North Vancouver, May 31, 2022 – Aurora Solar Technologies Inc. (TSX.V: ACU) (“Aurora”, the “Company”) provides an update on the previously-announced BT Imaging acquisition, the commercialization of the Company’s new InsightTM data science product, DMTM measurement product enhancements and the appointment of David Robinson to the Company’s Board of Directors.
BT Imaging Acquisition
Due diligence for the acquisition of BT Imaging Pty Ltd. (“BTi”), announced in March, is in progress and this transaction is now expected to close on or before June 30, 2022.
BTi is a well-established leader in photoluminescence (PL) imaging tools for PV material inspection and quality control during production, and for laboratory use during product development. As stated previously, the acquisition will accelerate Aurora’s growth by combining complementary quality control tools with Aurora’s Insight data science platform. This provides for enhancement of Insight’s value via new features for better production process optimization and control. BTi’s products and strong brand will position the combined business as a first mover with an integrated systems-based approach to process control, driven by data analytics through the Insight platform.
The current Insight evaluation in China also continues to progress but its timeline has been impacted by COVID-19 lockdowns and domestic travel restrictions in China. These external factors are now easing, and the timeline will be updated in the coming month. These factors have not affected the planned introduction of Insight to top-tier solar cell manufacturers, which are underway with such manufacturers in SE Asia.
DM customer acceptance
Following from the volume customer acceptance reported on December 14, 2021, the Company continues to systematically develop and implement DM product enhancements to achieve further acceptances. The Company has recently made significant strides in this area, particularly with increased tolerance of high-variance HVAC conditions uniquely seen in China-based plant environments. With these developments, we now continue our progress toward further acceptances as the industry ramps up a new buying cycle for PV cell manufacturing expansions.
Board of Directors Appointment
The Company is pleased to announce the appointment of David Robinson to the Board of Directors, effective May 12, 2022. Mr. Robinson brings over 35 years of experience to the Company, having founded and financed many junior resource and energy-related companies, successfully raising in excess of $400 million to launch or accelerate growth in these enterprises. David is a founder and partner in Calgary-based GCP Global Capital Partners, which has established a new energy transition fund on behalf of clients of Zurich-based Canopus Capital AG. David is currently Vice President of Business Development for Vancouver-based Columbia Capital Inc., which actively supports major Korean companies and investors, as they invest in the Canadian and global power and renewables sector. David has a Bachelor of Science in Geology from the University of British Columbia in Vancouver, BC, and an MBA from Queen’s University in Kingston, ON.
The Company would also like to thank Mr. John McNicol for his valuable oversight and service as a member of the Board of Directors and Chairman of the Audit Committee since 2016. Mr. McNicol retired from these positions with Aurora, effective as of most recent Annual General Meeting held May 12, 2022.
About Aurora Solar Technologies:
Aurora Solar Technologies is a leader in the development and delivery of inline process control and yield management solutions for solar cell manufacturers. We believe that solar power will be a dominant element in the renewable energy field, and our mission is to bring quality and profitability to every customer through superior control of critical processes during solar cell manufacturing.
Aurora’s products are used by some of the world’s most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Shanghai, China, and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora’s website is located at www.aurorasolartech.com.
For further information contact:
Phone: +1 (604) 317-3936
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