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Solar module biz to witness rise of LG-Conergy JV

Posted: 23 Sep 2008 ?? ?Print Version ?Bookmark and Share

Keywords:JV Conergy? manufacture solar cell? photovoltaic?

LG Electronics and Conergy AG have signed a memorandum of understanding to form a joint venture in the solar module manufacturing business.

LG would acquire a 75 percent stake in Conergy's solar module plant in Frankfurt (Oder), under the deal, and Conergy would retain 25 percent. The plant is currently in the ramp-up phase. LG and Conergy project that their partnership would get underway by the end of this year.

"This is an opportunity for us to take the lead in the solar technology market right from the start. Contributing our technology and operational expertise to the joint venture allows us to enter the industry much faster and with better valuations than would simply acquiring a standalone solar module manufacturer," said Kwan Shik Cho, head of the solar cell business team at LG. "In addition, this partnership provides us with the strategic advantage in that we gain Conergythe leading global downstream playeras a long term partner."

For Conergy, the JV is a step further on its road to becoming a focused downstream company. The partnership would also secure Conergy's technological lead and future supply of solar modules and help pave the way to profitable growth.

"In taking this step, we have created the opportunity for a long-term partnership with LG Electronics. This strategic alliance will also help us further develop into a leading provider within the photovoltaic market," said Dieter Ammer, CEO of Conergy. "This would also mean moving significantly further in our realignment program, with a clear focus on downstream activities."

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