Valoe completed the 15-month purchase process of a 60 MW cell production line from Solitek in the spring and installed interdigitated back-contact production equipment. It hopes to begin deliveries in the next quarter.
Appetite may have been lacking among private investors – at a time when global stocks are tanking amid Covid-19 and global recession fears – but the eco-friendly new Finnish government, and neighboring administrations, have stepped in to fill the breach.
Valoe Corporation has extended its €3.5m convertible bonds issuance but with investors fleeing to safe havens and Lithuania yesterday announcing COVID-19 quarantine measures, hopes of getting cell manufacturing off the ground in Vilnius this month appear unrealistic.
A convertible bond issuance by Valoe Corp is due to expire on Sunday and the board has already been forced to sign up for more than 40% of the investment. The module maker, which is still attempting to pay for a cell line acquired from Solitek last year, has been announced as a technology partner by Munich-based Sono Motors.
The chief executive of the Finnish manufacturer – which this month missed another deadline to complete payment for the Lithuanian cell factory it acquired from Solitek – has insisted the €3.5 million convertible bond issue which was today extended by three months will not determine the fate of his company.
The Finnish solar manufacturer must raise €3.5 million from a convertible bond issued on Monday and which closes on December 18. Generate the cash and production is expected to start at the Solitek facility in Vilnius early next year. Fail, and (almost) all bets are off.
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