Neo Solar Energy Corp (新日光能源) yesterday said it has sold its manufacturing fab in Miaoli Countyfor NT$1.25 billion (US$41 million) as the solar cell maker looks to revamp its range of products to improve its profitability.
Neo Solar decided to sell the fab as it plans to exit the multicrystalline solar cell market and focus on making monocrystalline PERC products, according to a company statement released yesterday.
The fab was originally used for manufacturing multicrystalline solar cells and modules, the company said.
Local contract chipmaker Maxchip Electronics Corp (鉅晶電子) won the auction to buy the fab on Tuesday, Neo Solar said.
The sale would help Neo Solar expedite its business transformation, cut operating expenses, increase cash flow and strengthen its balance sheet, the statement said.
Following the transaction, Neo Solar’s local manufacturing sites are centralized in Hsinchu Science Park and Tainan Technology Industrial Park. The factories are to focus on manufacturing high efficiency solar cells and modules.
As of the end of the first quarter, Neo Solar had NT$7.15 billion in cash and cash equivalents on its books, despite posting losses.
Neo Solar said it has built annual capacity of 200 megawatts at its Hsinchu fab last month to produce high-efficiency solar modules to supply clients with solar modules with between 10 and 20 percent higher power generation than conventional modules.
The company said earlier this month that its revenue rose 9.22 percent last month to NT$905 million from May’s NT$829 million, thanks to increased demand from Europe, the US, Japan and China, as well as Suniva’s section 201 petition to the US International Trade Commission, which led to some rush orders.
However, the figure represented a year-on-year decline of 27.94 percent.
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