The Quercus Trust has completed its acquisition of Applied Solar Inc., a maker of building-integrated photovoltaics that filed for bankruptcy earlier this year.
Applied Solar, Inc. (debtor-in-possession) (OTC Bulletin Board: APSO) (“we” or the “Company”) announced today that it has closed the previously-announced sale of its assets and operations to Quercus APSO, LLC, a wholly-owned subsidiary of The Quercus Trust. Quercus APSO, LLC intends to change its name and conduct business as Applied Solar, LLC.
With the consummation of the transaction, Applied Solar, LLC will have the benefit of a much stronger balance sheet and little or no long-term debt.
David Field, the Company’s President and Chief Executive Officer, commented, “We are pleased to announce the completion of this transaction, and look forward to continuing our efforts to develop new BIPV products, including an anticipated 2010 introduction of a product that will integrate with asphalt shingle roofing tiles, which represent approximately 80% of the U.S. residential roofing market. At the same time, we intend to further build upon our key strategic industry relationships that have enabled us to significantly penetrate the residential BIPV market and will soon lead our products into the European marketplace.” Mr. Field will continue in the same role as President and Chief Executive Officer of Applied Solar, LLC.
About The Quercus Trust
Based in Newport Beach, California, The Quercus Trust is recognized as one of the North America’s leading clean-tech venture funds, with strategic investments in the clean technology areas of solar, water, bio-fuels, wind and batteries. The Quercus Trust is known to provide more value than funding alone, and takes a long-term view of invested capital, leveraging its industry expertise and relationships for the benefit of its portfolio companies.