- JV Enhances Presence and Solar Opportunities in U.S. Market -
MENLO PARK, Calif., April 28 /PRNewswire-Asia-FirstCall/ -- Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced the establishment of a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd. ("Jiangsu Shunda"), a leading PV raw material manufacturer, to pursue solar expansion opportunities in the U.S. region.
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The U.S. JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the U.S. market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the U.S. market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55% of the JV company, Solar EnerTech will own 35% and the management of the JV will own the remaining 10%. Mr. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Mr. Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Mr. Leo Young, CEO of Solar EnerTech, commented, "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the U.S. market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational U.S. office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the U.S. market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing U.S. market. Together, we can more easily penetrate U.S. solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Mr. Ni, President of Jiangsu Shunda commented, "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
Additional information on this joint venture can be found in the Company's filing with the SEC.
About Jiangsu Shunda
Based in Yangzhou, China, JiangSu Shunda Group focuses on the photovoltaic market and produces polysilicon, monocrystalline ingots, and wafers. With an annual production output of approximately 1,500 metric tons of polysilicon, Jiangsu Shunda Semiconductor is one of the largest polysilicon and wafer manufacturers in China.
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise incorporated in the United States with its corporate office in Menlo Park, California. The Company has established a sophisticated 63,000 square foot manufacturing plant located in China, in Shanghai's Jinqiao Modern Technology Park. Currently, the Company is capable of producing 50MW of solar cells from its existing production line.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production.
Tuesday, April 28, 2009
Chint Solar Raises $50 Million
Chint Solar, a Chinese solar power producer, has raised $50 million in venture capital funding co-led by Cybernaut and Shanghai Alliance Investment Ltd. Chint Solar was formed in 2006 as a subsidiary of Chinese electrical and power conglomerate Chint Group. It reached 100 MW of production capacity in July 2008, and expects to reach 1,100 MW production capacity by 2012.
PRESS RELEASE
Chint Solar announced that it has successfully closed a US$50 million round of fundraising - in the worst global financial conditions in decades - from a syndicate of global investors.
Cybernaut and Shanghai Alliance Investment Limited were lead investors in this round. A number of notable overseas and domestic funds formed the rest of the syndicate.
Founded in 2006 as a subsidiary of the Chint Group, China's leading electrical and power conglomerate, Chint Solar reached 100 MW of production capacity in July 2008, and is on track to increase exponentially to 1,100 MW production capacity by 2012.
Chint Solar's main product line features both thin film and crystalline silicon photovoltaic cells and modules. The company has made an aggressive push to focus its business on amorphous microcrystalline (a-Si/µc-Si) tandem junction thin film, a next-generation solar technology with dramatically lower costs-per-watt than conventional crystalline silicon.
Through a-Si/µc-Si thin film, Chint Solar expects to be among the first companies in the world to reduce PV module cost to below US$1 per watt, and total PV system cost to below US$2 per watt, a critical industry benchmark known as "grid parity".
"The successful closure of this round of fundraising under unprecedented and turbulent financial conditions that witnessed the near-total shutdown of global capital markets is a testament to the superiority of Chint Solar's technology, the viability of Chint Solar's business strategy, and the strength of Chint Solar's team," said Dr. Liyou Yang, CEO of Chint Solar.
"We are very pleased to lead this effort," said Min Zhu, founder and Managing Partner of Cybernaut. "Chint Solar's technical strengths are well-known, and its partnership with Chint Group, China's leading electrical manufacturer, makes it the only photovoltaic company in the world that can achieve a complete systems-level integration. I am confident that, as a result, Chint Solar's products will be among the highest in reliability and lowest in cost in the industry, and Chint Solar will rapidly become one of the world's leading photovoltaic solutions providers."
Cybernaut is a leading global venture capital firm based in Hangzhou, China. Founded in 2005 by Mr. Min Zhu, the co-founder and former President and CTO of WebEx Communications, which was acquired by Cisco Systems in 2007 for US$3.2 billion, Cybernaut has an outstanding track record and has won numerous accolades including the Forbes 2008 China's Most Influential VC.
Shanghai Alliance Investment Limited (SAIL) is a leading domestic investment company and designated asset manager for China's State-owned Assets Supervision and Administration Commission (SASAC) in the areas of high-tech and financial services.
PRESS RELEASE
Chint Solar announced that it has successfully closed a US$50 million round of fundraising - in the worst global financial conditions in decades - from a syndicate of global investors.
Cybernaut and Shanghai Alliance Investment Limited were lead investors in this round. A number of notable overseas and domestic funds formed the rest of the syndicate.
Founded in 2006 as a subsidiary of the Chint Group, China's leading electrical and power conglomerate, Chint Solar reached 100 MW of production capacity in July 2008, and is on track to increase exponentially to 1,100 MW production capacity by 2012.
Chint Solar's main product line features both thin film and crystalline silicon photovoltaic cells and modules. The company has made an aggressive push to focus its business on amorphous microcrystalline (a-Si/µc-Si) tandem junction thin film, a next-generation solar technology with dramatically lower costs-per-watt than conventional crystalline silicon.
Through a-Si/µc-Si thin film, Chint Solar expects to be among the first companies in the world to reduce PV module cost to below US$1 per watt, and total PV system cost to below US$2 per watt, a critical industry benchmark known as "grid parity".
"The successful closure of this round of fundraising under unprecedented and turbulent financial conditions that witnessed the near-total shutdown of global capital markets is a testament to the superiority of Chint Solar's technology, the viability of Chint Solar's business strategy, and the strength of Chint Solar's team," said Dr. Liyou Yang, CEO of Chint Solar.
"We are very pleased to lead this effort," said Min Zhu, founder and Managing Partner of Cybernaut. "Chint Solar's technical strengths are well-known, and its partnership with Chint Group, China's leading electrical manufacturer, makes it the only photovoltaic company in the world that can achieve a complete systems-level integration. I am confident that, as a result, Chint Solar's products will be among the highest in reliability and lowest in cost in the industry, and Chint Solar will rapidly become one of the world's leading photovoltaic solutions providers."
Cybernaut is a leading global venture capital firm based in Hangzhou, China. Founded in 2005 by Mr. Min Zhu, the co-founder and former President and CTO of WebEx Communications, which was acquired by Cisco Systems in 2007 for US$3.2 billion, Cybernaut has an outstanding track record and has won numerous accolades including the Forbes 2008 China's Most Influential VC.
Shanghai Alliance Investment Limited (SAIL) is a leading domestic investment company and designated asset manager for China's State-owned Assets Supervision and Administration Commission (SASAC) in the areas of high-tech and financial services.
Taiwan BIPV maker Kinmac Solar sets up PV module joint venture in China
Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Tuesday 28 April 2009]
Kinmac Solar (renamed from Lucky Power Technology), a Taiwan-based maker of BIPV (building-integrated photovoltaic) modules, has decided to establish a joint-venture assembly plant for making PV modules with Jinzhou Yangguang Energy, a maker of solar-grade monocrystalline silicon ingots/wafers in northeastern China.
Kinmac said the joint venture will have initial capital of 90 million yuan (US$13.2 million). Kinmac said it will hold a 49% stake in the joint venture, and Jinzhou Yangguang the rest.
The joint venture will set up an initial annual PV module production capacity of 100MWp in 2009 and then add 100-300MWp annually over the next three years, Kinmac said.
Kinmac said it also plans to expand it BIPV module capacity in northern Taiwan in July 2009 from 30MWp currently to 60MWp.
Kinmac Solar (renamed from Lucky Power Technology), a Taiwan-based maker of BIPV (building-integrated photovoltaic) modules, has decided to establish a joint-venture assembly plant for making PV modules with Jinzhou Yangguang Energy, a maker of solar-grade monocrystalline silicon ingots/wafers in northeastern China.
Kinmac said the joint venture will have initial capital of 90 million yuan (US$13.2 million). Kinmac said it will hold a 49% stake in the joint venture, and Jinzhou Yangguang the rest.
The joint venture will set up an initial annual PV module production capacity of 100MWp in 2009 and then add 100-300MWp annually over the next three years, Kinmac said.
Kinmac said it also plans to expand it BIPV module capacity in northern Taiwan in July 2009 from 30MWp currently to 60MWp.
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