Valoe signed a memorandum of understanding for


Valoe society Inside Information 12 August 2021 To 13.35 (Finnish time)

Valoe Oyj has signed a memorandum of understanding with ICON Advanced Co. Ltd, a Saudi limited liability company wholly owned by Salem Balhamer Holding. Valoe and ICON plan to form a joint venture in which ICON holds 60% and Valoe 40%. The joint venture plans to build a back-contact solar module manufacturing plant in Saudi Arabia that Valoe would design, build and deliver.

The planned investment is around 15 million euros, including a solar module manufacturing plant, technology transfer, training and initial operation provided by Valoe. The estimated value of the delivery of Valoe is around 12 million euros. Valoe’s maximum investment is 6 million euros.

The MoU is still non-binding at this stage, with the exception of the exclusive negotiation clause which is binding. ICON and Valoe plan to sign the final agreement by the end of 2021. The parties have agreed that Valoe will prepare a detailed liability allocation matrix for the joint company within the next two months.

Abdallah Al Yami, CEO of ICON Advanced Co. Ltd. comments: “We have studied Valoe’s technology and find it very innovative and modern. In the Kingdom of Saudi Arabia, major investments are underway in solar energy and we are convinced that the time is right to invest in this technology. We look forward to mutually beneficial cooperation with Valoe.

Salem Balhamer Holding Group is a Saudi conglomerate with its global headquarters in Damman, Eastern Province. The Group operates in diverse sectors of the Saudi Arabian economy including, but not limited to, non-metallic manufacturing, trading, contracts, entertainment, to name a few. The Holding is committed to diversifying and investing in untapped sectors of the Saudi Arabian market, to support the Kingdom’s growth and achieve its objectives in accordance with Vision 2030.

Iikka Savisalo, CEO, Valoe Oyj says: “This project is a significant investment and a promising business opportunity in a very potential market area for Valoe. We are delighted to start establishing a permanent presence in Saudi Arabia in cooperation with such an important partner as Salem Balhamer Holding. Group.”

In Mikkeli on August 12, 2021

Valoe Oyj

For more information:
CEO Iikka Savisalo, Valoe Corporation
Phone. +358 40 521 6082
email: [email protected]

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Valoe Corporation specializes in clean energies, particularly in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; module production lines; solar modules and special components for solar modules. Valoe’s head office is located in Mikkeli, Finland.

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