Q-Cells increases share in Solibro to 100pc

BITTERFELD-WOLFEN, GERMANY: Q-Cells SE has increased its interest in Solibro GmbH from previously 67.5 percent to 100 percent by acquiring the Swedish joint venture partner Solibro AB.

Solibro's modules rank among those with the highest efficiency rating in the field of thin-film technologies. At present, Solibro's modules achieve an average efficiency rating per module of around 10 percent; the peak values are in excess of 11 percent.

"The potential of Solibro's thin-film modules lies in the combination of high efficiency ratings with extremely low costs per watt. After we successfully implemented this potential in mass production as well, Solibro became an integral component of Q-Cells' thin-film strategy," said Dr. Florian Holzapfel, member of the Executive Board of Q-Cells SE and Head of the New Technologies division.

"Taking this step is a sign of our confidence in the technology. This way, we have the degree of freedom we need to develop Solibro into a leading global provider of thin-film technologies," added Dr. Johannes Segner, COO and Managing Director of Solibro GmbH.

Solibro GmbH was formed by Q-Cells and Solibro AB at the end of 2006 to commercialise a CIGS thin-film technology developed at the University of Uppsala. The first test modules were created on the production line in Saxony-Anhalt's Solar Valley as early as spring 2008. Mass production began in the third quarter of 2008.

The foundations for a second production line were laid in Thalheim at the end of last year. It is expected to commence production in the fourth quarter of this year and achieve full capacity of 90 MWp after about twelve months with a module efficiency rating of around 12 percent.

The acquisition is being implemented as a capital increase against non-cash contributions. In return for their shares in Solibro GmbH, the shareholders of Solibro AB, amongst others the pension fund "6th Swedish National Pension Fund", will receive 3,988,170 shares in Q-Cells SE.

Fifty percent of these shares are subject to a lock-up period of at least 180 days. As a result, Solibro GmbH will now become a fully consolidated, wholly owned subsidiary of Q-Cells SE rather than an investment carried at equity.