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PV Crystalox Solar PLC announces admission to the Main Market of the London Stock Exchange
11 June 2007
PV Crystalox Solar PLC, one of the world´s leading independent developers and producers of solar-grade silicon products for solar electricity generation systems, today announces that its shares have been admitted to the Official List and will begin unconditional trading on the London Stock Exchange´s Main Market at 8:00am GMT today under the ticker symbol PVCS.
PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the world´s leadings solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production. It manufactures silicon ingots in Oxfordshire, United Kingdom, with the majority sold either as ingots directly or as wafers after processing by a sub-contractor. The balance of the group´s ingots are processed into wafers for European customers at the group´s facilities in Erfurt, Germany.
The group recorded revenues of € 242 m for the year ended 31 December 2006 generating pre-tax profits of € 49m. This equals an output volume of ingots and wafers corresponding to a solar electricity generation capacity of 215 MWp. At the end of 2006, the group had an available production capacity equivalent to 288 MWp and employed around 200 people.
PV Crystalox Solar intends to use the proceeds from the listing to help fund the construction and development of its own polysilicon production facility in Bitterfeld, Germany, to provide greater flexibility in sourcing its silicon feedstock, as well as the expansion of the Group´s existing business. The facility, which will require a fixed capital investment of approximately € 80m, is expected to commence operation in 2009 and be producing 1,800 metric tons of polysilicon in 2011.
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