- Six months after signing a "framework agreement" with the Suqian, China municipal government for the creation of a manufacturing JV, Ascent Solar (ASTI) has signed a "definitive agreement" with Suqian's government to create the JV. (PR)
- As previously announced, Suqian will invest $32.5M in the JV, which will produce Ascent's EnerPlex solar-powered accessories. Ascent will also get rent-free use of 331K sq. feet of factory/office space, a 5-year corporate tax holiday, and a 50% tax rebate over the following 5 years. Ascent will eventually be able to purchase 215K sq. feet of space at a "favorable price."
- Suqian will initially have a 75% stake in the JV, but Ascent will have a chance to up its stake to 80% in 2014, after providing IP and equipment. The JV is expected to run a facility with 25MW of manufacturing capacity by Q1 2016, and (if all goes well) create a 100MW facility within six years.
Ascent Solar signs Chinese JV agreement, shares +16.3% premarket
Jan 2 2014, 09:29 ET