Taiwan-based solar wafer producer, Green Energy Technology (GET), plans to raise NT$950 million (US$31.5 million) from a private placement of new shares with a subsidiary of its parent company, Tatung Group.
The company said in a Taiwan stock exchange filing that the proceeds would be used for working capital, long-term operation and partnership, and to strengthen its financial structure.
GET noted that the capital injection would help it prepare “for a more prosperous industry from 2014”.
However, the company recently said that strong wafer demand would lead to capacity expansion as utilisation rates were expected to remain at 95% in the first quarter of 2014.
GET reported sales of US$43.8 million in December, 2013, up 3.2% from the previous quarter and up 78.9 % from the same period of 2012.