China Fangda Group (Fangda) announced a day earlier that it will be investing RMB 100 million (US $16.04 million) to establish a new energy subsidiary to develop LED industry technologies and other new energy technologies including photovoltaics and building integrated photovoltaics applications, according to a report by China Securities Journal.

The group possesses R&D infrastructures including a Chinese government funded enterprise postdoc research lab, Shenzhen Enterprise Technology Center, engineering design center and other organizations. Moreover, Fangda has acquired China’s LED project under the country’s clean energy 863 Project, and other LED related projects under the nation’s Torch Programs.

Fangda is also involved in establishing related national standards, and has been involved in the R&D, manufacturing and installation of energy saving displays and related materials. These industries are closely related to the photovoltaic industry and applications. Over the last 20 years, the company has accumulated experience working on display wall constructions and electromechanicals that laid the foundation for future PV industry developments.