-- The majority share acquisition of Lattice Power strengthens SFCE's core technology competency in the low carbon economy field, increases profit sources of the listed company.
HONG KONG, March 24, 2015 /PRNewswire/ -- Shunfeng International Clean Energy Limited (SFCE) announced yesterday that it has signed an MOU with Lattice Power to acquire a 51% ownership stake in the company. SFCE's successful bid in Lattice Power is a milestone for the listed company as it transitions to become a global low carbon solutions provider. Lattice Power's gallium nitride (GaN) on silicon technology is exclusively patented worldwide, offering significant cost advantages compared to sapphire substrate technology LED. The partnership expands SFCE's portfolio and increases the profitability of the listed company.
In 2014 Lattice Power sold over 100 million units of LED bulbs. LED lighting is a sustainable, reliable, efficient and energy-saving technology which reduces energy consumption by 50% to 80% compared to normal lighting. Lattice Power's high-performance LED lighting products serve the general lighting, smart phones and the automotive industries. The company currently holds more than 200 patents worldwide and SFCE's global low carbon solutions will bring a huge new profit growth opportunity to the company.
"Developing cost-effective lighting solutions is an essential step in solving the world's energy challenges," said Mr. Zhang Yi, Executive Chairman of SFCE. "Lattice Power's breakthrough technology represents the next generation of affordable lighting products. These new lighting products will inevitably replace traditional lighting, providing high-quality products at a reasonable cost for the global lighting markets. In addition, the merger creates new opportunities for SFCE in the lighting market, providing a new and substantial profit source for the company."
"We see tremendous opportunity for the GaN-on-silicon technology, which offers the ideal choice for next generation silicon chips," said Sonny Wu, Managing Director of GSR Ventures and Executive Chairman of Lattice Power. "Efficient, energy-saving, low-cost LED lighting products are leading the development of the lighting market. 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. GSR Ventures has been leading investments within new economic fields for many years. In collaboration with SFCE, we are excited to integrate Lattice Power's technology and products into emerging lighting markets, to disrupt the market and yield substantial earnings. We look forward to a long-term partnership."
About Lattice Power Corporation
Lattice Power Corporation is incorporated in the Cayman Islands. Lattice Power is principally engaged in the production of a wide range of applications in general lighting, display screens, LCD backlight and industrial LED chip products. Lattice Power is a world leader in its GaN on silicon substrate and wafer processing technology. It is the world's first company to realise mass production of high-efficiency and high-performance silicon substrate LED chip. Mr. Zheng Jianming's wholly -owned Asia Pacific Resources Development and Investment Co., Ltd. is the main shareholder of Lattice Power Corporation.
About Shunfeng International Clean Energy Limited
Shunfeng International Clean Energy Limited (SFCE) is committed to becoming the largest low-carbon, integrated, clean energy generation provider globally. Through strategic acquisitions and integrations, SFCE owns a number of well-known product and technology brands in the industry. SFCE fosters a continuous improvement in energy generation including in solar, wind, ocean power and ground source heat pumps, combined with energy management and storage capabilities. SFCE 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. SFCE's energy solutions can achieve energy cost reductions of 50% - 70%, creating energy generation choices for its customers to reduce both carbon emissions and energy costs.
About GSR Ventures
GSR Ventures is a venture capital fund that invests primarily in early- and growth-stage technology companies with substantial operations in China. It focuses its investments in digital media, software, energy and technology. Some of its notable investments include Qunar (NASDAQ: QUNR), Shanghai Great Wisdom (SS: 601519), Lightinthebox (NYSE: LITB), NQ Mobile (NYSE: NQ) and Silevo Solar which was sold to SolarCity (NASDAQ: SCTY). The firm has more than $1 billion in capital under management and has offices in Beijing, Hong Kong and Silicon Valley. For more information, please visit www.gsrventures.com.
SOURCE Shunfeng International Clean Energy Limited