AYALA Corp. said on Monday that one of its subsidiaries had acquired a controlling stake in California-based Merlin Solar Technologies, Inc. as part of its bid to expand its footprint in the solar energy sector.
The conglomerate told the local bourse that AC Industrial Technology Holdings Inc. had raised its ownership interest in Merlin to 78.2 percent from an initial 8.2 percent in 2016.
The Ayala Group did not disclose details on the investment cost.
The move will allow Ayala to further strengthen its foothold in the global and domestic industrial technologies, it said.
“The proprietary solar solutions that Merlin brings to the table are key to AC Industrials’ strategy of working on disruptive technologies, and aligns with the Ayala group’s drive to invest in emerging, innovative spaces, such as in e-commerce and fintech,” Ayala Corp. and AC Industrials Chairman Jaime Augusto Zobel de Ayala said.
“In addition, Merlin is highly complementary to various Ayala businesses, such as renewable energy generation under AC Energy. We strongly believe that Merlin’s solar technology has the potential to profoundly impact people’s lives in the coming years,” he added.
Meanwhile, AC Industrials Chief Executive Officer Arthur Tan said that the acquisition of Merlin “forms part of AC Industrials’ strategy to own, develop, and commercialize disruptive technologies in rapidly-transforming industries. Merlin’s patent and IP portfolio allows a differentiated value proposition in solar which, when combined with AC Industrials’ core strength of providing manufacturing scale through IMI’s (Integrated Microelectronics Inc.) global platform, will provide AC Industrials with the opportunity to disrupt the solar energy industry.”
Merlin focuses on developing solar solutions targeted at the transportation and infrastructure sectors. It currently has manufacturing facilities in Thailand, and is set to put up a manufacturing facility in the Philippines through AC Industrial’s unit Integrated Microelectronics Inc. (IMI).