The Hong Kong-based division of US fuel cell specialist Zentric has partnered with Lightway Australia to form a new company called Zentric Solar.
Zentric will hold a 35 per cent equity interest in the new venture that will offer a complete service for solar installations from design to operation. The company has said it will use Arizona as its launch base for US operations and has partnered with ten panel manufacturers in Asia. Details of other countries Zentric Solar will operate in have not yet been revealed.
Lightway Australia holds a 60 per cent interest in the company with Commerce King owning the remaining five per cent.
William Tien, president of Zentric, said, 'Zentric (HK) will enjoy the financial benefits as a shareholder in Zentric Solar including participation in project management, procurement and potentially equity in completed solar power plants.'
Jeff Mak, CEO of Zentric, added, 'We are happy to be involved in Zentric Solar and to be at the forefront of the renewable and alternative energy sector. We anticipate significant revenues derived from fees earned by us for project management services.'