© Gintech Business | October 16, 2017
Gintech, Solartech and NSP to merge
Three Taiwanese solar cell manufacturers – Gintech Energy Corporation, Solartech Energy Corp. and Neo Solar Power Corp. – have signed a Letter of Intent to merge into one single company.
The three Companies are solar cell manufacturers in Taiwan with their own niche and have been contributing to the growth of the solar energy industry for more than 10 years. Apart from solar cells, each Company also participates in different production segments of the silicon wafer, module, power grid, and other solar energy supply chains. With the industry developing as it is – becoming a highly competitive and increasingly concentrated market – the companies believe that Taiwanese manufacturers should come together to form a solar flagship company with a competitive edge on the global market. The proposed merger process described by the companies will be implemented based on an equal and mutually beneficial principle; without designating any of the companies as the acquiring or the acquired party. However, in order to comply with Taiwanese laws, the Companies agree that NSP will be the surviving company after it merges with the other two partners. The surviving company will be renamed United Renewable Energy Co., Ltd. (UREC) after the merger. With the establishment of UREC the aim is for Taiwan's solar cell industry to get rid of its role as foundries and further urge the green energy industry to root and grow strongly in Taiwan. This move could also drive joint development of the related industry chains which will cover energy materials, electromechanical and relevant services. While the letter of intent is not legally binding, the companies are aiming to have their respective boards adopting resolutions to execute a legally binding merger agreement by the end of December of 2017 and to complete the merger process on the third quarter of 2018.
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