New York and Massachusetts-based thin film manufacturer Magnolia Solar expects to complete a merger with high-purity silicon producer Solar Silicon Resources Group (SSRG) by Christmas.
Magnolia announced on Wednesday it had last week signed off on the merger, which will see it assume full control of Singapore-based SSRG in return for SSRG’s parent Auzminerals Resource Group, also based in Singapore, assuming 95% ownership of the U.S. company.
Magnolia has patents pending on its nanostructure technology-based flexible solar cells and, through the merger, will gain access to the high-purity silica rock quartz mined by SSRG at its Lighthouse mine in the far north of Queensland, Australia.
99.99% pure quartz sand
SSRG claims its unprocessed Lighthouse quartz has a 99.99% purity and is the largest known deposit in the world, with the company one of only three worldwide producing high-purity quartz sand, which is used in semiconductors and HDTVs as well as solar cells.
In a Magnolia Solar announcement of the merger, SSRG director Kevin Graham said the deal would advance his company’s plans for a large-capacity high-purity quartz sand processing plant in the U.S. as well as expanding refining operations in Australia.
Mr Graham predicted the merged company set to be renamed High-Purity Quartz Technology would be generating revenue within a year of the merger and will upgrade its OTC QB stock market listing to either the Nasdaq or NYSE.
The Magnolia Solar announcement stated the deal will be complete within 60 to 90 days, giving a deadline between November 24 and December 24.