Spire Corporation (Nasdaq: SPIR) today announced that Uni-CHEM Co., Ltd. (011330.KS) of South Korea will form a US entity to purchase 51% of Spire’s system integration business, called Spire Solar Systems.
In addition, Uni-CHEM’s existing U.S. entity, Uni-CHEM Solar, will purchase a 60-megawatt (MW) turnkey solar cell line and a 50-MW per year turnkey module line, as well as the associated utilities and infrastructure support, from Spire.
Uni-CHEM intends to lease space from Spire at its Hudson, New Hampshire’s Spire Semiconductor facility to house the two automated production lines. Terms of the sub-lease are not yet fully defined and currently under negotiation. The Uni-CHEM integrated Cell and Module Lines are planned to become operational in the second half of 2010.
Roger G. Little, Chairman and CEO of Spire Corporation, said, “We are excited to have finalized the cell and module turnkey manufacturing agreements with Uni-CHEM. We believe their cell and module manufacturing will position them to participate in the US solar market, which is anticipated to be one of the world’s fastest growing. The total value of the contracts, including those relating to the investment in the systems integration business, is approximately $60 million.”
Uni-CHEM Co., Ltd. produces and markets leather products for Korea’s major automakers and luxury goods companies such as Burberry and Coach. It was formerly known as Shinjin Leather Industrial Co., Ltd. and changed its name to Uni-CHEM Co., Ltd. in April 2000. The company was founded in 1974 and is based in Ansansi, South Korea. For more information, visit: www.uni-chem.net.
Spire Corporation is a solar company providing capital equipment to manufacture PV modules and turnkey manufacturing lines. Spire Semiconductor provides processing technology for Spire’s silicon solar cell lines and produces gallium arsenide cells for solar concentrator systems.
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