Manz closes sale of CIGS research arm to new JV in China
Manz CEO Dieter Manz after the contract signing with representatives of Shanghai Electric and Shenhua. Source: Manz AG
Manz AG (ETR:M5Z) said on Tuesday it has completed the sale of its former CIGS (copper indium gallium selenide) thin-film solar research company to a new Chinese joint venture.
The German engineering group has divested the unit, known as Manz CIGS Technology GmbH, to newly-created company NICE PV Research Ltd for EUR 50 million (USD 54.6m). The latter is Manz’s new joint research firm with Chinese peer Shanghai Electric Group Co Ltd (HKG:2727) and coal supplier Shenhua Group Co Ltd.
The parties agreed in January to set up two separate CIGS thin-film solar JVs, one focused on research and development (NICE PV Research) and one on equipment supply (Suzhou Manz New Energy Equipment Co Ltd). That agreement also resulted in two new CIGS orders for Manz totalling EUR 263 million.
The German group noted that now that the sale of Manz CIGS Technology is completed, it will shortly begin work on the orders. It expects to receive a downpayment of EUR 79 million this month.
NICE PV Research commenced its research operations as planned last month. Its goal is to accelerate the development of CIGS technology in order to leverage potential for a further increase in photovoltaic (PV) efficiency and further cuts in manufacturing costs, Manz said.