Umicore, Hydro create solar-grade silicon jv, phase 1 budget of 26 mln eur |
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Thu, 28 Jun 2007 17:22
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BRUSSELS (Thomson Financial) - Belgian specialty materials group Umicore SA and Norwegian oil group Hydro ASA said they are creating a joint venture to produce silicon for use in the production of solar cells.The new company will be named HyCore and will have its headquarters in Porsgrunn, Norway and the budget for the first phase of the project is 26 mln eur.The project will begin with a pilot plant, to be completed in 2008, with an annual capacity of around 20 tonnes of solar-grade silicon.If successful, a larger facility will be built with the capacity to produce industrial scale volumes by 2010.Umicore and Hydro started their joint technical development cooperation around 15 months ago.The two companies will own 51 and 49 percent of HyCore respectively, while Umicore will also be compensated for previously incurred research and development costs through a royalty and up-front payment of 2.5 mln eur.frances.robinson@thomson.comfr/ejp/fr/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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