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US solar startup secures backing from South Korean blue chips

US renewable power startup Matinee Energy has emerged from stealth mode with the announcement of a brand new alliance with South Korean heavyweights Hyundai and LG Electronics, that may see the 3 corporations paintings in combination to speculate as much as $1bn in new US solar power energy crops.

Matinee the day prior to this signed a Memorandum of Understanding with Hyundai Heavy Industries and LG. As a part of the deal, Hyundai and LG will turn out to be lead companions within the first 240MW segment of a deliberate sequence of solar tasks around the southern states.

Matinee, which used to be shaped in overdue 2006, additionally introduced that it has secured the monetary backing of JP Morgan Securities to lend a hand elevate finance for the proposed tasks.

Company chairman Michael Pannos stated that the brand new partnerships supposed that the company had now finalised the “total financing solutions” for its proposed new trends and would now be capable to “reach economies of scale in both solar and wind turbine energy projects”.

The corporate stays extremely secretive and few main points are recognized about the appropriate nature of the partnership with Hyundai and LG, or the character of the generation it plans to make use of within the new tasks.

However, Matinee did ascertain that it in the long run plans to construct 900MW of utility-scale power crops principally within the south west of the US over the following few years, and is having a look to signal partnerships with quite a lot of further corporations.

(businessGreen.com)

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