Comtec

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.

Paris-headquartered Mazars has walked away from Comtec Solar, citing ‘professional risk associated with the audit’ of the figures for the former solar manufacturer, which is now focusing on PV project income, energy storage and EVs.

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.

The Chinese integrated solar specialist recorded a 1 billion yuan ($146 million) net loss for the 12 months to the end of December, from a loss of just CNY 434.7 million during the same period a year earlier.

The Shanghai-based integrated solar specialist has completed the purchase of 51% of the entire issued share capital of developer Forum (Asia).

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.