Solar

Ritek ups investment in CIGS JV

Ritek, Taiwan’s 2nd biggest maker of blank optical discs, says it will invest nearly another $25M in PVNext, its 40%-owned thin-film module JV with Dutch partner Scheuten Solar.

January 6, 2009 –  Ritek, Taiwan’s 2nd biggest maker of blank optical discs, says it will invest nearly another $25M in PVNext, its 40%-owned thin-film module JV with Dutch partner Scheuten Solar. The new funds are intended to cover new shares issued by PVNext to raise about $63M in paid-in capital.

The company said in December that PVNext has produced early copper indium gallium selenide (CIGS) modules (600mm x 1200mm) with 17% conversion efficiencies; volume production is slated for 1Q10.

A share sale in mid-2009 landed a $15M investment in PVNext from Taiwan’s National Development Fund for a 25% stake, the group’s initial foray into renewable energy since stating earlier in the year its intent to invest in the sector. Reports suggest that using Ritek’s optical disk-making equipment helps keep the firm’s capex spending low, and using organic LED technology of Ritek affiliate RiTdisplay offer technical advantages.