Jun 8 2010
Total (Paris:FP)(LSE:TTA)(NYSE:TOT) today announces that its subsidiary Total Gas & Power USA (SAS) has acquired a 25.4% interest in U.S. startup AE Polysilicon Corporation (AEP), which has developed an advanced technology to produce polysilicon for photovoltaic panels. The acquisition is being made through a reserved capital increase.
Founded in 2006 and based in Fairless Hills, Pennsylvania, near Philadelphia, AEP has developed an innovative, low-carbon, energy-efficient process, consuming substantially less energy than standard methods. It operates continuously to produce cost-competitive granular polysilicon.
The initial phase of the state-of-the art polysilicon production facility is in the commissioning phase today and is scheduled to begin commercial production this year. When operating at full capacity, the initial phase will produce up to 1,800 metric tons per year of granular polysilicon.
Total has a technical cooperation agreement encompassing joint development of projects with Total using AEP’s technology, the assignment of Total personnel, and the creation of a joint research center.
Total has also signed a long term agreement to acquire from AEP high purity granular polysilicon, guaranteeing cost-competitive supply for the Group’s solar energy subsidiaries.
“This transaction reflects Total’s commitment to becoming a significant photovoltaic solar operator,” said Philippe Boisseau, President, Total Gas & Power. “We will be able to leverage a new technology to develop capabilities in yet another link in the photovoltaic solar chain, in addition to our current activities.”