Cree and San’an Optoelectronics form joint venture for mid-power LEDs
In an exclusive arrangement, the joint venture called Cree Venture LED Company, Ltd. will serve the expanding markets of North and South America, Europe and Japan, and serve China and the rest of the world on a non-exclusive basis.
The new joint venture will bring to market a broad portfolio of high-performance mid-power products to serve the fast growing, $4 billion global mid-power LED market. With this agreement, Cree’s LED business is now able to serve the broader needs of the general illumination (indoor and outdoor lighting), horticultural and other evolving LED markets.
“The addition of the mid-power LED products in this new joint venture to Cree’s industry-leading high-power products gives us an unparalleled LED portfolio,” stated Dave Emerson, Cree LEDs senior vice president and general manager. “With our LED systems expertise, customers are able to work with our existing channels to find the best LEDs for their applications.”
Located in Hong Kong, Cree Venture LED Company, Ltd. will be led by TK Ong, General Manager, who brings to the joint venture extensive experience in the LED market, and will be governed by a board of directors with members from both companies. Cree will own 51 percent of the joint venture, and San’an will own 49 percent of the joint venture.
Cree and San’an will be working in the coming months to incorporate, fund and commence operations of the joint venture, and are targeting initial product sales by the joint venture in the third calendar quarter of 2017. Cree will receive royalties from the joint venture on its patent portfolio.
Cree – www.cree.com
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
