Carmanah to divest its off-grid and on-grid power businesses

12 October 2016 (Last Updated October 12th, 2016 18:30)

Canada-based solar lighting pioneer Carmanah Technologies is set to divest its power division, which consists of its on and off-grid power companies.

Canada-based solar lighting pioneer Carmanah Technologies is set to divest its power division, which consists of its on and off-grid power companies.

Operating under the trade name 'Go Power!', the company’s off-grid power business provides solar power solutions for the recreational vehicle and industrial truck markets through original equipment manufacturer (OEM) and aftermarket channels.

The on-grid power business designs and builds ground and rooftop-mounted solar power plants for developers under the name 'Solar EPC Services'.

"These divestitures will enable us to focus on our vision to become the global leader in signals and solar LED illumination for infrastructure."

Carmanah has engaged Canaccord Genuity to advise on the divestiture of Go Power!, while Alexander Capital Group will consult on the divestiture of the Solar EPC business.

Carmanah Technologies CEO John Simmons said: “These divestitures will enable us to focus on our vision to become the global leader in signals and solar LED illumination for infrastructure.

“The proceeds of the divestitures will allow us to accelerate organic growth initiatives, make more substantive investments in innovation and support our continuing effort to acquire leading contenders in the signals space.”

Carmanah’s Power Division represented about 35% of the company’s revenue from the beginning of the year until the end of September.

In the third quarter, the division will be considered a discontinued operation.

Carmanah designs, develops and distributes various products focused on energy-optimised LED solutions for infrastructure.