Saint-Gobain, Hyundai team up to build PV modules factory in Korea
(ADPnews) - Oct 12, 2010 - French industrial company Saint Gobain SA (EPA:SGO) announced on Monday that it had joined forces with South Korean shipbuilder Hyundai Heavy Industries Co Ltd (SEO:009540) to build a photovoltaic (PV) modules factory in Korea.
The companies have set up a 50/50 joint venture (JV), dubbed Hyundai Avancis, which will build the manufacturing plant that will become operational in the second quarter of 2012. According to plans, it will be capable of banging out 850,000 units of copper-indium-gallium-selenide (CIGS) solar modules or 100 MW each year.
The modules will be marketed independently by Avancis and HHI.
"With this investment, Saint-Gobain significantly accelerates its growth on the solar market, by banking on a competitive and innovative technology," Pierre-Andre de Chalendar, chairman and CEO of Compagnie de Saint-Gobain, stated. The Korean plant would be the third solar elements production plant of Saint Gobain. Last year, in June, the company broke ground on a second Avancis facility in Germany.
Hyundai Heavy Industries, as a result, is expanding into the high-efficiency CIGS PV market. Above all, the company moves towards achieving "the global commitment of pursuing an era of clean energy", Keh-Sik Min, chairman of Hyundai Heavy Industries commented.