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IQE`s stake in Solar Junction acquired by strategic investor

This is aimed at accelerating the global commercialisation of SJ's CS multijunction technology
IQE has announced that its minor equity stake in the share capital of Solar Junction Corporation (SJC), has been acquired by a new strategic investor, as part of an acquisition of SJC.

The new investor has a strong interest in accelerating the large scale global adoption and commercialisation of SJC’s CPV technology.

The identity of the new investor, and specific terms of the acquisition, are not yet public and covered under non disclosure agreements.

IQE can confirm, however, that its exclusive long term wafer supply agreement using SJC’s dilute nitride technology, agreed when IQE invested in SJC in 2012, will be unaffected by this transaction. The return to SJC equity shareholders, including IQE, will be deferred and contingent upon specific aspects of SJC’s future business development. Further details will be provided in due course.

In February 2012, IQE invested $5 million in a 9.8 percent equity stake in order to obtain exclusive rights to supply SJC with high efficiency advanced Concentrated PhotoVoltaic (CPV) wafers using  SJC’s dilute nitride materials technology through a long term supply agreement. 

The primary investors in SJC at that time were several US-based venture capitalists. The technology has subsequently been successfully transferred to IQE’s large volume production tools, and world record efficiencies of 44.1 percent have been achieved from this production platform for standard triple junction cells.

IQE has since been supplying wafers to SJC on a commercial basis under the terms of the Wafer Supply Agreement.

As anticipated at the time, SJC has required subsequent equity fundraisings, which were supported by its venture capital investors, but in which IQE did not participate.

However, the longer term objective of SJC, having obtained volume manufacturing credibility through the technology transfer and manufacturing agreements with IQE, has always been to secure a major strategic investor to better facilitate and accelerate the commercialisation and global adoption of its technology. IQE has fully supported this initiative. 

SJC’s success in attracting this strategic investor marks another major milestone in accelerating the company’s growth and commercialisation plan of its unique CPV technology.

 

 

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