Or Yehuda, Israel – Milano, Italy (September 1, 2020)
Powersines Ltd (www.powersines.com), a leading company in the market of Voltage optimization and energy saving solutions based in Israel is pleased to announce it has signed a Memorandum of Understanding (“MOU”) with ORTEA Spa (www.ortea.it/en), a leading global supplier of power quality devices based in Milano Italy, for the acquisition of PowerSines’ assets.
The deal is effective immediately and is expected to be completed by September 30th. Upon closing, Powersines will continue to provide services support to ORTEA and its’ customers. Production of the joint product lines will be based in Ortea Italy, while some of the development engineering of current and new solutions will be done jointly.
Both companies are currently working intensively to transfer all know-how and production to Italy, to initiate production asap and service our loyal customers and distributors.
Massimiliano Scarpellini, Ortea SpA Chief Executive Officer said:
“We are pleased to bring this acquisition to completion in such a positive manner. It has been quite a long road, but with hard work and efforts by many of POWERSINES Ltd. and ORTEA SpA employees we have been able to reach a positive conclusion. We believe that this combination of our technologies and products will position us to return exponential value to our shareholders over the coming fiscal years with a larger and synergic technology portfolio to cover a larger market segment along a better integrated value proposition for our customers. Furthermore, this deal will improve our EBITDA and net financial position to benefit our additional investments”
Haim Guz, PowerSines Ltd Chief Executive Officer said:
“We are delighted to successfully commercialized our innovative patented technologies that harnesses IoT technologies, advanced data analytics, and machine learning algorithms to enable organizations worldwide monitor their energy usage and reduce energy costs with a swift ROI. Joining forces with Ortea SpA, would expand our offering while providing our distributors and customers enhanced integrated solutions Curbing energy use and Cutting Carbon Emissions”