It's just business: Manufacturing moves from Stellar Industries, Silfab Solar, Peak Technology, and more

As manufacturers strive to optimize and improve profitability, they often use various business strategies to stay competitive. These actions include mergers, acquisitions, promotions, layoffs, funding, and much more. Below are just a few of the companies that are making moves and making headlines in the industrial sector. 

Capital: Advex AI has raised $3.5 million in its seed funding round. The company, which tackles critical data problems in AI Vision for manufacturing, received funding from Construct Capital, Pear VC, Emerson Collective, and more. In a recent quote, Arash Afrakhteh, Partner at Pear VC, said, “We chose Advex for PearX, our accelerator for early-stage founders, because they showed remarkable technical expertise and a clear vision for tackling one of AI’s toughest challenges. From day one, they’ve proven themselves as top-tier founders with an innovative approach.” 
Learn more 

Acquisition: Stellar Industries has announced plans to acquire Elliott Machine Works, Inc., a producer of mobile fuel and lube service equipment. Stellar, which specializes in the manufacture of mechanic and service trucks, cranes, tire service trucks, hooklifts, trailers and service truck and van accessories, hopes the acquisition will expand its product offerings and provide greater opportunities for Stellar distributors, customers and employee-owners. In a recent quote, Dave Zrostlik, President of Stellar, said, “This acquisition marks a significant milestone for Stellar and we’re so grateful for this incredible opportunity. We are excited to have Elliott’s products as a part of the Stellar product offering. Elliott’s great people and great products are a natural fit for Stellar.” 
Learn more 

Acquisition: FREYR Battery has agreed to acquire the U.S. solar manufacturing assets of Trina Solar Co Ltd., a global leader in solar and renewable energy. The $340 million transaction includes $100 million of cash, a $50 million repayment of an intercompany loan, a $150 million loan note, and more. As part of the agreement, FREYR will obtain a 5 GW, 1.35 million-square-foot solar module manufacturing facility in Wilmer, Texas. In a recent quote, Daniel Barcelo, FREYR’s newly appointed Chief Executive Officer, said, “We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the U.S. We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader. Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The U.S. was once the global leader in solar, and it can be again.” 
Learn more 

Acquisition: Amsino International Inc. has completed its acquisition of MedXL Inc. and Liebel-Flarsheim Canada Inc., a manufacturer of medical devices. As part of the agreement, Amsino will obtain all of the existing assets and infrastructure at MedXL facilities, including intellectual property, real estate, manufacturing equipment, and more. In a recent quote, Dr. Richard Lee, Chairman and CEO of Amsino, said, "The acquisition aligns perfectly with our reshoring strategy to expand our manufacturing footprint to better serve customers in North America. Given today's geopolitical environment and the uncertainties the industry is facing, onshore manufacturing increasingly aligns with many of our customers' supply chain resiliency strategies. We are thrilled to welcome MedXL employees to the Amsino family."  
Learn more 

Capital: Silfab Solar Inc. has closed on $100 million of new financing. The company, which specializes in photo-voltaic (PV) module manufacturing, received investments from ARC Financial Corp., Breakwall Capital, and SR Alternative Credit LLC. Silfab will use the funding to scale its solar cell manufacturing plant. In a recent quote, Paolo Maccario, Silfab President and CEO, said, “American-made clean energy is and will remain in huge demand. We are thankful for the continued support of both existing and new investors in our mission to lead the reshoring of the PV supply chain – ensuring a sustainable supply of US-made PV modules. Silfab’s growing US footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels.” 
Learn more 

Acquisition: Peak Technology has agreed to acquire all intellectual property (IP) and assets of Type A Machines, a former 3D printer technology company. Peak Technology, which specializes in rapid prototyping and advanced manufacturing solutions, hopes the acquisition will improve its ability to design, prototype, and manufacture solutions for global manufacturers of high-tech products and equipment. In a recent quote, Robert de Neve, COO & Head of Corporate Venture for Peak Technology, said, "By adding 3D printing services and product technology to our corporate portfolio, we are making a statement to the industry that we have a world-class production system specifically designed to address the product development and manufacturing challenges faced by our customers as they navigate the ever changing requirements of the 4th Industrial Revolution. 3D printing, also known as Additive Manufacturing, will be the catalyst that drives Peak Technology to expand into new markets and continue to hit the key objectives mandated by our strategic growth plan.” 
Learn more