Dec 23 2009
MEMC Electronic Materials has acquired an ownership interest in Eversol Corporation, a solar wafer manufacturing firm in Taiwan. MEMC Electronic Materials is the largest provider of solar energy services in North America and a leading provider of silicon wafers.
MEMC Electronic Materials purchased Gintech Energy’s 8.36% interest in Eversol as per the amendment contract between Gintech Energy and MEMC at Gintech Energy’s original cost. In another transaction, $5.0 million was invested by MEMC Electronic Materials for an extra 5.1 million shares of Eversol. This transaction was the result of a recent increase in capital by Eversol. After the recent transactions, MEMC Electronic Materials has a total ownership stake of 10.6% in Eversol.
Ken Hannah, President of MEMC Solar Materials, remarked that the company is pleased to intensify its strategic partnership with Eversol and that the company is involved in identifying strategic partners for the manufacturing of solar wafers. The company intends to maintain efficient flexibility and reduce fixed costs with the combination of external and internal solar wafering capacity. This intention according to Hannah will enable the company to meet the increasing demands and to identify strategic partners.
Calvin Ho, CEO and Chairman of Eversol, remarked that the company is pleased to have MEMC as a major shareholder. Eversol will be able to reduce its wafer manufacturing costs through its access to MEMC’s global supply chain and engineering systems. This reduction in the wafer manufacturing costs will lead to an increase in demand for solar projects. Eversol’s manufacturing yields and solar-cell efficiency will also be improved through MEMC’s experience with silicon wafers. Eversol is hoping to work with engineers from MEMC to bring about improvements in solar wafer technology.
Source: http://www.memc.com/