Soitec Divests Solar Systems to focus on Solar Cells
Soitec announced a definitive agreement with ConcenSolar, a privately held company and a business partner of concentrator photovoltaic (CPV) leader Suncore Photovoltaic Technology Co Ltd, to divest its solar system business. Soitec has sold its solar system business to ConcenSolar, including all technology assets, manufacturing operations in Freiburg, Germany and San Diego, U.S.A. Soitec shall retain for future disposal certain other assets, including the ownership interests in certain solar power plants. Soitec will continue to develop and bring to the market, based on its existing industrial capacity, a four-junction solar cell (or "Smart Cell™") characterized by its world record efficiency.
â€œAs announced in the press release dated January 19th, 2015, our Board of Directors unanimously decided to implement a strategic plan, which aims at refocusing Soitecâ€™s activities on its core semiconductor businessâ€, says Paul Boudre, Soitecâ€™s Chief Executive Officer. â€œThis agreement represents a key milestone for Soitec and a reinforcement of our core semiconductor businessâ€.
â€œSoitecâ€™s CPV solar modules represent the most advanced technology with proven reliability and project bankability, as well as competitive cost structure due to production automation and high-efficiency performance,â€ said Dr. Charlie Wang, CEO, ConcenSolar. â€œCombining our experience of solar project development and financing capability from our established financing partners, this acquisition further strengthens our position to provide the most cost-effective solar power solutions for our utility-scale customers.â€
Subject to regulatory approvals and other customary closing conditions, Soitec expects the transaction to close in the third quarter of calendar year 2015. Financial terms of the deal were not disclosed.