Aug 25 2010
Matinee Energy, Inc. announced signing a Pre-Master Agreement with K&Company Co., Ltd. (K&C) of Korea to construct a 40MW solar energy plant in California for up to $200 million dollars. These projects are part of Matinee Energy’s initial phase of solar projects and K&C will participate in subsequent phases for expanded capacities of energy plants.
K&C is a prominent KOSDAQ company that will join with a group of partners, namely, LS Industrial Systems Co., Ltd. of Korea, CHINT Group Corporation of China and Ilyang Engineering & Construction Co., Ltd. of Korea. Parties agreed that different specialty components will be supplied by different companies and the strategic alliance among constituents will help collaboration on cross-country and cross-company delivery of EPC components and equipment toward maximizing supply chain efficiency and construction of the energy plants on time and budget.
The Parties intend to sign a definitive agreement on September 3rd and implement terms of prior Agreements.
Chin Kim, vice chairman of Matinee Energy, said, "K&C brings the expertise and experience of small to medium business to the table and its alliances with LSI, and CHINT, will help expedite the delivery of promising new technologies and products fit for the energy markets. Certainly, K&C’s alliance will help access leading technology skill sets and competitiveness. The alliance will build resource strength and business capabilities to compete successfully in the green energy marketplace and next-generation products of the future."
Technology solutions will be shared and localized for efficient integration among the constituents. It is the intention of the parties to establish an engineering and product development center to pursue rapid expansion of the product lines and features palatable and localized to wider range of customer bases.
Michael Pannos, chairman of Matinee Energy, said, "With this K&C alliance all of us will benefit from direct knowledge and cultures by virtue of the partnership with Matinee Energy. We can benefit from valuable skills and energy competencies that are concentrated in the Far East. We also see substantial local job creation and benefit here."
Source: http://www.matineeenergy.com/