Thursday, July 5, 2007

Solar cell group raises £30m


AIM dealings start on Friday in Jetion Holdings, a Chinese maker of performance solar cells and modules, after it raised £30.5 million.

Dipesh Shah, former boss of BP Solar International, is chairman and Lijin Gai, ex-director of New York-listed Suntech Power Holdings, is chief executive officer of Jetion. The company supplies solar cells and components, and Photovoltaic energy systems to industrial users from its base in China's Jiangsu province, two hours from Shanghai. Broker Collins Stewart is nominated adviser to Jetion, whose directors have sold nearly five million shares into the float, which values the company at £112 million.

Jetion's turnover exceeded £22.7 million last year and it is now making money. The company said it will use the float proceeds to boost annual production capacity to 100 megawatts.

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