Eternal Sun BV, a Dutch provider of solar-power testing equipment, bought a unit of U.S. competitor Spire Corp. for $1.5 million, as part of its efforts to grow outside Europe.
The company purchased Spire’s solar-testing division, The Hague-based Eternal Sun said Tuesday in a statement on its website. Both companies sell sun-simulation technology that lets panel makers test their products in a controlled environment.
“This deal places us well to compete in the dynamic solar manufacturing industry in Asia,” Chokri Mousaoui, chief executive of Eternal Sun, said in the statement.
The deal was funded by the Belgian venture capital fund Vermec NV, which invested 2 million euros ($2.17 million) in Eternal Sun in 2014 and, according to a company spokeswoman, provided a top-up investment for an undisclosed sum ahead of this deal.