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Qatar's QSTec helps SolarWorld come out of insolvency

DOHA, August 20, 2017

Qatar Solar Technologies (QSTec) has revealed that it has successfully come to an arrangement which would see Germany-based SolarWorld Industries emerge from insolvency and ensure the continuation of solar photovoltaic (PV) module manufacturing.

SolarWorld Industries is a fully integrated solar  PV module manufacturing company that is well known throughout the solar industry for its high-quality products, cutting-edge technology and its focus on research and development.  

Under the agreement, several hundred jobs will be saved at SolarWorld Industries’ German manufacturing plants and it will continue to develop its advanced proprietary technology to capitalise on the increasing global demand for solar, said a statement from QSTec.

QSTec will benefit by many strategic advantages through the new deal, it said.
 
QSTec’s chairman and CEO Dr Khalid Klefeekh Al Hajri said: “The opportunity to strengthen our relationship with SolarWorld Industries and continue the production of high quality solar technologies in Germany fully aligns with our vision of being a world leading integrated solar company.”

“We have expanded our global reach, increased our research opportunities and gained larger access to solar technologies and markets that will be of great benefit to QSTec and our partners,” he said.

“We have investments in polysilicon production, integrated module manufacturing and supply chain technologies that will allow us and its partners to reduce costs, and improve quality, across the entire solar value chain,” he added.
 
The synergies between SolarWorld Industries and QSTec enable the development of a sustainable business platform that will assist both companies to develop new products and expand their global market reach, said a statement.
 
SolarWorld Industries’ founder Dr Frank Asbeck, said: “We have the best products, the right partners and we share a common vision for the future of our company, QSTec and the global solar industry.”

“The industry is expanding, new markets are opening up daily and together with QSTec, we will continue to manufacture modules of the highest German quality and standards,” he said.
 
“German companies are well known for producing products and technologies of the highest quality and reliability,” said Sheikh Saoud A Al Thani, the Ambassador of Qatar to the Federal Republic of Germany.

“It is in line with the Qatar National Vision 2030 and the strategic plans of Germany to cease nuclear power production by 2022. With solar energy now being the world’s number one technology choice for new electricity generation, the synergies between SolarWorld Industries and QSTec will no doubt make a positive impact on our environment, and transform the lives of millions of people around the world,” he added. – TradeArabia News Service




Tags: | Qatar | insolvency | SolarWorld | QSTec |

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