Germany's Manz abandons CIGS thin-film solar technology
- Manz AG (ETR: M5Z) has actually made a decision to discontinue the more development of the copper indium gallium selenium (CIGS) thin-film solar technology after terminating negotiations with a Chinese customer on the completion of a large solar project.
The German designer and also PV tools supplier stated on Friday it has actually scheduled a EUR-23.2-million (USD 23.65 m) non-cash impairment on the CIGSfab project that it was carrying out for Chinese partner Chongqing Shenhua Thin Film Solar Technology Co Ltd
In 2017, Manz released the major project for the Chinese partner with an intended order volume of around EUR 218 million but the deal with it was disrupted in December 2020 at the customer's request. Already, the German maker had actually gotten payments of around EUR 175 million yet had done job worth EUR 198 million.
Manz decided to terminate the talks on the superior payment as it was unable to reach a mutual solution.
The participation agreed in between Manz, one of Chongqing Shenhua's shareholders, Shanghai Electric Group (SEHK:2727), as well as Shenhua Group Co Ltd in 2017 included a CIGS production line with a capacity of 306 MW and an additional one for a CIGS R&D line with 44 MW of capacity.
After the decision to abandon the development of the CIGS thin-film solar technology, Manz will certainly concentrate on its growth method in the automotive as well as electromobility, battery production, electronics, energy, and medical technology markets.
Due to the decision and also its impact on profits development, Manz will certainly revise its outlook for 2022.
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