SEOUL, Korea & AUSTIN, Texas--(BUSINESS WIRE)--HelioVolt announced today that its Board of Directors has authorized the evaluation of strategic alternatives for the company’s photovoltaic development and manufacturing business. In order to maximize value in its world leading CIGS technology, the company intends to consider a range of alternatives, including investments, joint ventures or an M&A transaction that fits its strategic objectives. The Company has suspended manufacturing operations to align its short-term cost structure with the objective of preserving maximum value in its intellectual property and demonstration facility while a suitable alternative is identified. HelioVolt will reduce personnel over the next 60 days as appropriate to support its evolving strategy.
B.J. Stanbery, the Company’s Founder and Chief Science Officer, said, “We are initiating this process because our strategic partner, SK Group, for reasons related to their business strategy, has informed us that they will no longer pursue their prior global solar PV goals. While we continue to highly value the relationship with SK and have made tremendous technical progress in partnership with them, we are disappointed by their decision at a moment when we believe the solar market is poised for exceptional growth.”
Dong Kim, HelioVolt’s Executive Chairman and President of the SK PV Task Force, said, “HelioVolt’s technology and strength of its commercial ready manufacturing process have been greatly improved, having achieved new performance levels and reduced cost of ownership (COO), potentially becoming a world leader. We are devoted to continue developing relationships with potential partners/investors who will pursue the manufacturing initiative with HelioVolt technology.”