SH Electric (02727) in CIGS cooperation with Shenhua & Manz

    Shanghai Electric (02727) said it proposed to cooperate with Shenhua Group Corporation Limited and Manz AG on copper indium gallium selenium technology (the CIGS).
  CIGS refers to a technology for the manufacture of solar modules whose absorber is grown on the substrate by the co-evaporation process using the chemical elements copper , indium , gallium , selenium .
  Shanghai Electric proposed to establish NICE PV Research Inc. (NICE). The registered capital of NICE will be Rmb1,225 million, of which Shanghai Electric will contribute Rmb245 million by way of cash, National Institute of Clean and Low Carbon Energy, a subsidiary of Shenhua Group, will contribute Rmb735 million, Manz will contribute Rmb183.75 million by way of cash, and Beijing Future Science Park Industrial Development Co., Ltd. will contribute Rmb61.25 million, representing 20%, 60%, 15% and 5% of equity interest in NICE, respectively.
  The business scope of NICE is high-efficiency photovoltaic cell technology, craft and research and development and sales of the overall solution; research and development and sales of next-generation photovoltaic technology and new products; sales of products other than equipment; development of new application projects; construction and operation of pilot lines; technological trainings and technological services; transfer and authorization of intellectual property; import and export of technology; and import and export of goods (subject to the approval of the industry and commerce administrations).
  Shanghai Electric also proposed to establish Chongqing Shenhua Thin Film Solar Technology Co., Ltd. The registered capital of Shenhua Chongqing will be Rmb1,250 million, of which Shanghai Electric will contribute Rmb250 million by way of cash, China Energy Conservation and Emission Reduction Co., Ltd., a subsidiary of Shenhua Group, will contribute Rmb675 million by way of cash, Shenzhen Laibao High-tech Co., Ltd., a listed subsidiary of China Energy Conservation and Emission Reduction Co., Ltd., will contribute Rmb125 million by way of cash, National Institute of Clean and Low Carbon Energy, will contribute Rmb125 million by way of cash, and Chongqing Liangjiang New Area Strategic Emerging Industry Equity Investment Fund Partnership will contribute Rmb75 million by way of cash, representing 20%, 54%, 10%, 10% and 6% of equity interest in Shenhua Chongqing, respectively.
  The business scope of Shenhua Chongqing is research and development, production, sales and installation of solar modules and its components; sales of solar application products; and engagement in buildings related industry (subject to the approval of the industry and commerce administrations).