Michigan Firm Plans Joint Solar Venture
Energy Conversion Devices Inc. said it has agreed to form a joint venture with Canon Inc. of Japan to manufacture solar cells in the United States.
United Solar Systems Corp. will be an American company owned 49.98% by Canon and 49.98% by ECD, with the balance held by Edwin O. Reischauer, former U.S. ambassador to Japan.
Under the agreement, the new company will manufacture and sell thin-film solar cell products under license from ECD and Canon. Manufacturing operations initially will be in Troy.
Canon is making an initial $30-million capital contribution to the joint venture, including a credit of $8 million for canceling a previously announced term loan to ECD. ECD is contributing its solar cell manufacturing plant, research and development equipment.
