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Nat'l Development Fund to buy 25% of CIGS maker PV next.

Taipei, Aug. 4, 2009 (CENS) -- Taiwan's National Development Fund of the Taiwan Cabinet, the government's investment arm, recently announced to buy a 25% stake in PV Next, a maker of CIGS (copper indium gallium selenide) thin-film solar-cell modules under local optical-disc maker Ritek Corp.

PV Next recently carried out a capital increase by selling shares at a premium of NT$25 (US$0.77). The TNDF bought 20 million shares for NT$500 million (US$15.4 million at US$1: NT$32.5), showing the fund's confirmation of PV Next's self-development achievement.

With backing from the government fund, Ritek claimed its solar-cell business development is expected to go farther and smoother. PV Next hopes to go public in Taiwan or overseas in three years, according to industry insiders.

With self-developed technology and existing equipment (Ritek's machines for making optical discs), PV Next has relatively-lower capital spending. In addition, the firm's core sputtering technology and the organic light-emit diode (OLED) technology of affiliated RiTdisplay Corp. are gradually making up comprehensive capability in solar-cell manufacturing in the Ritek Group.

PV Next is a joint venture between Ritek and Netherlands-based Scheuten, a leading solar-cell company in Europe. Industry sources said that PV Next is the first investment target for the TNDF since the Taiwan government announced to support the green-energy industry in April, with the investment in PV Next being the largest single investment in an enterprise in recent years.

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Title Annotation:copper indium gallium selenide
Publication:The Taiwan Economic News
Article Type:Brief article
Date:Aug 4, 2009
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