Ubiquity Solar Acquires Rights to Assets of Alta Devices From Utica Leaseco



Ubiquity Solar, a photovoltaic (PV) technology company, and Utica Leaseco, an asset-based specialty finance company, executed a definitive agreement whereby Ubiquity has procured from Utica rights to the intellectual property, R&D, production, inventory and other assets (the GaAs assets) previously part of Alta Devices of Sunnyvale, CA. As part of the parties’ transaction, Utica will acquire certain warrants to purchase capital stock of Ubiquity.

Ubiquity Solar intends to relocate the GaAs assets to the eastern U.S. to be close to its Canadian operations. Contingent on site selection, state incentives and access to a skilled workforce, New York is a potential location for Ubiquity’s U.S.-based operations.

Ubiquity plans to combine the GaAs assets with its silicon-based PV wafer, cell and module operation. The operation will produce both silicon (Si) and gallium arsenide (GaAs) PV cells and modules for a range of applications that require solar energy conversion efficiency and performance. Ubiquity’s high quality silicon division will remain in Canada.

“We are very pleased to be able to add this significant GaAs-PV technology and manufacturing capacity to our Si-PV technology,” Ian MacLellan, CEO and president of Ubiquity, said. “Ubiquity’s current Si-PV technology is focused on the high efficiency residential, commercial and utility scale PV markets. This transaction will allow Ubiquity to enter the flight-based GaAs-PV markets for applications such as low earth orbit (LEO) satellites, high altitude long endurance (HALE) unmanned aircraft for delivering 5G over wide areas and drones. Long term, based on research going back over a decade with university research partners, Ubiquity is investigating SiGaAs multi-junction PV technology for the above markets and the emerging electric vehicle integrated PV (VIPV) market.”

“We are very pleased to have worked closely with Ubiquity’s management team on this transaction,” David Levy, CEO of Utica, said. “We are looking forward to a mutually rewarding relationship with Ubiquity and supporting their vision in this very important endeavor.”


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