The Manz AG has announced today that the sale of its subsidiary Manz CIGS Technology has been completet. The transaction was part of an strategic cooperation deal with the Chinese partners Shanghai Electric Group and Shenhua Group.
As one of the measures agreed upon in a strategic cooperation deal last November, the Manz CIGS Technology GmbH has been sold to be incorporated into the newly established joint research company of the Manz AG, Shanghai Electric Group and Shenhua Group named NICE PV Research Ltd. As agreed the german high-tech equipment manufacturer received € 50 million.
The agreement between the three companies has been reached last November. The corresponding contracts were signed by the participating partners in January this year. Also part of the agreement were orders totaling € 263 million placed at Manz AG. The transaction was subject to the approval of the Chinese authorities which was granted in the middle of April.
The setting up of the new joint venture lays the foundation for a unique research company. The partners expect it to be the world's leading research institution in the field of CIGS thin-film technology. NICE PV Research started its research operations as planned in April. The aim of the joint venture is to speed up the development of CIGS technology in order to leverage potential for a further increase in photovoltaic efficiency and further reductions in manufacturing costs.
The finalizing of this transaction means that Manz will shortly start to work on the major orders that have been placed with it. The agreed downpayment of € 79 million is expected to be made in May.
Philipp Kronsbein / Manz AG
Photovoltaic Feed