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Tribune News network
Doha
Qatar Solar Technologies (QSTec) struck a deal with SolarWorld Industries in Berlin on Thursday, helping the latter emerge out of insolvency, thereby giving a boost to solar manufacturing in Germany.
Under the agreement, several hundred jobs will be saved at SolarWorld Industries' German manufacturing plants and they will continue to develop their advanced technology to capitalise on the increasing global demand for solar products.
For QSTec, the new deal has many strategic advantages, a statement said.
"The opportunity to strengthen our relationship with SolarWorld Industries and continue the production of high quality solar technologies in Germany, fully aligns with QSTec's vision of being a world leading integrated solar company," said QSTec's Chairman and CEO Dr Khalid Klefeekh al Hajri.
"We have expanded QSTec's global reach, increased our research opportunities and gained larger access to solar technologies and markets that will be of great benefit to QSTec and our partners."
He said QSTec has investments in polysilicon production, integrated module manufacturing and supply chain technologies that would allow QSTec and its partners to reduce costs, and improve quality, across the entire solar value chain.
The synergies between SolarWorld Industries and QSTec enable the development of a sustainable business platform that will assist both companies to develop new products and expand their global market reach, Hajri said.
"We have the best products, the right partners and we share a common vision for the future of SolarWorld Industries, QSTec and the global solar industry," said SolarWorld Industries' Founder Dr Frank Asbeck.
"The industry is expanding, new markets are opening up daily and together with QSTec, SolarWorld Industries will continue to manufacture modules of the highest German quality and standards."
"German companies are well known for producing products and technologies of the highest quality and reliability," said HE Sheikh Saoud A al Thani, Ambassador of Qatar to Germany.
"With solar energy now being the world's number one technology choice for new electricity generation, the synergies between SolarWorld Industries and QSTec will no doubt make a positive impact on our environment, and transform the lives of millions of people around the world," he added.
The complex deal ends weeks of speculation about SolarWorld Industries and the future of solar manufacturing in Germany.
