In a letter, the company wrote: Since Sanyo Eneos Solar was established on January 23, 2009 with Sanyo Electric Co., Ltd. and Nippon Oil Corporation (ENEOS), the business environment has changed dramatically. The price of crystalline silicon, which is the major competitor to the thin film products for utility scale solar power plants, nosedived because of the drop of poly silicon price and it deteriorated the business environment for thin film products.
Therefore, both Sanyo and Nippon Oil conclude that Sanyo Eneos Solar postpones the establishment of mother plant and concentrates on the research and development (R&D) and marketing activities.
In the meantime, the company has said that all employees have already returned to both parent companies, as of the 21st of this month.
The letter continued: Sanyo Eneos Solar continues its business, however Sanyo continues to perform R&D activities of thin film and JX Nippon Oil & Energy, which is the former Nippon Oil Corporation, continues to perform marketing activities.
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