Solar Cells Info

December 18, 2006
Source: press release Itochu Corporation
http://www.itochu.co.jp/main/news/2006/news_061218e.html

ITOCHU Corporation of Japan is investing JPY 1 billion ($8.5 million) (4% of whole share after tie-up) in the solar energy company NorSun AS (Oslo, Norway, CEO: Jon Hindar), which is planning to product monocrystalline silicon wafers for solar cells. NorSun was established in December, 2005 with the clear and broadly-based business development in solar industry by Dr Alf Bjorseth, who is a founder and former CEO of Renewable Energy Corporation ASA (REC), the world’s largest manufacturer of solar-grade silicon and multi crystalline wafers.

NorSun is planning to set up a plant in Ardal since the beginning of 2008 for the production of monocrystalline silicon wafers, which is expanding into the production capacity of 430MW in 2010. ITOCHU set up the dedicated team for solar business last Jun in order to accelerate the business activity. Through this investment into NorSun, we place NorSun as a core business agenda in this field and will work toward a further strengthening of relations including human exchange.We also strengthen collaboration with other capital investors in NorSun, such as major resource company, funds and investment bank, and also NorSun’s customers, solar cell manufaturers.

Furthermore, we will implement the development and commercialization of the new technology together with NorSun and go ahead with setting up active business from up-stream through down-stream in solar industry. We aim to greatly contribute society with expanding business in this field, which is promising as one of the clean energies.