The German company announced that it has secured USD 85 million in growth capital, some of which came from two new partners, which will help the company consolidate its healthy position further in the booming energy storage market.
The U.S. market watched the prequel to this current panel price-slide in 2011 — and the question is why the sequel is happening again so soon.
Germany’s M+W Group today announced the appointment of Jim Brown as president of M+W Energy, based in Springfield, New Jersey, replacing Jerry Shinn.
A revision request has now been received by the appropriate court in Michigan. SolarWorld has meanwhile filled further protective letters against Hemlock to various courts in Germany, as a precaution to prevent possible enforcement of any penalty in Germany. SolarWorld CEO Frank Asbeck is confident that the U.S. silicon manufacturer will not receive recognition of any judgements in German courts.
The German PV manufacturer recorded significant growth in the company’s sales and revenues compared to the same period last year, while also returning to a positive operating result, although it had to revise down its preliminary results.
The world’s largest inverter maker says the move is “unavoidable”, and is maintaining its sales and service operations in California.
Solarworld CEO Frank Asbeck talks to pv magazine on the recent finding against the company in its legal dispute with Hemlock Semiconductor. A supremely confident Asbeck explains why he doesn’t think the judge’s decision changes the case at hand, while still expecting a settlement with Hemlock, and why any final decision will not affect the company’s American subsidiary nor the German company.
SolarWorld has increased its Q2 2016 shipments 39% YoY, to 342 MW, in 2016. Revenues increased almost 30% for the quarter, to €222 million ($246 million), while achieving an EBIT profit of €20.5 ($22.7 million) million.
A U.S. court has granted Hemlock’s hefty claim against the leading solar PV company, which remains confident that enforcement of the lawusuit will fail in Germany.
SolarWorld could face bankruptcy as a result of its polysilicon supply dispute with Hemlock. The U.S. polysilicon supplier is claiming up to $793.5 million in damages, in court documents acquired by Reuters today.
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