Utica Leaseco agrees to Ubiquity Solar Acquiring the Rights to the Assets of Alta Devices
Ubiquity Solar Inc. (Ubiquity), a photovoltaic (PV) technology company, and Utica Leaseco, LLC (Utica), an asset-based specialty finance company, are pleased to announce the execution of a definitive agreement, whereby Ubiquity has procured from Utica rights to the intellectual property, R&D, production, inventory and other assets (the GaAs Assets) previously part of Alta Devices (Alta) of Sunnyvale, CA. As part of the parties' transaction, Utica will acquire certain warrants to purchase capital stock of Ubiquity.
ROCHESTER HILLS, Mich., Dec. 21, 2020 /PRNewswire-PRWeb/ -- Utica Leaseco, LLC (Utica), an asset-based specialty finance company and Ubiquity Solar Inc. (Ubiquity), a photovoltaic (PV) technology company, are pleased to announce the execution of a definitive agreement, whereby Ubiquity has procured from Utica rights to the intellectual property, R&D, production, inventory and other assets (the GaAs Assets) previously part of Alta Devices (Alta) of Sunnyvale, CA. As part of the parties' transaction, Utica will acquire certain warrants to purchase capital stock of Ubiquity.
Ubiquity Solar intends to relocate the GaAs Assets to the eastern USA to be close to Ubiquity's Canadian operations. Ubiquity's site-selection process is based on proximity to Ubiquity Canada, state incentives and access to a skilled workforce. Ubiquity plans to combine the GaAs Assets with its silicon-based PV wafer, cell and module operation. The operation will produce both silicon (Si) and gallium arsenide (GaAs) PV cells and modules for a wide range of high-performance applications that require higher quality, solar energy conversion efficiency, and performance. Ubiquity's high quality silicon division will remain in Canada.
"We are very pleased to be able to add this significant GaAs-PV technology and manufacturing capacity to our Si-PV technology", said Ian MacLellan, CEO and President of Ubiquity. "Ubiquity's current Si-PV technology is focused on the high efficiency residential, commercial and utility scale PV markets. This transaction will allow Ubiquity to enter the flight-based GaAs-PV markets for applications such as low earth orbit (LEO) satellites, high altitude long endurance (HALE) unmanned aircraft for delivering 5G over wide areas and drones. Long-term, based on research going back over a decade with university research partners, Ubiquity is investigating SiGaAs multi-junction PV technology for the above markets and the emerging electric vehicle integrated PV (VIPV) market.
David Levy, CEO of Utica, commented that "we are very pleased to have worked closely with Ubiquity's management team on this transaction. We are looking forward to a mutually rewarding relationship with Ubiquity and supporting their vision in this very important endeavor."
Please direct any inquiries to:
Ian MacLellan, President and CEO of Ubiquity Solar ([email protected]) and/or
David Levy, CEO of Utica Leaseco ([email protected]).
Ubiquity Solar develops high performance, advanced PV silicon materials, cells and modules. Its silicon technology can also be used in the Li-Ion batteries, electronic display and semiconductor industries. It is also developing ultra-high efficiency GaAs and SiGaAs PV technology for the Flight Integrated PV (FIPV), Building Integrated PV (BIPV) and electric vehicle integrated PV (VIPV) markets.
Utica Leaseco, since 2005, has provided new, unusual, and complex equipment financing and leasing. With a deep understanding of asset values, Utica's experienced professionals deliver customized solutions for difficult deals in a responsive and speedy manner.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, high debt levels, negative working capital levels, lack of profitability, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Utica and Ubiquity assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Media Contact
David Levy, Utica Leaseco, +1 248-752-1800, [email protected]
SOURCE Utica Leaseco
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