ICP Solar Announces New JV in Thin Film Factory

ICP Solar Technologies Inc. completed the sale of a majority of its shares in its wholly owned manufacturing subsidiary, ICP Solar Technologies (UK) Ltd. (of Wales, Great Britain) to ISE Solar LLC (ISE) for aggregate proceeds of US$3 million.

Under the terms of the agreement, ICP Solar will retain a minority shareholding of the facility and continue to benefit from its output, while Sass Peress, Chairman and CEO of ICP Solar will remain on the Board of the joint venture (JV) company. “ISE Solar has over 30 years of amorphous thin film manufacturing experience within its team,” said Peress. “This bank of knowledge will help support our great UK team and take the facility to the next level in terms of throughput and quality. While we have successfully developed our factory and recently produced the best plates in its history, to take it beyond requires such a partner,” he added. The transaction will reduce the annualized operating expenses of the ICP Solar group by approximately US$1.9 million (based on fiscal 2007) or 43% of total operating expenses combined for all activities in the ICP Solar group. “Our investment intentions are far beyond what ICP Solar could have envisaged on its own and our global team will now work towards the facility’s automation and expansion,” said Robert Stabinsky, President of ISE Solar, “with focus on solar cell process improvements.”
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