Advanced Energy Buys Three-Phase String Inverter Product Line

Advanced Energy Industries, Inc. AEIS today announced it has acquired REFUsol Holding GmbH, a leading provider of three-phase string solar PV inverters for commercial applications. Three-phase string inverters are ideally suited for rooftop and potentially larger installations and are becoming one of the fastest-growing inverter applications worldwide. This acquisition is expected to accelerate Advanced Energy's Solar Energy revenue to greater than $400 million in 2014 and should be accretive to earnings in the next 12 months. Under the agreement, Advanced Energy has acquired REFUsol for a purchase price of approximately €59 million in cash, after assuming €9 million of debt and reducing net working capital by €1.8 million. Additionally, there is the potential for an earn-out of up to €10 million, payable in a combination of cash and Advanced Energy stock, if certain stretch EBITDA goals for the combined Solar Energy business are achieved in the first 12 months after closing. Conference Call Management will host a conference call today, April 9, 2013, at 9:00 am Eastern Time to discuss the acquisition. Domestic callers may access this conference call by dialing 877-415-3178. International callers may access the call by dialing 857-244-7321. Participants will need to provide the conference passcode 45316563. For a replay of this teleconference, please call 888-286-8010 or 617-801-6888, and enter the passcode 32614870. The replay will be available through 11:59 pm Eastern Time, April 16, 2013. A webcast will be available on the Investor Relations webpage at http://ir.advanced-energy.com. Presentation slides will also be available prior to the conference call on the Investor Relations webpage at http://ir.advanced-energy.com.