Equipment manufacturer SCHMID Technology Guangdong has received a “significant minority investment” from Chinese investor XJ Capital in a boost to its PV business.
Prior to the investment, SCHMID Technology Guangdong, a manufacturer of PV production equipment and printed circuit boards (PCB), was 100% owned by Germany-based SCHMID Group.
The companies hope the partnership will enable SCHMID Technology Guangdong to combine the industry experience of the SCHMID Group, particularly in the chemical space, with the local expertise of XJ Capital.
“Combining the strength of both companies will create a lighthouse project for a next level of a Chinese-German cooperation that can overcome today’s challenges of trade disputes and a pandemic by focusing on the needs of our customers,” said Christian Schmid, managing director of SCHMID Group
“The investment into STG highlights one of XJ Capital’s core capabilities of partnering with companies to further expand and grow their presence in China by leveraging our local connectivity and resources,” said Hu Bin, founder of XJ Capital.
PV Tech has contacted the SCHMID Group for further details in terms of the amount invested by XJ Capital and its minority stake.