Ovi Communications announced on June 21 that the company had planned to set up a joint venture with Shanghai Entropy in Tianjia'an District, Huainan City, to invest in the construction of 5G W high-efficiency heterojunction (HJT) solar cells and modules.
Now, after study , it is decided to terminate the planning of this major asset reorganization .
Ovi Communications is a key high-tech enterprise and civil-military integration enterprise engaged in military electronic information, audio and video command system, network communication and other business areas and providing professional solutions. The main products include audio and video systems, domestic autonomous controllable equipment, individual information equipment, private network mobile broadband equipment, etc. The solutions involved mainly include audio and video command systems, wireless broadband systems, intelligent barracks, battlefield information network training guidance systems, etc., which are mainly applied to the national defense army and extended to the field of civil-military integration. On January 3,
2023, Ovi Communications disclosed the Announcement on Signing the Investment Framework Agreement and Planning Major Asset Restructuring, announcing its intention to cross the border into the photovoltaic field .
The company intends to establish a joint venture with Entropy (Shanghai) Energy Technology Co., Ltd. in Tianjia'an District, Huainan City, to invest in the construction of 5G W high-efficiency heterojunction (HJT) solar cell and module projects.
The company plans to invest 210 million yuan in cash, accounting for 51% of the registered capital of the joint venture company; Shanghai Entropy intends to invest 200 million yuan in technology and intellectual property rights, accounting for 49% of the registered capital of the joint venture company. On December 30, 2022, the company signed the Investment Framework Agreement with the People's Government of Tianjia'an District of Huainan City and Shanghai Entropy. The total investment of
the project is about 4.5 billion yuan, with a total planned capacity of 5G W heterojunction batteries and components, covering an area of about 400 mu and a total construction area of more than 300000 square meters. It is planned to be completed in three years and constructed in three phases, namely, 1GW in the first year, 2GW in the second year and 2GW in the third year.
The announcement also shows that with the implementation of the project, the company will add new energy photovoltaic business, forming a business pattern of both military and photovoltaic industries .
However, after less than half a year, the reorganization was eventually aborted.
Regarding the reasons for terminating the planning of this major asset reorganization, Ovi Communications said in its announcement on the 21st that, in view of the fact that the parties to the transaction have conducted several rounds of negotiations and negotiations on this major asset reorganization transaction plan. The parties to the transaction failed to reach an agreement on the core terms of the transaction scheme, such as transaction consideration, performance commitment and post-investment management . Therefore, in order to ensure the interests of all parties, it was decided to terminate the major asset reorganization.
Source: Digital New Energy DNE
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