Magnolia Solar and Solar Silicon Resources Group have entered in a letter of intent, signalling a potential merger between the two companies.
The mooted deal will see US-based module manufacturer Magnolia Solar acquire the assets of SSRG, followed by a merging of their respective business interests. Although a definitive deal has not yet been struck, and is still cogent on a number of conditions, the announcement of a letter of intent in a dual statement from both companies signals that that the proposed merger will happen with no difficulty.
SSRG, which has offices in Singapore and Melbourne, Australia, bills itself as a mining resource exploration and mining development company. Its principal activity is processing raw high purity rock quartz into high purity quartz sand (HPQS), a material commonly used in the solar and semiconductor technologies.
In the statement issued by both companies, Kevin Graham, director of SSRG, said, High purity quartz sand is in high global demand. SSRG owns its raw material source and has significant experience and technical knowledge to manufacture HPQS. We believe that the proposed business combination with Magnolia Solar brings us the expertise in solar energy technologies and the capability to establish a processing plant in the United States.
Graham added, Quartz operations are entirely focused on expanding production to saleable quantities of HPQS crucible quartz sand. HPQS crucibles are used in the solar and semiconductor industries to grow crystals for wafers used in these industries. We have been shipping samples to potential customers for evaluation. To become established as a commercial supplier of HPQS, most customers demand that the company have redundant refining operations. We plan to work with Magnolia Solar to build a new plant in the US and to expand the facility in Australia. We plan to add a refining plant in Asia as business demands.
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