SEOUL, KOREA & AUSTIN, USA: SK TIC and SK Innovation, members of the SK Group, Korea's energy, chemicals and telecommunications giant, and HelioVolt Corp., a US based manufacturer of high-efficiency thin-film photovoltaic modules, announced that the companies have reached an agreement to collaborate on technology development and global manufacturing expansion. The SK Group has invested $50 million to expand HelioVolt Austin's manufacturing operations and has begun collaboration to develop HelioVolt's global capabilities.
"We believe in the value of long-term investing in alternative energy and are happy to be able to leverage SK leadership across our many complementary industries in order to create an outstanding global partnership with the HelioVolt team," said Dr. SH Park, CEO of SK TIC. "SK's technical and engineering expertise will provide HelioVolt with tremendous market, manufacturing and supply chain access," emphasized Dr. DS Kim, SK Innovation's CTO.
HelioVolt's significant technical progress and rapid module cost reduction are providing SK, through this partnership, an opportunity to play an important role in the rapidly growing global renewable energy market.
"The solar energy market is going through a transition period—one that is creating unprecedented opportunities for world-class leadership," said Dr. BJ Stanbery, HelioVolt's chairman of the Board of Directors and company founder. "We welcome SK's manufacturing, engineering and operational expertise in order to accelerate commercialization of our technology and business expansion to deliver the most cost-effective and efficient solar power."
In connection with the transaction, Bank of America Merrill Lynch acted as exclusive placement agent to HelioVolt.