ITOCHU Announces Investment in Solar Energy Company NorSun.Tokyo, Japan, Dec 18, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - ITOCHU Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8001; ADR ADR - Astra Digital Radio : ITOCY) has announced that it will invest JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1 billion (4% of outstanding shares after investment) in solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. company NorSun AS (Oslo, Norway, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : Jon Hindar), which is planning to produce monocrystalline silicon wafers for solar cells. NorSun was established in December 2005 by Dr Alf Bjorseth, who is a founder and former CEO of the Renewable Energy Corporation Renewable Energy Corporation or REC (OSE: REC) is a Norwegian solar energy company established in 1996. It is the world's largest producer of solar grade polysilicon, the world's largest producer of wafers for solar applications and a major producer of solar cells and ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (REC), the world's largest manufacturer of solar-grade silicon and multi crystalline wafers, to develop a broadly-based business in the solar industry. NorSun is planning to set up a plant in Ardal in the beginning of 2008 for the production of monocrystalline silicon wafers, with plans to expand to a production capacity of 430MW by 2010. ITOCHU set up a dedicated solar business team in June to accelerate this business activity. With its investment in NorSun, ITOCHU is placing NorSun as a core business agenda in this field, and will work towards further strengthening of relations including personnel exchange. ITOCHU will also strengthen collaboration with other capital investors in NorSun, such as major resource companies, funds and investment banks, and NorSun's customers, such as solar cell manufacturers. Further, ITOCHU will implement development and commercialization of new technology together with NorSun and move ahead in setting up active business from up-stream through down-stream in the solar industry. ITOCHU aims to contribute to a better society with expanding business in this field, which is promising as one of the clean energies. About Itochu Corporation Itochu Corporation is one of Japan's leading trading companies and is engaged in a wide variety of businesses, including textiles, machinery, aerospace, information technology, multimedia, metals, energy, chemicals, forest products, food, retail, financial services and so forth. Itochu maintains over 130 offices around the world and owns over 640 subsidiaries and affiliates. Itochu's sales last year reached 9.5 trillion yen (US$90 billion). Itochu aims to build new profit-making strategies and adding new functions in order to become more global, and to foster businesses in new fields. Source: Itochu Corporation Contact: ITOCHU Corporation Public and Investor Relations Department Tel: +81-3-3497-7295 http://www.itochu.co.jp Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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