News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/amtech-to-pay-5-5m-for-acquisition-of-chinese-solar-ion-company.html

Solar production equipment provider Amtech Systems has entered into an agreement to acquire a controlling stake in a China-based ion implant technology company, which it expects to close this month.

Amtech is to acquire 55 per cent ownership of Kingstone Technology Hong Kong, which owns Shanghai-based solar technology Kingstone Semiconductor, subject to compliance with Hong Kong filing requirements.
The company said it will pay $5.5m in cash and stock for the purchase, coupled with a contingent promissory note of up to $4m to fund Kingston Semiconductor’s development of a next-generation solar ion implant machine.
The Shanghai-based company specialises in ion implant solutions for the solar and semiconductor industries. Amtech anticipates that ion implant tool technology could be adopted in the solar architecture market as higher cell efficiencies are achieved through diversified technology.
The prospective acquisition follows Amtech’s announcement of a $32m order pipeline for its production equipment in January.
Amtech CEO Jong Whang, ‘With this acquisition, Amtech immediately establishes a technology beachhead in a strategically key region of the world, increases its technology expertise, and lays the foundation for future opportunities for its solar business.
‘We believe this acquisition will complement and protect our core solar diffusion expertise and leadership.’
Amtech said it will provide further funding to support Kingstone’s product development over the next two years.
Whang said, ‘We believe that Amtech’s leadership in solar diffusion, combined with Kingstone’s expertise in ion implant technology, creates the best opportunity for successful development of an ion implant machine for the solar market.’