A technology transfer agreement regarding the acquisition of intellectual properties has been signed between Kunming Apollo Solar Power Technology (Kunming), a wholly-owned subsidiary of Apollo Solar Energy Technology Holdings Ltd (Apollo Solar), and Hanergy Holding Group Ltd (Hanergy), by which Kunming has acquired five technology patents for US$31.5 million.
The consideration will be funded by Apollo Solar's internal resources. By acquiring and owning these patents and the underlying technologies, which are important to the company's production and research and development work, Apollo Solar will no longer need to pay for licensing fees for the future use and avoid potential disruption in business operation and research and development work.
Oaklins' team in Hong Kong acted as financial advisor to the buyer in this transaction.
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