Komatsu and Renewable Energy Form PV Joint Venture

2002-03-21 [] Komatsu Ltd. said it and Renewable Energy Corp of Norway have signed a letter of intent to set up a joint venture to make polycrystalline silicon for solar applications. The two companies will initially hold a equal stake in the joint venture, but the Norwegian company is expected to take a majority interest in the firm in the future. Komatsu will transfer its Moses Lake plant operated by US subsidiary Advanced Silicon Materials to the venture, while Renewable Energy will fund all necessary development costs and working capital for the new firm.
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