Silfab announced this week that SAS' Board has approved to invest in Silfab an amount of 30 million euros equity, Sino-American Silicon Product, a Taiwanese manufacturer of polysilicon wafers for use in both photovoltaic and semiconductor industries.
According to Franco Traverso, Silfab Chairman and CEO, Silfab will use the funds from the investment to build its initial polysilicon manufacturing plant, located in Borgofranco d'Ivrea (Turin), in Italy's Piedmont region.
Production of up to 5,000 metric tons per year of ultra-high quality 9N grade polysilicon is scheduled to begin Q4 2009, making Silfab one of the largest manufacturers of high-purity polysilicon destined for use in the fast-growing PV industry.
In addition to the investment, SAS has agreed to a long term purchase contract of 500 metric tons per year of ultra-pure polysilicon for six years, starting in 2010.
"We are pleased that an experienced photovoltaic and semiconductor player such as SAS has chosen to partner with Silfab." said Traverso. "SAS has a strong history of supplying these industries and recognizes the considerable value of the high purity nature of our product."
Traverso, a pioneer in the photovoltaic sector with more than 25 years experience, announced in August that he and a strategic partner, Pan Asia Solar, had invested the initial 54 million euros in Silfab, which in addition to the 30 million euros invested by SAS, brings the total equity capital raised to date of 84 million euros.
"With this investment, we have met our initial capital-raising goals, and are squarely on track to meet our original project schedule." said Traverso.
"Silfab is building strategic relationships with partners who truly understand the PV industry, and who will support our growth in very meaningful ways."
Doris Hsu, President of SAS, commented that "Finding reliable, high-quality producers of polysilicon has been a significant challenge for many fast-growing companies in the solar industry, and we believe that this will continue to be true in the future. Our investment in Silfab provides SAS with a fast-growing partner capable of providing a high-purity solution to meet this challenge."
"We look forward to working with Silfab to support their growth and identifying more ways our companies can collaborate." Hsu added.
