Jusung Engineering Co., Ltd. (“Jusung”) (KOSDAQ: 036930), a leading supplier of advanced technology and tools for high efficiency cell production, and MEMC Singapore Pte. Ltd. (“MEMC”), an affiliate of MEMC Electronic Materials, Inc., announced today a strategic partnership agreement to build and operate a high-efficiency solar cell production facility.
The strategic partnership will be a 50/50 joint venture between Jusung and MEMC. The initial 100MW of capacity is expected to begin commercial production in the first half of 2012. The partnership will combine MEMC’s proprietary Solaicx CCZ (Continuous Czockhralski) monocrystalline wafers with Jusung’s high efficiency cell manufacturing equipment. This strategic combination of technologies will drive a low cost, high efficiency and capital efficient solar cell manufacturing solution. The partnership is expected to require upfront capital of $16 million per partner.
“We are pleased to enter into this strategic partnership with Jusung,” said Ken Hannah, President of MEMC Solar Materials. “Through a small, capital efficient investment, we expect to combine the benefits of MEMC’s high performance Solaicx monocrystalline wafer technology with Jusung cell technology. The resulting innovative solar cells can be used by MEMC’s SunEdison subsidiary in solar power projects. This proprietary cell platform is expected to not only provide a low cost high efficiency module but also significantly reduce the project balance of system cost per watt. It is another example of MEMC’s continuous drive to provide our customers with some of the best products and services in the industry, and to lower the overall installed cost of solar energy.”
Mr. CJ Hwang, CEO of Jusung, commented, “We are excited to partner with an industry leader such as MEMC. While this is a new partnership for Jusung, our goal is unchanged — to develop innovative equipment technologies to delight our customers.”
In addition to the cell manufacturing joint venture, MEMC and Jusung’s strategic partnership allows the companies to market this low cost, high efficiency cell platform to key strategic cell manufacturing partners in the drive towards grid parity.
Jusung is Korea’s largest process technology solutions provider for Semiconductors, Flat Panel Displays, Solar, OLED and LED lighting. After the company’s foundation establishment in 1995, JUSUNG Engineering introduced Korea’s first semiconductor equipments and continued to be recognized as the global supplier with the global standard state-of-the-art technology. With its proprietary technology, JUSUNG released large area display equipments in 2002 and solar cell equipments in 2006, and it successfully diversified the business sectors. Starting 2010, JUSUNG anticipates being the global leader through proven technological advancements in LED and OLED equipments. For more information, please visit http://ctt.marketwire.com/?release=776152&id=506890&type=1&url=http%3a%2f%2fwww.jusung.com.
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services.
MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit http://ctt.marketwire.com/?release=776152&id=506893&type=1&url=http%3a%2f%2fwww.memc.com.
Certain matters discussed in this press release are forward-looking statements, including that the facility is expected to have initial capacity of 100MW and begin commercial production in the first half of 2012; and that the partnership is expected to require an initial capital contribution of $16 million per partner. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include the ability of the parties to reach expected capacity; delays in site selection; delays or interruptions in bringing the plant online; the timely availability of required approvals from governmental entities and third parties; the ability of the parties to perform their obligations under the agreement; and other risks described in MEMC’s filings with the Securities and Exchange Commission, including its Form 10-K for the 2010 fiscal year and its quarterly reports on Form 10-Q for the first quarter of 2011. These forward-looking statements represent MEMC’s judgment as of the date of this release. MEMC disclaims, however, any intent or obligation to update these forward-looking statements.