Westinghouse Solar merges with CBD Energy

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Westinghouse Solar merges with CBD Energy

By Greentech Lead America: Westinghouse Solar, a designer
and manufacturer of integrated rooftop solar power systems, has signed a merger
agreement with CBD Energy, a diversified renewable energy company. The
merger has been approved by the Boards of Directors of both companies and
consummation is targeted for third quarter 2012.

The common shareholders of Westinghouse Solar will
receive approximately 3.7 CBD common shares for each share held and its
preferred shareholders will receive CBD preferred shares which will be
convertible into CBD common shares. On an as-converted basis the Westinghouse
Solar common and preferred shareholders collectively would hold approximately
15 percent of the outstanding CBD common shares.

Margaret Randazzo, CFO of Westinghouse Solar was also
appointed Interim CEO; former CEO Barry Cinnamon is leaving the company.

“This transaction is expected to improve the
financial standing of Westinghouse Solar allowing the company to better serve its
established customers in the US and creating a more solid platform for
international growth. Our team is excited about the enhanced opportunities this
transaction provides both companies and the benefits for our shareholders. We
look forward to being an engine of growth for CBD’s global renewable energy
business,” said Randazzo.

Westinghouse Solar will continue to produce and sell its
innovative rooftop solar power systems in the US and will have opportunities to
distribute its systems in Australia and Europe through CBD. CBD has begun
marketing the Westinghouse Solar products to its Australian distribution
partners and is pursuing opportunities to increase contract volumes with its
current customers who would deploy the Westinghouse Solar technology.

Both companies plan to begin the development of
commercial projects and partnerships in North America also. CBD plans to apply
for listing in to a U.S. share market upon closing of the merger.

CBD expects to leverage the Westinghouse Solar
relationships to provide new opportunities for distributing energy-efficiency
products and services produced by its Industrial Energy Efficiency Division and
to create new outlets and applications for its proprietary energy storage
technology.

“The merger with Westinghouse Solar is expected to be
highly beneficial for CBD. The US market is rapidly developing into one of the
largest and most stable end-markets for solar energy systems. The merger provides
CBD an immediate point of access with an experienced management team capable of
driving rapid expansion for the combined business,” said Gerry McGowan,
managing director and CEO of CBD.

Westinghouse Solar unveils integrated plug-and-play solar
panels

 

Recently, Westinghouse Solar launched Instant Connect, a
new line of solar panels that makes rooftop installations faster and easier
than ever before.

Westinghouse Solar boasts
Instant Connect is the first plug-and-play solar panel that completely
eliminates cumbersome panel-to-panel wiring for both residential AC systems and
commercial DC systems.

 

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