CPE has subscribed for NOK85 m (€10.3 m) of a NOK140 m convertible bond issue from the company, which have a 12% coupon per annum and a three year term.

Metallkraft will use the proceeds from the convertible bond issue to finance a new plant in Singapore which will service the 740 MW wafer plant being commissioned by Renewable Energy Corporation (REC), part of the world’s largest integrated solar plant, and future expansion plans in China, CPE says. Metallkraft already has operational plants in Norway and China.

Metallkraft’s proprietary process is able to reovery 100% of spent slurry used in the solar silicon wafer cutting process with no added chemicals, no waste streams and with a low energy consumption, CPE says. The slurry consists of abrasive silicon carbide particles and glycol, and is quickly polluted during the cutting process by silicon dust, metal particles from the saw wire and water.

Simon Drury, a CPE Partner, said: “In addition to the environmental benefits of its solution, Metallkraft is able to dramatically reduce the slurry costs, providing solar wafer manufacturers with a decisive competitive edge in a fast moving solar industry continuously striving to reduce the overall cost of solar energy.”

Drury will take a seat on Metallkraft’s Board of Directors as a result of CPE’s investment.