NANJING, China, July 18 /Xinhua-PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today the completion of a US$31 million private equity placement transaction.
The Series A-1 redeemable convertible preferred share placement was led by NewMargin Growth Fund, L.P., a highly experienced institutional investor that focuses on China, as well as China Equity Links, one of the first independent continental Europe private equity funds focused on China. They were joined by various other reputed institutional investors including Development Principles Fund, China Environment Fund, CeYuan Ventures, Partners Group, and L. Ferrari Overseas Investments. China Environment Fund also led the US$19 million Series A redeemable, convertible preferred share placement that was closed in late March this year.
Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "The successful closing of the second private equity placement transaction demonstrates investors’ strong appetite in the overall solar industry as well as their endorsement on ET Solar’s credible management team, solid track record, robust growth prospect and sound corporate governance. With a total of US$50 million that we raised in both rounds, our ability to ramp up our sales and production and better meet customer requirements is greatly strengthened.”
Commenting on their investment, Greg Ye, Partner of New-Margin, who joined the board of ET upon the closing, said, “Alternative energy is a major investment focus for our fund, and we have looked at many companies along the solar value chain. We are very impressed with ET Solar’s differentiated product offering, its experienced management team, and its growth potential. We look forward to working with the management team and our fellow investors to build a future industry leader.”
About ET Solar:
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company’s diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world’s major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone’s solar energy needs.
For more information, please contact:
Marieke Lubbers
ET Solar Group Corp.
Tel: +86-25-8689-8098 x9017
Email: marieke@etsolar.com
