Schott to Acquire RWE Schott Solar Shares

Alzenau, Germany [RenewableEnergyAccess.com] The “RWE” will soon be dropped from the moniker of corporate solar energy giant RWE Schott Solar after news that the Mainz, Germany-based Schott AG has agreed to acquire the 50 percent share that Neu-Isenburg, Germany-based RWE Solutions AG holds in the solar company.

The move means that Schott will become the sole shareholder in the joint venture, first formed in 2002. The company will conduct business under its new name, Schott Solar GmbH (Schott Solar, Inc. in America), and its main office will remain in Alzenau, Germany. “Schott and RWE Solutions have been successful in advancing PV solar electricity technology over the past few years,” said Michael Stadler, Chairman of the Management Board at RWE Solutions AG. “Now that large scale industrial production has commenced, this represents the perfect point in time for us to transfer our shares to Schott AG. RWE does not view itself to be a manufacturer of power plants but rather is focusing its business on energy generation and supply.” RWE Schott Solar is one of the world’s largest corporate solar energy companies, employing a total staff of more than 900 employees in various regions of the world. The vertically integrated company covers basically all areas of the solar production chain, including wafers, cells and modules. Sales for the current fiscal year, which ends on September 30, will reach approximately 280 million Euros (USD 340 million). RWE Schott Solar has production plants in Germany, the Czech Republic and the United States. This year, the company expanded its capacity for manufacturing solar cells to more than 100 MW per year. The acquisition of the shares held by RWE means that the company can now be completely integrated into the Schott group. In turn, according to a statement from the companies, the new company will then be in a position to reap additional benefits from the more than 120 years of experience and expertise that the international technology group has obtained in developing and manufacturing specialty glass products, innovative materials, components and systems. Schott employs approximately 17,000 employees and recently reported annual sales of 2 billion Euros (USD 2.42 billion). Schott Solar, Inc. will operate the current RWE Schott solar manufacturing facility in Billerica, Massachusetts and a sales office in Rocklin, California in addition to the existing international facilities. The arrangement is expected to be completed after all regulatory approvals have been achieved.