Solar EnerTech establishes Chinese solar joint venture with Jiangsu Shunda Semiconductor Development

29 April 2009

EnerTech Corp. has established a joint venture with Jiangsu Shunda Semiconductor Development Co., a photovoltaics raw material manufacturer, to pursue solar expansion opportunities in the US 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 US joint venture, Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009, according to a statement. The joint venture is expected to utilise Jiangsu Shunda’s polysilicon and wafer supply and Solar EnerTech’s advanced solar cell technologies as well as its resources in the US market, the companies said. 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 $1m and $0.7m in cash respectively to the initial setup cost of the joint venture. Jiangsu Shunda will own 55 per cent of the joint venture, Solar EnerTech will own 35 per cent and the management will own the remaining ten per cent.
Yunda Ni, president of Jiangsu Shunda will serve as the chairman of the board, Leo Young, CEO of Solar EnerTech will serve as the board’s vice chairman. A CEO of Shunda-SolarE Technologies is expected to be identified in the near future, according to a statement.

Leo Young, CEO of Solar EnerTech, said, ‘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 US market with the establishment of this joint venture. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational US 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 joint venture in order to secure sizeable contract orders in the growing US market. Together, we can more easily penetrate US 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.’

Ni added ‘The goal of this joint venture is to build market share in the US and maximise 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 US We look forward to a successful venture together.’

Based in Yangzhou, China, JiangSu Shunda Group focuses on the photovoltaic market and produces polysilicon, monocrystalline ingots and wafers.

Solar EnerTech is a photovoltaic solar energy cell manufacturing enterprise incorporated in the US 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.

Copyright © 2009 newnet

Tags: photovoltaic, solar

This story was published on Wednesday, April 29th, 2009 at 4:59 pm and is filed under Asia, North America, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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