German equipment provider Manz AG has completed the sale of its unit Manz CIGS Technology GmbH to its Chinese partners Shanghai Electric Group and Shenhua Group for €50 million ($54.5 million).
The unit, which operated as Manz’s R&D subsidiary for the development of the CIGS technology until the end of April, was incorporated to NICE PV Research, a joint venture between Manz and the two Chinese enterprises. The preliminary agreements for the transaction were signed in January. The deal also includes orders totaling €263 million placed at Manz AG.
“The aim of the joint venture,” Manz said in its press release, “is to speed up the development of CIGS technology in order to leverage potential for a further increase in photovoltaic efficiency and further reductions in manufacturing costs.”
Manz added its expects the agreed down-payment of €79 million to be made this month. The company also said work on the major orders secured in January will begin shortly.
By Petra Hannen