Panasonic ending photovoltaic partnership deal with GS Solar (China) as collaboration stalls
TOKYO, NNA – Panasonic is ending its partnership deal in the photovoltaic business with Chinese photovoltaic module manufacturer GS Solar (China) Co. as their collaboration talks have stalled.
The Japanese electronics giant has decided to terminate the cooperation agreement as GS Solar has failed to fulfill the requirements necessary to launch the proposed collaboration, even after a given time extension due to the ongoing impacts from the COVID-19 pandemic, it said Thursday.
Panasonic will take necessary measures, which “do not rule out taking legal action against GS-Solar for a breach of contract,” it said in a statement.
Like Panasonic, GS-Solar produces hetero junction photovoltaic modules, which are characterized by the combination of amorphous and monocrystalline silicon photovoltaic cells that offer features such as high conversion efficiency and outstanding temperature coefficients, according to the statement.
In May 2019, the two companies agreed to establish a joint venture by integrating Panasonic’s research and development functions, while transferring the Japanese firm’s solar manufacturing subsidiary in Malaysia, Sun Everywhere Sdn. Bhd., to GS-Solar.
Panasonic will “look into every possible measure, including new business collaboration with other partners, to restore profitability in the solar business by the fiscal year ending March 2023, with more focus on the energy solution business combining photovoltaic modules, HEMS (Home Energy Management System) and storage batteries,” the statement said.