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MEMC acquires stake in Taiwan solar maker

Posted: 28 Dec 2009 ?? ?Print Version ?Bookmark and Share

Keywords:solar cell? wafer? manufacturing?

MEMC Electronic Materials Inc. has purchases about 10.6 percent of the shares of Eversol Corp., a solar wafer manufacturer in Taiwan. In connection with the contract amendment between MEMC and Gintech Energy dated September 22, MEMC purchased Gintech's 8.36 percent interest in Eversol at Gintech's original cost. In a later transaction, MEMC invested $5 million as part of a capital raise by Eversol. This brought MEMC an additional 5.1 million shares, making MEMC's ownership stake in Eversol to approximately 10.6 percent.

"We are pleased to strengthen our strategic partnership with Eversol," commented Ken Hannah, president of MEMC. "In addition to our plans to bring solar wafer manufacturing capability in-house, MEMC is identifying strategic partners for solar wafer manufacturing. With a mix of internal and external solar wafering capacity, we can minimize fixed costs and maintain the flexibility to satisfy growing levels of demand. As we implement this manufacturing strategy, we will continue to identify world-class strategic partners, such as Eversol."

Calvin Ho, chairman and CEO, Eversol, said, "We welcome MEMC as a major shareholder. Having access to MEMC's worldwide supply chain and engineering systems will help us further reduce wafer manufacturing costs, which will spur additional demand for solar projects. MEMC's deep expertise with silicon wafers will also help us to improve solar cell efficiency and manufacturing yields. Eversol looks forward to working with MEMC engineers in jointly advancing solar wafer technology."

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