Fuji Sells Solar Cells Business to Focus on Inverters and Power Electronics

Fuji Electric Co., Ltd. (FE) entered into an agreement to transfer its solar cell business to FWAVE Company, Ltd, a Japanese company wholly owned by ZinniaTek Limited, a New Zealand-based a New Zealand-based manufacturer of multi-functional roofing materials and related products. The acquisition by FWAVE includes the land, buildings, production facilities in Kumamoto Factory, and the R&D equipment in Chiba Factory, the inventory and related trademarks and intellectual property rights pertaining to the solar cell business.

FWAVE is planning to continue solar cell production at the Kumamoto Factory, and will pursue business expansion through new sales and product initiatives. Fuji Electric will continue to provide after-sale service for its existing customers. The name of the new organization within FE will be called the Photovoltaic Section, Photovoltaic Power Generation System Department, Power Plant Division, Power & Social Infrastructure Business Group. Fuji Electric will support the transition of existing customers and production to FWAVE Company, Limited. Current employees employed in this business will be reallocated elsewhere within Fuji Electric.

“We have also reorganized the segments of our energy and environment business, to better weave them together as they grow. We have divided them into six main business categories, and are quickly proceeding to develop products and systems with power electronics at their core, so as to realize ‘energy creation,’ ‘energy conservation,’ and the ‘energy management’ that ties them together,” according to a FE spokesperson.