VC co Giza gains exit in Taiwan

Solar ingot maker Danen Technologies held its IPO at a value of $350 million.

29 July 10 16:57, Globes' correspondent

Giza Venture Capital Taiwanese portfolio company Danen Technologies Corporation (Taipei: 3686) has held an IPO on the Taipei Stock Exchange, after less than three years in business. Danen manufactures high-quality solar ingots for photovoltaic applications, including solar cells, and has become a leader in its field since it was founded in 2007.

Danen held its IPO at a company value of $350 million, and the share price jumped 23% in its first day of trading.

Giza invested in Danen's first institutional round in 2009, and was the only non-Taiwanese investor in the round. The investment is part of Giza's Asian investment strategy, with a focus on Taiwan.

Yishai Klein heads Giza's Asia operations from an office in Singapore. Giza recently established a designated fund for investment in Asia. Klein said, "Danen has made rapid and impressive progress since it began operations. The company succeeded in leveraging its technological advantage and know-how to consistently produce very high-quality wafers, thereby differentiating it from its competitors."

Danen's customer base includes all of Taiwan's top solar cell manufacturers, as well as leading European, Asian and US manufactures, such as Korea's Samsung Solar Energy Ltd., Taiwan's Motech Solar Ltd., Neo Solar Power Corp. (Taipei: 3576) and E-Ton Solar Tech. Co. Ltd. (Taipei: 3452), Conergy Inc., China's Suntech Power Holdings Co. Ltd. (NYSE: STP), and Germany's Q-Cells SE (DAX: QCE).

Giza has three Taiwanese portfolio companies: Danen, Advanced Lithium Electrochemistry Co. Ltd. (ALEEES), and Applied Optoelectronics Inc.

Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010