Stocks: M5Z

Shanghai Electric buying 30% stake in Manz

The company also said that it had concluded its assessment of its turnkey CIGS thin-film business, which will remain a unit within the company.

PV and electronics equipment manufacturing and automation specialist Manz is selling around a 30% shareholding in the company to major Chinese utility, Shanghai Electric, as part of a strategic collaboration in the fields of energy storage, solar technology and automation technology.

The company also said that it had concluded its assessment of its turnkey CIGS thin-film business, which will remain a unit within the company. 

Manz plans to issue new shares to a subsidiary of Shanghai Electric that would give the utility a 29.9% stake in the company. 

The company has equipment assembly facilities in China and has received a number of new orders in the battery storage sector since the beginning of the year.

Dieter Manz, founder and CEO of Manz remains in charge and has been approved by the board to lead the company for the next five years.

Tags: flexible cigs thin-film

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