Panasonic abandons Chinese solar production tie-up
- The Japanese electronics titan said a partnership with GS-Solar will not appear and also it will proceed producing its modules in Japan and also Malaysia while looking for other collaboration chances.
Panasonic has ignored a planned partnership with GS-Solar and also threatened possible legal action after its Chinese partner fell short to meet its dedications to the setup.
The Japanese electronics gigantic in May last year revealed plans to move its Malaysian solar production system to Chinese heterojunction module supplier GS-Solar (China) Company Ltd, and also to separate out its solar R&D device right into a joint endeavor with its partner.
Nonetheless, the Japanese brand stated on Thursday: "Panasonic will exercise its right not to wage the agreement, due to GS-Solar's failure to fulfill the need demanded to introduce by the deadline accepted in the contract. Panasonic will take tenacious procedures, which do not eliminate taking legal action versus GS-Solar for a breach of contract."
Panasonic claimed it had offered GS-Solar additional time to satisfy its end of the bargain, because of the Covid-19 crisis, but a 2nd target date had also been missed by the Chinese company.
"Panasonic will certainly consider every feasible action, consisting of new organisation cooperation with various other companions, to recover productivity in the solar service by the fiscal year ending March 2023, with more focus on the power remedy business, integrating photovoltaic or pv modules, [Home Energy Management System item] HEMS * 1 and also storage batteries," included the company.
Solar module manufacturing will certainly continue at the Panasonic Energy Malaysia Sdn Bhd solar manufacturing operation, along with the team's Japanese manufacturing facilities in Nishikinohama, Fukushima as well as Shimane.
Panasonic condemned degrading market conditions and also debt consolidation in the real estate market as its Life Solutions department-- which includes its solar organisation-- registered a 30% quarterly fall in sales to ¥ 325 billion ($3.08 billion) in its last three-month update.
