(Yicai Global) Oct. 25 -- Shanghai-based Comtec Solar Systems Group [HK:0712] has inked a memorandum of understanding with Malaysian construction company Sunway Bhd. [KL:SWAY] to collaborate on solar cell system development and energy recycling technology application initiatives.
After signing the MoU today, the firms will set up a joint project team to develop residential and commercial solar cell systems, Comtec said in a statement. They will also file a joint application for public service subsidies offered by the Malaysian government.
Founded in 1974, Sunway Bhd. is a leading property developer. Comtec formed in 2000 as a semiconductor wafer manufacturer. It changed its core business to solar products in 2004, and built a 300-megawatt solar cell plant in Malaysia in 2014.
Comtek is ramping up its solar cell businesses, and the deal will combine upstream and downstream industry chain resources and thus help the firm diversify its business lines, per the statement.