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24 March 2015

SFCE to acquire 51% stake in Lattice Power

Hong Kong-based Shunfeng International Clean Energy Ltd (SFCE) has signed a memorandum of understanding (MOU) to acquire a 51% ownership stake in Lattice Power Corp of Nanchang, China, which claims to have been the first company to realise mass production of gallium nitride (GaN)-on-silicon LEDs.

After changing its name from Shunfeng Photovoltaic International Ltd last November, solar power firm SFCE says that its bid for Lattice Power is a milestone as it transitions to becoming a global low-carbon solutions provider. The firm aims to provide clean energy solutions to large-scale public facilities and commercial users (such as business facilities, office buildings, schools, hospitals sports stadiums and households). Lattice Power's GaN-on-Si technology is exclusively patented worldwide, offering cost advantages compared with LEDs based on sapphire substrates. The partnership expands SFCE's portfolio and is expected to increase profitability of the listed company.

With LED lighting products serving the general lighting, smart phones and automotive industries, Lattice Power sold more than 100 million LED bulbs in 2014. The firm currently holds more than 200 patents worldwide, and SFCE's global low-carbon solutions are expected to bring a new profit growth opportunity to the company.

"Lattice Power's breakthrough technology represents the next generation of affordable lighting products," comments SFCE's executive chairman Zhang Yi. "The merger creates new opportunities for SFCE in the lighting market," he adds.

"We see tremendous opportunity for the GaN-on-silicon technology, which offers the ideal choice for next-generation silicon chips," says Sonny Wu, executive chairman of Lattice Power and managing director of shareholder GSR Ventures (a venture capital fund that invests in early- and growth-stage technology firms with substantial operations in China). "Efficient, energy-saving, low-cost LED lighting products are leading the development of the lighting market," he adds. "Global energy consumption stems largely from urban and household lighting needs. As the global population grows and the economy develops, energy-efficient solutions - including energy-saving lighting solutions - will face a huge demand. Many developed countries have legislation prohibiting the use of traditional lighting, thus the investment community is increasingly concerned about new lighting technologies and products," Wu continues. "In collaboration with SFCE, we are excited to integrate Lattice Power's technology and products into emerging lighting markets... We look forward to a long-term partnership." 

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Tags: Lattice Power GaN-on-Si LEDs

Visit: www.latticepower.com

Visit: http://sfcegroup.com/en

Visit: www.gsrventures.com

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