Power-One, Inc.(Nasdaq:PWER),a leading global manufacturer of renewable energy and energy-efficient power conversion and management solutions, and Phono Solar, a division of the SUMEC Group and a leading solar panel manufacturer and system developer, announced that they have entered into a strategic alliance to market and sell photovoltaic systems worldwide using Power-One inverters and monitoring systems.
As part of the agreement, the companies will utilize their research and development resources for joint product development targeted to specific market needs. The companies will also work together as a preferred key equipment supplier for current and future large scale projects. Lastly, the agreement will allow the two companies, with their complementary product offerings, to strengthen key aspects of their businesses including research and development and marketing.
"This is a powerful partnership between two leading solar companies, with similar cultures and shared strengths in technology and innovation," said Dr. Alex Levran, President, Renewable Energy Solutions at Power-One. "We are excited to be aligned with a quality organization like Phono Solar in our ongoing efforts to grow our global market share, particularly in the Asia-Pacific region."
Mr. Cai Jibo, President of Phono Solar, said, "We are very happy to forge this partnership with Power-One, a world leader in renewable energy. Innovation is one of Phono Solar's core brand values, and this strategic alliance will not only reinforce our product development initiatives, but it also reflects our desire to remain true to our horizontal supply chain integration strategy."
Phono Solar's parent company, the SUMEC Group, will provide access to large PV projects in China. In addition to China, the companies will focus on Japan, Australia and other APAC countries with strong developing PV markets.