9 May 2017

Manz sells CIGS PV research subsidiary for €50m to partners Shanghai Electric and Shenhua, forming NICE PV Research JV

Equipment maker Manz AG of Reutlingen, Germany (which has three Solar, Electronics and Energy Storage strategic business units, and supplies integrated production lines for solar cells and modules) has received €50m for its subsidiary Manz CIGS Technology GmbH. Until April, Manz CIGS Technology GmbH operated as an independent research company in copper indium gallium diselenide (CIGS) thin-film solar technology within Manz AG.

Last November, as part of a strategic cooperation deal, Manz and its partners Shanghai Electric Group (one of China’s largest equipment manufacturing conglomerates, and Manz’s anchor investor) and Shenhua Group Corporation Ltd (reckoned to be the world’s largest coal supplier, which in 2015 adapted itself to China’s strategic focus on clean energy development) decided to establish a joint research company. The agreement specified that Manz’s research company would be incorporated into the new firm. The corresponding contracts were signed in January. The deal also included orders totaling €263m placed at Manz AG. The transaction was approved by Chinese authorities in mid-April. Manz CIGS Technology GmbH has now been incorporated into the newly created company NICE PV Research Ltd, in exchange for €50m from Shanghai Electric and Shenhua.

NICE PV Research began its research operations as planned in April. Its aim is to speed the development of CIGS technology in order to leverage the potential for further increases in photovoltaic efficiency and further reductions in manufacturing costs.

Finalizing the transaction means that Manz will soon begin work on the major orders that it has received. The agreed downpayment of €79m is expected to be made in May.

See related items:

Manz receives €263m order for turnkey CIGS PV production lines with capacity of 350MW

Tags: CIGS Manz PV

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