The Switch President and CEO Jukka-Pekka Mäkinen said in a press release, “The fundamentals of our business strategy remain in place and the outcome of the proposed acquisition will not change our position in the market. We are an independent component supplier with the preferred technology required by the market, and our intent is to be the partner of choice in renewable energy.”
Per the terms of the amended acquisition agreement, The Switch shareholders will retain the €14.2 million advance payment that was made by AMSC on June 29 as a break-up fee. The Switch was founded in December 2006, by the combination of Rotatek Finland, Verteco and Youtility. The company provides low-speed permanent magnet generator designs for turbines without gearboxes that may improve efficiency and require less maintenance.