Oct 30 2010
P2 Solar, a company specializing in development and distribution of solar panels, has acquired a 34% interest in Darry Boyd’s next-generation solar panel technology. The global IP rights for this technology have been given to Solarise Power, a new incorporated organization. P2 Solar has a joint control in Solarise’s management activities.
The latest acquisition marks a significant step for both P2 Solar and Darry Boyd. The former will play a fundamental role in the deployment of the solar panel technology in return for a direct equity interest. Earlier, P2 Solar was holding the license and manufacturing rights for Hawaii, Canada and India.
Under the terms of the acquisition agreement, P2 Solar had acquired a total of 1,004,999 Solarise shares for $2,500,000.
The Chief executive Officer of P2 Solar, Raj-Mohinder Gurm stated that the company’s involvement in the development of the solar panel technology will help in advancing the next-generation solar panel. He added that this strategy will also benefit the company’s shareholders tremendously, he said.