Dow Corning veteran Robert Hansen, current company president, has been elected as the company’s new CEO, effective immediately. Hansen has been with Dow Corning for 29 years and was appointed as president of the company in November 2010. Dow Corning noted that Hansen will continue to serve as president, in addition to his role as CEO and that Stephanie Burns will remain chairman of the board of directors. “As chairman, I will remain deeply engaged providing counsel and advice on the company’s business strategy, as well as support to Bob as he transitions into his new role and I prepare for retirement,” remarked Burns.
Having originally announced plans to produce EVA encapsulants in China that would come on stream by June 2011, Solutia has said that its new manufacturing facility in Suzhou was ready to supply commercial-grade Vistasolar EVA encapsulant. This is Solutia's first new EVA production facility to be developed after the acquisition of Etimex Solar GmbH of Germany.
An existing customer based in Asia has placed a follow-on order worth CHF 70 million with Meyer Burger for wafer slicing equipment and wafer inspection tools. Delivery of the complete order is expected during 2011, according to the company.
Under a new agreement between TPG Capital and Comtec Solar Systems Group, TPG will invest a total of US$150 million through newly issued convertible bonds and warrants. TPG has subscribed for unsecured convertible bonds, which are due in 2016 with an aggregate principal of US$100 million. The bonds are zero interest and will be able to transfer into Comtec’s new ordinary shares at an initial conversion price of US$0.50 per ordinary share. If the bonds are not exchanged after five years, they will be redeemed at par.
Solutia has been awarded a contract to supply its Therminol VP-1 synthetic heat transfer fluid for the US$2 billion Solana solar power plant project, which is being developed by Abengoa. Once complete the Arizona-based plant is expected to be the largest parabolic trough concentrating solar plant in the world, and the first large-scale solar plant in the US capable of storing energy for continued power generation during periods of low light.
Wacker Chemie's long-planned construction of a 15,000MT per annum polysilicon plant in Cleveland, Tennessee, has officially broken ground. The project is said to cost around US$1.5 billion and will create some 650 new jobs when the plant become operational in late 2013. With other planned capacity expansions in Germany, Wacker reiterated that it expects to reach an annual polysilicon capacity of 67,000MT in 2014.
Ferro has opened a new photovoltaic research and development laboratory in Taipei, Taiwan. The Ferro Taiwan Technology Center, situated within the Neihu Technology Park, will help Ferro provide technical support for its Taiwanese customers and also to improve cell performance and lower manufacturing costs.
TechPrecision, a manufacturer of metal components and systems for the renewable energy industry, has received new orders totalling US$2 million for its wafer production equipment. The equipment, manufactured by TechPrecision’s U.S. and Chinese subsidiaries, Ranor and Wuxi Critical Mechanical Components, is expected to be shipped before the end of Q3.
Leading Chinese polysilicon manufacturer Daqo New Energy has started work on phase two of its new facility in Shihezi, Xinjiang. Manufacturing will begin in the second half of 2012, with an initial capacity of 3,000 metric tonnes.
Following its 2010 acquisition of Singapore-based Novomatrix, Solutia’s performance films unit will be expanding its manufacturing capacity with the purchase of selected assets of Taiwan-based conductive film manufacturer Aimcore Technology. The US$7 million deal will allow Solutia to increase its manufacturing capacity in Asia while also multiplying its Flexvue film component production. The escalation in Solutia’s production capacity is anticipated to be on-line during the second half of 2011.
