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 as Eversol."
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 wafer technology."