U.S.-based Onyx Service and Solutions Inc. says it has executed a memorandum of understanding (MOU) to acquire 25% of China-based Optimum Solar.
The financial terms of the acquisition will be settled upon the completion of Onyx's due-diligence review of Optimum's existing operations and future valuations. The terms of the MOU allow for a short due-diligence period; therefore, ONYX management anticipates closing the acquisition within the next several weeks.
‘The combined resources of ONYX and Optimum will allow for the acceleration of the commercialization of our co-developed 'plug-n-play' all in one solar panel system,’ notes Onyx's president, Malcolm Burleson.
