Manz AG enters into strategic cooperation and receives orders with a volume of EUR 263 mn for CIGS solar turnkey lines
Reutlingen, January 23, 2017 – Today, Manz AG, Reutlingen, (ISIN: DE000A0JQ5U3) has entered into a strategic cooperation with Shanghai Electric Group Co., Ltd. and Shenhua Group Co., Ltd., two of the leading Chinese companies from the energy sector. The cooperation is aimed at a sustainable further development and commercialization of Manz AG’s CIGS thin-film technology.
Part of the cooperation is the establishment of a jointly owned R&D company in order to accelerate the further development of the Manz CIGS technology. The current R&D entity for CIGS from Manz AG, the Manz CIGS Technology GmbH, will be aquired by the new R&D Joint Venture for EUR 50 million. In return, Manz AG becomes shareholder of the R&D Joint Venture with 15% for an amount of EUR 25 million.
Furthermore, the contractual partners of Manz AG have placed purchase orders for CIGSfabs worth EUR 263 million. Revenues and earnings from these purchase orders will affect revenues and earnings during the financial years 2017 and 2018. Due to corresponding down payment agreements, these orders will be realized cash flow positive. The contracts are subject to approvals of governmental authorities in China.
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