- 5N Plus has entered an agreement to acquire Azur Space for a purchase value of between €73 million to €79 million
- The acquisition fits into the Canadian company’s overall business as it currently supplies high purity metals and semiconductors to renewable energy industry
- Their combined value chain will also open up new businesses with larger total addressable market, 5N Plus said
High-purity metals and specialty semiconductor manufacturer from Canada 5N Plus Inc. is set to acquire solar cell manufacturer Azur Space Solar Power GmbH from Germany that specializes in multijunction solar cells for space and terrestrial concentrated PV applications.
Under an agreement signed, 5N Plus will acquire all of the issued and outstanding shares of Azur Space for a total purchase price of between €73 million and €79 million ($87 million to $94 million).
The acquisition of Azur Space fits into 5N Plus’ business as the latter supplies its products to the thin-film PV industry, along with others, and calls itself as a notable supplier within the US satellite supply chain. The high-purity metals it produces include antimony, bismuth, cadmium, gallium, indium, selenium, tellurium, tin and zinc for electronic, consumer and industrial applications.
Having its own in-house solar cell production expertise, explained 5N Plus, will enable the company to expand its position within the renewable energy and establish it as a ‘reliable and competitive supplier’ to the European and US space programs, through Canada’s membership in the European Space Agency (ESA).
“Azur and 5N Plus complement each other, and our integration will culminate in a sustainable supply chain which will ensure the competitiveness and security of supply for our customers and government agencies,” said President and CEO of 5N Plus, Arjang Roshan. “Moreover, the combined value chain will serve as a gateway to new businesses with significantly larger total addressable market.”
One of the regular clients of 5N Plus’ semiconductor materials is US based CdTe solar thin film module manufacturer First Solar, Inc. to whom it has been supplying its products since 2007. In November 2020, it announced multi-year contracts to be supplied to First Solar for its Series 6 modules.