Emcore Sells Space Photovoltaics Business for $150 million
[Via Satellite 09-18-2014] Emcore has agreed to sell its space photovoltaics business to private equity firm Veritas Capital, including all rights to the buildings and 275 employees in Albuquerque, N.M. An affiliate of Veritas has agreed to purchase the business for $150 million in cash.
Founded in 1998, Emcore’s space photovoltaics business manufactures products for space power applications such as high-efficiency multi-junction solar cells, cover-glass interconnected cells and complete satellite solar panels, as well as products for terrestrial purposes. The space photovoltaics business reported revenues of $70.5 million in 2013. Emcore anticipates the transaction will close in Dec. 2014 or Jan. 2015.