March 29 (Renewables Now) - Swiss solar industry supplier Meyer Burger Technology AG (SWX:MBTN) has formalised its entry into the share capital of Oxford Photovoltaics Ltd by acquiring a stake of 18.4%.
The transaction makes Meyer Burger the largest shareholder in Oxford PV and grants it a seat on the latter’s board of directors. That seat will be taken by the Swiss company’s CEO Hans Braendle.
In return for the major stake in Oxford PV, Meyer Burger has issued some 62.3 million registered shares out of its existing authorised capital, thus increasing its own listed share capital to CHF 34.26 million (USD 34.4m/EUR 30.6m).
As previously announced, the two companies have entered into a partnership in a drive to combine their respective solar technologies -- Heterojunction (HJT) and perovskite tandem solar cells. The Swiss machinery group will be looking to develop equipment to industrialise the mass production of Oxford PV’s perovskite top cell layers, which are deposited onto HJT bottom cells, it said earlier this month.
As part of the partnership agreement, Meyer Burger has the right to increase its interest to 31.6% of Oxford PV’s capital and 24.0% of voting rights in the company in the course of their cooperation.
(CHF 1.0 = USD 1.004/EUR 0.895)