GET to raise capital

Solar wafer maker Green Energy Technology (GET) has disclosed it has decided to issue new shares in two phases to raise capital via private placement.

With Tatung – GET’s parent company – being the major target subscriber, the first-phase private placement aims to raise NT$600 million (US$19.9 million), GET said, adding 75% of the funds will be used for operation and repaying bank loans and 25% for renting diamond-wire equipment in China.

GET will start the first-phase fund-raising by the end of 2017, and hope to introduce international PV makers as new shareholders in the second phase.

GET has annual capacity of 1.25GWp for growing poly-Si solar ingots, with 40% of them sliced into wafers using slurry method and less than 30% using diamond wire currently. The remaining ingots are directly sold.

By renting diamond wire equipment in China, GET expects to raise the diamond wire segment’s output to 50%, with slurry coming down to 25%.

GET and solar cell maker Gintech Energy have set up a PV module joint venture Gintung Energy, respectively holding 30% and 36% stakes. Gintung is utilizing 80% of its annual production capacity of 180MWp at present and expects to raise its utilization rate to 90-100% in October. Gintung plans to expand capacity by 100MWp in second-half 2018.

GET president Swean Lin.
Photo: Fu Shih-min, Digitimes, September 2017

Categories: Green energy Solar

Tags: Green Energy Technology private placement VIA

Companies: Green Energy Technology VIA Technologies

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