MEMC Electronic Materials,
Inc. (NYSE:WFR) , a leading provider of silicon wafers and North America's
largest solar energy services provider, has taken an ownership interest in Eversol
Corporation, a solar wafer manufacturer in Taiwan.
In connection with the contract amendment between MEMC and Gintech Energy dated
September 22, 2009, MEMC purchased Gintech's 8.36% interest in Eversol at Gintech's
original cost. In a subsequent transaction, as part of a recent capital raise
by Eversol, MEMC invested $5.0 million for an additional 5.1 million shares,
bringing MEMC's ownership stake in Eversol to approximately 10.6%.
"We are pleased to strengthen our strategic partnership with Eversol,"
commented Ken Hannah, President of MEMC Solar Materials. "In addition to
our plans to bring solar wafer manufacturing capability in-house, MEMC is identifying
strategic partners for solar wafer manufacturing. With a mix of internal and
external solar wafering capacity, we can minimize fixed costs and maintain the
flexibility to satisfy growing levels of demand. As we implement this manufacturing
strategy, we will continue to identify world-class strategic partners, such
Eversol's Chairman and CEO, Calvin Ho, said, "We welcome MEMC as a major
shareholder. Having access to MEMC's worldwide supply chain and engineering
systems will help us further reduce wafer manufacturing costs, which will spur
additional demand for solar projects. MEMC's deep expertise with silicon wafers
will also help us to improve solar-cell efficiency and manufacturing yields.
Eversol looks forward to working with MEMC engineers in jointly advancing solar