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AMSC buys Washington cryo company for $4M

Global energy solutions provider AMSC has acquired a Washington cryo-cooling company for $3.75 million, the company announced Tuesday.

AMSC, based in Devens, has purchsed Infinia Technology Corp. (ITC) of Richland, Wash. AMSC paid the selling stockholders an aggregate purchase price of $3.75 million including $100,000 in cash and 884,890 shares of AMSC’s common stock, the company said.

With the purchase, AMSC hopes to build on grid business offerings and control a key element of and expand the company’s ship protection systems margins.

The acquisition will add high performance cryo-cooling to AMSC’s products. ITC holds several government contracts, including with the U.S. Navy.

– Digital Partners -

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