The Chinese PV company, which is preparing to move its headquarters to Changzhou city this month, has revealed details of the legal dispute which prompted its auditor to resign a fortnight ago.
While the rest of China’s solar manufacturers take on ever more debt to expand their production lines as fast as possible, Comtec said it is ready to sell off fabs for the right money and will instead focus on project sales and lithium battery and EV business opportunities.
The Nasdaq-listed game developer will offer shares in return for a 9.9% stake in the Chinese mono solar manufacturer’s Kexin electric vehicle and storage business.
In the past financial year, the Chinese solar manufacturer and project developer implemented a plan to expand activities in the downstream solar sector, while downsizing its wafer manufacturing. In the future, Comtec will focus on its 156mm x 156mm “Super Mono” wafer business, and will ship no more than 500 MW per year.
The Chinese solar company has terminated the agreement to supply wafers to the U.S. producer after repeated failures by Mission Solar to purchase the required quantities of wafers outlined in the contract.
A unit of Comtec Solar Systems has agreed to collaborate with a subsidiary of Malaysian construction group Sunway on the development of large-scale solar battery systems.
Jolywood (Suzhou) Sunwatt will produce n-type monocrystalline bifacial solar cells at the plant in Taizhou, just to the north of Shanghai in China’s Jiangsu province.
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