PVNext Corp., a joint venture between Taiwan-based Ritek and Netherlands-based Scheuten Solar Holding B.V. has announced an investment of NT$500 million from Taiwan’s National Development Fund, accoring to DigiTimes.
Ritek is Taiwan’s second largest Taiwan-based maker of blank optical disks, while Scheuten Solar Holding B.V develops and realizes large PV systems all over the world.
The central government’s venture capital arm is used to promote the development of target industries; in this case the funds will go towards enhancing PVNext’s CIGS thin-film PV module manufacture by procuring production equipment. In return, the development fund will take a 28.59% share in the company.
The fund’s investment is through subscription for 20 million new shares to be issued by PVNext. After the capital expansion, the stake of Scheuten and Ritek in the company will shrink to 42.26% and 23.15%m respectively. PVNext will start volume production this quarter.