Monday, 29 August 2016
Last updated 21 min ago
Sep 14 2009 | 12:40pm ET
The California-based Taiyo Fund, co-managed by Taiyo Pacific Partners LP and WL Ross & Co. LLC, has accumulated a stake of over 5% in Japan’s ULVAC Inc, becoming the firm’s second largest shareholder.
ULVAC, traditionally a producer of equipment and material for industrial applications of vacuum technology, began manufacturing thin-film solar cells in the 1980s. (The name is not short for any high-tech process, but rather for the ULtimate in VACuum technology.) It’s this and other alternative energy applications for ULVAC’s technology that have attracted the Taiyo Fund.
Brian K. Heywood, CEO and managing partner of Taiyo Pacific Partners, said in a statement, “We are impressed by management’s foresight to leverage its core expertise in LCD and SPE applications to the emergent solar cell, LED, touch panel, and hybrid car-related markets. As a global leader in production equipment for multiple alternative energy technologies, ULVAC is very well placed to benefit from the increasing capital and brainpower flowing into these new areas.”
ULVAC President Hidenori Suwa said in a statement his company was committed to developing its solar cell and environmental technologies, but also to expanding beyond equipment and vacuum technology.