Everlight, Tianmu SSL Team Up to Tap Jiangsu's LED Streetlight Market

Taipei, May 30, 2012 (CENS)--Everlight Electronics Co., Ltd. recently signed an agreement to set up a joint venture in mainland China with Tianmu Solid State Lighting Technology Co., Ltd. to cash in on Jiangsu Province's RMB6 billion (US$952 million at US$1:RMB6.3) procurement of LED streetlights.

According to Tianmu Solid State Lighting of Jiangsu, an LED-lighting startup founded two years ago, the joint venture calls for total investment of US$200 million, with US$30 million already put into construction of first-phase production lines, which will start volume production in June.

Tianmu Solid State Lighting executives pointed out that the cooperation is an optimum synergy on the basis of Everlght's advantageous technology and product as well as Tianmu's competitive cost and mainland China-based operation.

Everlight executives pointed out the company has recorded excellent price-performance ratio of its products with the recently introduced NT$299 (US$10.3 at US$1:NT$29) LED light bulbs, which are well received in Taiwan. The company's products, they said, will enter into the mainland market through Tianmu's stores throughout the mainland.

By the end of this year, the joint venture plans to install 20,000 LED streetlights in the province, where the joint venture vows to shoot for a 50% market share. The two companies also plan to co-found an LED lighting application center in the mainland.