SEAVI Advent has completed its US$20 million investment in Advansil Electronics Co., Ltd. (“Advansil”), a solar-grade ingot and wafer manufacturer based in Zhejiang Province, PRC. Headquartered in Jiaxing of Zhejiang Province of China, Advansil specializes in the manufacturing of solar-grade ingot and wafer, and has recently started to expand into upstream polysilicon manufacturing.
“Over the years, we have been actively monitoring China’s solar sector and we are glad that SEAVI Advent has selected Advansil Electronics as an investment in this sector” said Kevin Chan, Partner of SEAVI Advent. “We believe China’s solar sector is moving into a consolidation phase and only players with strong R&D capability and a consistent delivery of high-quality products can survive in the coming 3-5 years.”
Eric Yang, CEO of Advansil, said, “We are happy to work with SEAVI Advent to strengthen our financial position and our shareholders appreciate their industry knowledge and entrepreneurship to support our expansion into upstream manufacturing. We are looking forward to working with our investor to grow our next phase of expansion.”
About SEAVI Advent
SEAVI Advent is the exclusive Asia affiliate of Advent International http://www.adventinternational.com, a global private equity fund with over US$ 10 billion under management. SEAVI Advent is now actively investing from SEAVI Advent Fund IV and Fund V programs which focuses its capital investing in high-growth late-stage companies and middle market buyout situations. Our fund IV program has successfully provided liquidity events for our Limited Partners including the IPO of SunVic Chemical (SGX symbol: A7S), Yangzijiang Shipbuilding (SGX Symbol: BS6), China Sunsine (SGX Symbol: CH8), Sinostar (SGX symbol: C9Q), Dynamic Colours (SGX symbol: D6U), as well as the trade sale of Chic Holdings to Menlo Worldwide, a subsidiary of Con-way Inc. (NYSE: CNW). SEAVI Advent has regional offices in Singapore, Hong Kong, Shanghai and Beijing.
About Advansil Electronics
Setup in December 2004, Advansil Electronics is engaged in the production of monocrystalline silicone ingot and wafer for the application of photovoltaic solar cell. Founded by 5 individuals that came from semiconductor background, Advansil possess unique manufacturing process technologies that contribute to lower costing but high quality end product. To enable a sustainable raw material supply, Advansil has recently started a greenfield polysilicon plant. For more information, please visit http://www.advansil.com.cn