Ubiquity Solar Inc., a photovoltaic (PV) technology company, and Utica Leaseco, LLC, an asset-based specialty finance company, announced the execution of 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 (Alta) 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 USA to be close to Ubiquity’s Canadian operations.
Contingent on site-selection, state incentives and access to a skilled workforce, New York State is a potential location for Ubiquity’s USA-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 wide range of high-performance applications that require higher quality, 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,” said Ian MacLellan, CEO and President of Ubiquity. “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.
David Levy, CEO of Utica, commented that, “We are very pleased to have worked closely with Ubiquity’s management team on this transaction. We are looking forward to a mutually rewarding relationship with Ubiquity and supporting their vision in this very important endeavor.”
Utica Leaseco, since 2005, has provided new, unusual and complex equipment financing and leasing. With a deep understanding of asset values, Utica’s experienced professionals deliver customized solutions for difficult deals in a responsive and speedy manner.