Solar PV cell manufacturer Neo Solar Power (NSP)'s revenue in August increased more than 80% because of income from solar modules and power plants.
For the merger of three companies Gintech, NSP and Solartech, these three companies will stop trading stocks on September 18, and complete the merger on October 1. The company that will be formed from this merger – United Renewable Energy Co., Ltd. (UREC) – will integrate all three firms' resources in the mid-stream and downstream of supply chain, respectively. UREC's goal is to begin to make profits from the second year of merger.
NSP's revenue in August was up more than 80% MoM and up 47% YoY for two main reasons below. Firstly, module shipment increased. Secondly, NSP earned incomes from USA solar power plant construction and development projects. NSP's consolidated revenue of the first 8 month in 2018 was 7.074 billion NTD, up 21.97% YoY.
UREC's current strategy is to integrate three companies' system resources, module resources, and PV cell resources in the solar power supply chain, respectively.
For the PV cell segment, UREC is a combination of three PV cell manufacturers, but UREC will lower costs by shrinking total capacity of PV cell, from existing 5GW to 3GW. UREC will not expand capacity in the future.
As for PV cell technology, UREC's PERC products have reached the world-class level. UREC is shifting to high-end technologies, such as HJT PV cell manufacturing processes.
Regarding modules, UREC's module business will focus on developing its brand, but will not remarkably expand capacity of modules. For now, UREC has developed standard multi-Si 290W product and 310W high-end PERC (glass-to-glass bifacial PV cell, wind-resistant and salt resistance) product, in order to enhance UREC's core competiveness.
The most important sector of UREC is the power plant sector. Currently, UREC has system development teams in Taiwan, Japan, USA and Europe. UREC develops and builds PV power plants in USA, UK, Japan, Central and Southern America, and Dubai. UREC is the largest solar power energy system developer and installer in Taiwan. Its accumulated grid-connected capacity already surpassed 500 MW, and its planned power plants exceeded 1GW.
In view of new business direction, UREC believes that energy storage is a crucial link of future renewable energy industry. Thus, UREC will develop its energy storage segment, especially the electric vehicle energy storage segment.
(Image credit: NSP)