The strategic agreement was signed on May 18 and aims "to give a clear signal to the industry". While the company would not reveal too many details, a spokesperson for Phono Solar did tell pv magazine that the two parties are planning to establish "one or two cooperation projects in Jiangsu Province, China".
Commenting, Cai Jibo, president of Phono Solar, said, "These are hard times in the market and we need to pull through together. The PV market is large enough to allow for cooperation. In this current climate even the largest companies should look beyond traditional business practice and move towards a position of cooperation above competition. Partnerships which aim to share industrial resources will mutually benefit manufacturers and play a positive role in promoting the sustainable and healthy development of the renewable energy industry in China."
Zhu Gongshan, president of GCL, added, "The partnership of two strong enterprises at this time is very important strategically. Recent events, including the release of the US Commerce Departments preliminary decision on imposing tariffs, will cause the industry to suffer a setback in terms of development, but challenges also offer new opportunities. Photovoltaic manufacturers are looking to push forward by improving panel efficiency and reducing costs through technological innovation, while advancing management through the reconstruction of business models."
No further details were available.