Clients include solar energy plant manufacturers and operators, insurance companies, PV experts, project planners, wholesalers, installers, investors and banks. Adler Solar also has a joint venture in Japan with YKD Co. Ltd. 

"Adler Solar is an excellent company with a broad customer base, which will continue to receive the highest possible attention from Adler Solar's expert teams. We see great potential in the company and are aiming to further grow its presence in its home market in Germany and its footprint in emerging solar power markets internationally. We will also look at ways of utilising Aqualis Offshore's widespread international presence to help fast track further global expansion for Adler Solar," says David Wells.

Aqualis has signed a MoU to acquire a 49.9 percent ownership share in Adler Solar. Total consideration for the 49.9 percent ownership share is 3 million Euros. Aqualis also has an option to acquire a further 10.1 percent of the company by April 2019, at the same price as the initial investment.  The transaction is expected to be closed in 3^rd quarter 2015.

Following the transaction, the shareholders in Adler Solar will be Aqualis ASA (49.9%); Gerhard Cunze (42%), CEO and co-founder of Adler Solar; and D2D4 (8%), a company owned and controlled by Klaus Meier, who is the majority owner in one of Germany's leading EPIC companies in the windmill industry.

Adler Solar had revenues of 11 million Euros in 2014 with a normalized EBITDA of 2.1 million Euros.

The transaction is expected to be closed within the next week. Further financial details about Adler Solar will be disclosed in an extended stock exchange notice later this week.

For further information about Adler Solar, please see www.adlersolar.de.   

ENDS

For further information, please contact:

Investors
Christian Opsahl, CFO, tel: +47 901 101 53, email: christian.opsahl@aqualis.no.

Media
Endre Aaberg Johansen, Corporate Communications AS, tel: +47 41 61 06 05, email: endre.johansen@corpcom.no.

About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries, offers marine and engineering consultancy services to the offshore oil, gas and renewable sectors globally. The group employs 230 experienced consultants across 16 offices in 11 countries worldwide. Aqualis ASA operates under two different brands: Aqualis Offshore and Offshore Wind Consultants. Aqualis Offshore is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. For website, see www.aqualis.no