Enfield’s STR Holdings said it has sold $21.7 million worth of newly issued shares to a new Chinese corporate partner and appointed four new board members.
The equity sale to Zhenfa New Energy represents 51 percent of STR. Shareholders approved the deal last month.
Zhenfa, a solar engineering, procurement and construction company, will use STR’s solar encapsulants in its own power stations and will try to convince other Chinese companies to use them as well.
Zhenfa is also providing STR a Chinese manufacturing facility.
As a result of the sale, STR increased the number of seats on its board from five to seven and appointed four new board members, following the resignations of Dennis Jilot and Robert Chiste.
The new directors are Andrew Africk, Eugene Cha, Qu Chao and Xin (Cindy) Lin. The latter two are affiliated with Zhenfa.
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