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Reuters reports that Schott Solar has decided to call off its initial public offering, pointing to the "dramatic deterioration in international capital market conditions in the past days." The company had postponed the IPO in September because of market woes, but revived the offering afterwards.
"It was impossible to foresee the dramatic deterioration in the capital market environment, which makes a successful IPO impossible at this stage for all parties involved," company CEO Martin Heming said in a company statement. However, he added that Schott Solar will consider what steps to take next, once the market environment has settled on a "sustained basis."
Schott Solar, a unit of German technology firm Schott that makes solar wafers, cells, modules, and CSP systems, previously said it was trying to raise as much as 656.6 million Euro ($894.7 million) through the IPO, whose subscription period was originally planned to end on Oct. 1, but then extended to Oct 8, according to Reuters.
Schott plans to unveil a new 225-W polycrystalline silicon-based PV module at Solar Power International (Booth 901) next week in San Diego. The company says the module will be manufactured at its new facility in Albuquerque, NM, scheduled to open for volume production in 2009.
-- Tom Cheyney
