Bloomberg/BerlinInsolvent German solar module-maker Solarworld AG sought new life in a slimmed-down alliance with a state-owned Qatari investor. Solarworld founder Frank Asbeck and Qatar Solar Technologies took a 51% and 49% stake respectively in the new venture, Solarworld Industries GmbH, according to a statement on its website. The new SolarWorld will “significantly” cut costs while boosting the power output of its cells and modules, Asbeck said late Thursday in an interview in Berlin. Qatar is a strategic investor in Germany with stakes worth about €25bn ($29.4bn) in companies including Volkswagen AG. The move “fully aligns with QSTec’s vision of being a world leading integrated solar company,” QSTec’s chairman and chief executive officer Khalid K al-Hajri is cited as saying on the Doha-based company’s website.

Source: The North Africa Journal August 18, 2017 19:30 UTC