Advanced Energy to Sell Solar Inverter Business
Advanced Energy Industries is exploring strategic alternatives for its solar inverter business. The company is considering various options including sale, joint venture, partnership, licensing or other alternatives including additional product line optimization and rationalization, in order to maximize shareholder value.
The company plans to continue offering its inverter products and services and supporting its customers during this process. The company said it does not plan to disclose or comment on developments until it deems further disclosure to be appropriate.
As a result of the company’s strategic review and resulting retirement of certain central inverter legacy products, the company expects to record a non-cash inventory charge of between $10 and $14 million in the fourth quarter. This non-cash inventory charge will reduce net income and earnings per share on a GAAP-basis for the fourth quarter and full year 2014, but the company expects to exclude this charge from its calculation of non-GAAP net income and non-GAAP earnings per share for such periods, as a non-cash, non-recurring charge.
The announcements comes less than two years after signing on as an industry partner with the DOE the National Renewable Energy Laboratory (NREL) to work at the Energy Systems Integration Facility (ESIF) in Golden, Colorado to develop lower cost, better performing solar power inverters.
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