SFCE secures majority share in Lattice Power
Shunfeng International Clean Energy Limited (SFCE), formerly Shunfeng Photovoltaic International, has signed a memorandum of understanding to acquire a 51 percent stake in Lattice Power.
Lattice Power, which makes a wide range of general lighting, display screen, LCD backlight and industrial LED chip products, is known for its GaN on silicon substrate and wafer processing technology. In 2014 Lattice Power sold over 100 million units of LED bulbs.
SFCE is committed to becoming the largest low-carbon, integrated, clean energy generation provider globally. Through strategic acquisitions and integrations, SFCE owns a number of well-known product and technology brands in the industry.
"Developing cost-effective lighting solutions is an essential step in solving the world's energy challenges," said Zhang Yi, executive chairman of SFCE. "Lattice Power's breakthrough technology represents the next generation of affordable lighting products.
"These new lighting products will inevitably replace traditional lighting, providing high-quality products at a reasonable cost for the global lighting markets. In addition, the merger creates new opportunities for SFCE in the lighting market, providing a new and substantial profit source for the company."
Sonny Wu, managing director of GSR Ventures and executive chairman of Lattice Power said: "We see tremendous opportunity for the GaN-on-silicon technology, which offers the ideal choice for next generation silicon chips."
He added: "GSR Ventures has been leading investments within new economic fields for many years. In collaboration with SFCE, we are excited to integrate Lattice Power's technology and products into emerging lighting markets, to disrupt the market and yield substantial earnings. We look forward to a long-term partnership."
GSR Ventures is a venture capital fund that invests primarily in early- and growth-stage technology companies with substantial operations in China.