The joint venture, which will see each party own 50 percent, will see an initial annual production capacity of 100 megawatts. Both Jusung and MEMC will be expected to invest "upfront capital" of $16 million.
In a statement, MEMC says that commercial production will begin in the first half of next year. It adds that MEMC’s proprietary Solaicx CCZ (Continuous Czockhralski) monocrystalline wafer technology will be combined with Jusung’s high efficiency cell manufacturing equipment.
"This strategic combination of technologies will drive a low cost, high efficiency and capital efficient solar cell manufacturing solution," said MEMC in the statement.
Ken Hannah president of MEMC Solar Materials said that the cells produced will be used by subsidiary SunEdison in its solar projects.
However, the cells will also be marketed to other "key strategic" cell manufacturing partners.
"This proprietary cell platform is expected to not only provide a low cost high efficiency module, but also significantly reduce the project balance of system cost per watt," he added.