Solar, Utility Integration

MEMC Makes More Moves Into Solar, Acquires Stake in Eversol

Just a week after investing in Tioga Energy, and a month after acquiring SunEdison, MEMC has taken an ownership interest in Eversol Corporation, a solar wafer manufacturer in Taiwan.

In connection with a contract amendment between MEMC and Gintech Energy, MEMC purchased Gintech’s 8.36% interest in Eversol at Gintech’s original cost.

In a subsequent transaction, as part of a recent capital raise by Eversol, MEMC invested $5.0 million for an additional 5.1 million shares, bringing MEMC’s ownership stake in Eversol to approximately 10.6%.

“We are pleased to strengthen our strategic partnership with Eversol,” commented Ken Hannah, President of MEMC Solar Materials. “In addition to our plans to bring solar wafer manufacturing capability in-house, MEMC is identifying strategic partners for solar wafer manufacturing. With a mix of internal and external solar wafering capacity, we can minimize fixed costs and maintain the flexibility to satisfy growing levels of demand. As we implement this manufacturing strategy, we will continue to identify world-class strategic partners, such as Eversol.”

The acquisitions and investments mark a move toward a more vertically integrated solar business model for MEMC, which has historically been active only in the manufacturing space.