Solar EnerTech & Jiangsu Shunda Establish JV

Solar EnerTech Corp. has established a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd., a leading PV raw material manufacturer, to pursue expansion opportunities in the U.S. solar energy market. Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.

The U.S. joint venture company, which will be called Shunda-SolarE Technologies Inc., is expected to begin operating in early May of 2009. The company will utilize Jiangsu Shunda’s strength in polysilicon and wafer supply and Solar EnerTech’s advanced solar cell technologies as well as resources in the U.S. market.

Both parties said that the joint venture establishes a vertically integrated operation in the U.S. market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.

Jiangsu Shunda and Solar EnerTech contributed US $1.0 million and $700,000 in cash respectively to the initial setup cost of the joint venture. Jiangsu Shunda will own 55% of the JV company, Solar EnerTech will own 35% and the management of the joint venture will own the remaining 10%.

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