TCIC will purchase a 60% interest in Emcore’s fiber optics

Facebook
Twitter
LinkedIn
Reddit
Email

Emcore has entered into a share purchase agreement to create a joint venture with Tangshan Caofeidian Investment Corporation (TCIC) where TCIC will purchase a 60% interest in Emcore’s Fiber Optics. The JV, Emcore Fiber Optics, Limited (EFO) will be registered in Hong Kong.

The agreement states that TCIC will pay Emcore approximately US$27.8 million in cash and provide an additional funding of US$27 million to EFO after the closing. This sale will give Emcore the opportunity to focus more on its solar business.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In conjunction with the establishment of the joint venture, Emcore and TCIC have entered into a supplemental agreement in which Emcore agrees to establish its China terrestrial CPV manufacturing and operations base in Caofeidian Industry Zone. The agreement includes a commitment by TCIC to provide Emcore with the equivalent of US$3,300,000 in RMB denominated loans, tax and rent incentives and assistance in developing Emcore’s solar power business in China.

Emcore management will address the details of this transaction in its upcoming December quarter earnings conference call.

Read Next

July 19, 2024
US solar manufacturer First Solar has started an investigation into several crystalline-silicon cell solar manufacturers for potential infringement of its patents.
July 19, 2024
Investment fund Quinbrook Infrastructure Partners and its subsidiary Primergy Solar have reached commercial operations at their 690MWac/966MWdc Gemini solar-plus-storage project in Nevada.
July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
SunPower said the decision was not made "lightly" and will consider options to support its mutual customers and collective business pipeline.
July 19, 2024
Sungrow has signed an agreement with Hero Group's renewables arm Hero Future Energies to supply 850MW of inverters.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA