September 19, 2011
Seoul, Korea and Austin, TX. SK TIC and SK Innovation, members of the SK Group, Korea’s energy, chemicals and telecommunications giant, and HelioVolt Corporation, a U.S. based manufacturer of high-efficiency thin-film photovoltaic modules, today announced that the companies have reached an agreement to collaborate on technology development and global manufacturing expansion. The SK Group has invested $50M to expand HelioVolt Austin’s manufacturing operations and has begun collaboration to develop HelioVolt’s global capabilities.
“We believe in the value of long-term investing in alternative energy and are happy to be able to leverage SK leadership across our many complementary industries in order to create an outstanding global partnership with the HelioVolt team,” said Dr. SH Park, Chief Executive Officer of SK TIC. “SK’s technical and engineering expertise will provide HelioVolt with tremendous market, manufacturing and supply chain access,” emphasized Dr. DS Kim, SK Innovation’s CTO.
HelioVolt’s significant technical progress and rapid module cost reduction are providing SK, through this partnership, an opportunity to play an important role in the rapidly growing global renewable energy market.
“The solar energy market is going through a transition period—one that is creating unprecedented opportunities for world-class leadership,” said Dr. BJ Stanbery, HelioVolt’s Chairman of the Board of Directors and company founder. “We welcome SK’s manufacturing, engineering and operational expertise in order to accelerate commercialization of our technology and business expansion to deliver the most cost-effective and efficient solar power.”
In connection with the transaction, Bank of America Merrill Lynch acted as exclusive placement agent to HelioVolt.
SK Group, Korea’s third largest conglomerate, covers a broad spectrum of businesses through its 75 subsidiaries and affiliate companies which share the SK brand and culture. SK is focusing on three core business domains which are “Energy and Chemicals,” “Information and Telecommunications” and “Trading and Services.” SK Innovation has been leading Korea’s energy industry. SK’s continuous innovation and R&D efforts have developed world-class competencies in the alternative and renewable energy sector. SK TIC (Technology Innovation Company), the center of technology-based growth of SK Group, is leading the company’s technology-based new growth opportunities.
HelioVolt Corporation, based in Austin, Texas, is a manufacturer of high-efficiency thin-film solar modules for the commercial rooftop and utility markets. The company’s rapid manufacturing process produces high-efficiency modules at low-cost, uniquely positioning the company to compete in the global solar market. In total, HelioVolt has raised over $200M to fund the company’s move to volume production and international expansion. For additional information, visit www.heliovolt.com.