Ayala Acquires Majority Stake in US Solar Tech Firm

Merlin is highly complementary to various Ayala businesses, such as the renewable energy generation under AC Energy, says Jaime Augusto.

Mono Solar Panel

Conglomerate Ayala Corporation has expanded its footprint in the solar energy by acquiring controlling stake in the Silicon Valley-based Merlin Solar Technologies Inc.

In a disclosure to the Philippine Stock Exchange, Ayala said, the transaction was done via AC Industrials’ subsidiary, ACI Solar Holdings NA, which had previously made a minority investment in Merlin in 2016. AC Industrials will have an ownership interest of 78.2% in Merlin after the transaction and completion of other related activities.

Merlin is a US-based start-up firm that provides renewable energy solutions that enable solar deployment in the most demanding of applications. It presently has additional manufacturing facilities in Thailand.

Moving forward, the disclosure said, Merlin, which is an American solar solutions firm, would also establish a manufacturing presence in the Philippines via Integrated Microelectronics Inc. (IMI), a subsidiary of AC Industrials.

Commenting on the development, Ayala Corporation and AC Industrials Chair, Jaime Augusto Zobel de Ayala said, “At Ayala, we believe that the future will be shaped by the innovation we are seeing today. We are excited to have the opportunity to add Merlin’s solar technology to our portfolio. The proprietary solar solutions that Merlin brings to the table are key to AC Industrials’ strategy of working on disruptive technologies, and aligns with the Ayala group’s drive to invest in emerging, innovative spaces, such as in e-commerce and fintech. In addition, Merlin is highly complementary to various Ayala businesses, such as the renewable energy generation under AC Energy. We strongly believe that Merlin’s solar technology has the potential to profoundly impact people’s lives in the coming years.”

Speaking on the deal, AC Industrials, CEO, Arthur Tan said, “The acquisition of Merlin forms part of AC Industrials’ strategy to own, develop, and commercialize disruptive technologies in rapidly-transforming industries. Merlin’s patent and IP (intellectual property) portfolio allows a differentiated value proposition in solar which, when combined with AC Industrials’ core strength of providing manufacturing scale through IMI’s global platform, will provide AC Industrials with the opportunity to disrupt the solar energy industry.”


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Manu Tayal

Manu is an Associate Editor at Saur Energy International where she writes and edits clean & green energy news, featured articles and interview industry veterans with a special focus on solar, wind and financial segments.