German company paid $14M for Xtreme Power assets, filing shows

Jun 20, 2014
Austin Business Journal

The German company that acquired the assets Xtreme Power Inc. earlier this year paid $14 million for the Kyle-based company

Younicos Inc., a division of Younicos AG, paid the $14 million in addition to assuming Xtreme Power’s $580,000 mortgage after it filed for Chapter 11 bankruptcy protection in January, according to an April 3 filing with the U.S. Bankruptcy Court of West Texas

Younicos, based in Berlin, has said the transaction closed in mid-April and that all of Xtreme Power’s management and staff were retained

Xtreme Power, founded in 2004, developed batteries, electronics and control systems comprising hardware and software. It employed about 100 workers and received at least $70 million in investment capital before shuttering operations

In January, CEO Alan Gotcher said the company had more than $100 million in orders in its pipeline and letters of intent worth another $65 million

Younicos, founded in 2006 by executives at German solar manufacturer Solon SE, acquired Xtreme Power’s assets with a winning bid in a Chapter 11 auction supervised by the U.S. District Bankruptcy Court, the German company said in the statement on its website

Younicos, which hired 25 former Xtreme Power workers, considers the Kyle facility its North American headquarters, spokesman Philip Hiersemenzel said

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