Simon Thompson 

End game for PV Crystalox

Simon Thompson

Simon Thompson

Solar wafer maker PV Crystalox Solar (PVCS:25p) has reached a settlement with one of its customers, a leading photovoltaic company that failed to purchase wafers in line with its obligations under a sales contract, in relation to a €36.5m (£32.5m) arbitration award made by the International Court of Arbitration of the International Chamber of Commerce (ICC). The photovoltaic company had the right to receive the outstanding 22.9m wafers under the contract, so both parties have agreed to eliminate the wafer deliveries which reduces the award to €28.8m, of which €14.5m was paid to PV Crystalox in May. The final payment of €14.3m will be made on 30 November.

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