Emerging Australian company CBD Energy has an agreement in place to acquire California-based Westinghouse Solar in an all-stock deal that will give the company better access to the growing American solar market.
Westinghouse Solar founder and CEO Barry Cinnamon is no longer with the company and he will not retain his seat on the Board of Directors. According to Reuters, Cinnamon’s termination was effective May 7. Cinnamon, whose solar expertise ranges from engineering and installation to marketing, served as the public face of the company and has been a strong proponent of the need to lower the installed costs of solar. Chief Financial Officer Margaret Randazzo, a former newspaper publisher who joined the company in 2008, takes over as the interim CEO.
In a statement released on Wednesday, Randazzo said, “From our initial meetings in December of 2011, it was evident to the management and directors of both companies that there were substantial benefits to be realized through a business combination.” She also added that those at the company “look forward to being an engine of growth for CBD’s global renewable energy business.”
For its part, CBD has grown in scope in recent years. According to its website, the company was established in 2010 and is a supplier and installer of solar energy systems. The company lists Solon SE of Germany as its supplier of solar panels. Solon SE filed for bankruptcy in December and the company was taken over by Microsol, a company based in the United Arab Emirates.
In a release published Wednesday, Westinghouse Solar said it “will continue to produce and sell its rooftop solar power systems in the US and will have near-term opportunities to distribute its systems in Australia and Europe through CBD.”
Westinghouse Solar, which at one point in 2008 was trading at more than $65 a share, was trading between $0.34 and $0.50 a share on Wednesday.
