Finland-based industrial automation specialist, Cencorp is selling some of its operations and shifting conductive back sheet (CBS) production from its plant in Beijing, China to Mikkeli, Finland and closing the plant.
The company also wants to sell its automation business for the electronics industry as well as the production of RFID components and flexible electronics for mobile phones to preserve cash and switch completely to bringing to market its CBS and PV module assembly technology.
Cencorp said in releasing 2014 first half year results that it would take an asset impairment charge of €3.2 million to shift CBS production and equipment and close the facility in China.
The company also noted that it’s pilot solar modules, using its CBS technology had passed testing programmes at Fraunhofer ISE, which would lead to product certification in targeted markets.
Cencorp reiterated its high expectations for its potential penetration into the PV module manufacturing supply chain negotiations ongoing with a number of potential customers to provide turnkey solutions and CBS technology.
Vikram Solar and Cencorp had previously announced a 6-month agreement to evaluate Metal Wrap Through (MWT) solar cell and Conductive Back Sheet (CBS) based PV module technology, which is expected to conclude at the end of August, 2014.
Cencorp noted that contract negotiations with Vikram Solar were ongoing and would announce any decisive contractual agreements separately.
The company noted that separate contract agreements were being negotiated that had values of between €4 million and €20 million.
Cencorp reported revenue for the first half of 2014 of €4.6 million, compared to €5.9 million in the same period of 2013. The company made an operating loss of EUR 6.3 million.