KMA and Hyundai Heavy agree to US$600 million polysilicon deal

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Korea Advanced Materials (KMA), a joint venture between Hyundai Heavy and South Korean paint maker KCC Corp., has closed a US$600 million deal to supply polysilicon to Hyundai Heavy Industries Co. from 2010 to 2015.

Hyundai Heavy, a large ship builder, also has a previous deal to purchase US$508 million of polysilicon from 2001 to 2015 from Woongjin Polysilicon, a subsidiary of Woongjin Holdings Co.

Hyundai Heavy has been vertically integrating its solar business and expects to finish construction of a solar cell manufacturing plant in 2010. In 2005 the company commissioned a solar module assembly line from Spire to produce 150,000 solar modules per year. It also has an ongoing wafer supply contract with LDK solar.

Hyundai Heavy announced last spring its expectations of solar cell and module sales to reach approximately US$960 million by 2010.

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