ersol paves way for growth through partnership with Ventizz
ersol paves the way for growth for its Thin Film unit with Ventizz moving in as financing partner
Erfurt, 4 February 2008
Source: ersol Thin Film Tech, press release
http://www.ersol.de/en/newsmediarelations/pressreleases/pressrelease/
news/1202117916/?tx_ttnews%5BbackPid%5D=35&cHash=8f371597fb
* Ventizz acquires a minority stake in ersol Thin Film GmbH
* CEO Beneking: “Partner with considerable PV know-how, confirmation of commercial solidity of ersol’s thin-film activities.”
Ventizz Capital Fund III LP, Delaware and Ventizz Capital Fund IV LP, Jersey (Ventizz) signed a contract on the holding of Ventizz in ersol Thin Film GmbH, Erfurt, which has been approved by the Supervisory Board of ersol today. Ventizz will acquire a minority stake of nearly 50% in ersol Thin Film GmbH by way of a cash capital increase. ersol will retain the managerial responsibility. Ventizz will contribute the sum of € 48 million to the equity capital of ersol Thin Film GmbH and is additionally furnishing partner’s loans. The cash inflow shall be employed for investments in further growth and the company’s technology development. The ersol subsidiary produces amorphous silicon thin-film modules. It is planning to supplement its existing production with further capacity expansion of the groundbreaking micromorphous thin-film technology.
“We are pleased to have been able to acquire Ventizz as a partner with its extensive PV know-how for the continued development of our thin-film activities. The Ventizz investment confirms the solidity and attractive development perspective of ersol Thin Film,” says Dr Claus Beneking, CEO of ersol AG. “This commitment harmonises well with our investment focus. ersol Thin Film is a company with high technological expertise, promising growth perspectives and an excellent management. We are pleased to back ersol Thin Film in the expansion of its capacities. ersol Thin Film’s concept for the further development of silicon-based thin-film technology is impressive and offers excellent perspectives for long-term market success,” Willi Mannheims, a member of the Executive Board of Ventizz Capital Partners Advisory AG, explains his investment rationale.
ersol Thin Film GmbH is the youngest subsidiary within the ersol Group and the business unit focussing on thin-film technology. As of 31 December 2007 ersol Thin Film GmbH employed a workforce of 126 and started to ship its thin-film modules only a few days ago.
“This alliance with Ventizz paves the way for further growth. The entry of Ventizz is a fantastic mark of confidence and underlines the development potential of thin-film technology made by ersol,” concludes Peter Schneidewind, Managing Director of ersol Thin Film GmbH.