Shinsung ENG Signs MOU with Vietnamese Solar Manufacturer Vinasolar
Sinsung ENG announced on the 14th that it has signed a business agreement to collaborate with Vietnamese solar manufacturing company Vinasolar to jointly target the overseas solar market. (From left) Oracle Chao, President of Vinasolar; Kim Dong-seop, President of Sinsung ENG; Lee Wan-geun, Chairman of Sinsung ENG. Photo by Sinsung ENG
View original image[Asia Economy Reporter Moon Hyewon] Sinsung ENG announced on the 14th that it has signed a memorandum of understanding (MOU) to collaborate with Vietnamese solar manufacturing company Vinasolar to jointly target the overseas solar market.
Vietnam's Vinasolar is an original equipment manufacturer (OEM) and original design manufacturer (ODM) specializing company with a production capacity of 8GW for solar cells and 3GW for solar modules. Since its establishment in 2014, it has grown significantly and attracted attention.
Sinsung ENG plans to create synergy by cooperating with Vinasolar, which possesses high-efficiency technology and large-scale mass production capabilities.
Sinsung ENG and Vinasolar also announced plans to jointly develop high-efficiency solar cell technology. Currently, Sinsung ENG mass-produces solar cells with up to 22.11% efficiency using PERC solar cell technology and is continuously developing next-generation solar cells that surpass conventional crystalline PERC solar cells. Not only in the solar module sector but also in the solar cell field, Sinsung ENG will lead with differentiated technology while Vinasolar will secure a mass production system through economies of scale.
Kim Dongseop, CEO of Sinsung ENG, said, “We decided to form a strategic alliance with Vinasolar to continue our success in the North American market. If we produce competitive products in Vietnam and export them overseas, we expect it to play a significant role in increasing sales and expanding market share.”
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According to market research firm IHS Markit, the solar market this year is expected to reach 142GW, a 14% increase compared to the same period last year. This represents a growth rate of over 600% compared to 20GW in 2010.
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