Specialty
metals company 5N Plus, supplier of cadmium telluride to First Solar,
is issuing new shares in the company to raise $46.2 million for
production expansions, general corporate purposes and possible
acquisitions.
“Aside from providing us with means for funding the construction of our German facility, our recent IPO has significantly raised our profile and exposure, creating a number of new potential growth opportunities that we hope to take advantage of in the future,” said Mr. Jacques L’Ecuyer, President and Chief Executive Officer earlier in the week when announcing third quarter financial results.
5N Plus has moved to a 24/7 production schedule in the last quarter to meet growing demand from the PV sector and in particular its largest customer First Solar. 5N Plus has a current maximum production capacity of 100MT per annum for cadmium
telluride and is constructing a new plant in Germany to meet the needs of Q-Cell’s subsidiary Calyxo which is ramping a 25MW CdTe thin-film PV plant.
Jacques L’Ecuyer said in the company’s conference call this week that the company was considering acquisitions in the future but declined to be more specific.
