(Yicai) March 21 -- Wuxi Autowell Technology, a Chinese manufacturer of automatic photovoltaic cell stringer machines, said it plans to build a joint venture factory in Malaysia with a local partner to better satisfy equipment orders from overseas customers in the new energy sector.

Wuxi Autowell and Malaysian automated machinery equipment maker TT Vision Holdings Berhad will jointly invest around USD35.7 million to set up a JV, with the former holding an 85 percent stake and the latter the rest based on their respective investment amount, the Jiangsu province-based firm said yesterday. The JV will be in charge of the plant’s investment, construction, and operation, it added.

The factory, located in Mah Sing Integrated Industrial Park in Selangor, will focus on everything from the design to the manufacturing and sale of automated production equipment, including software and hardware, Wuxi Autowell noted, without disclosing further details, including the plant's investment amount and construction schedule, as well as specific clients.

TT Vision, which is listed on the Kuala Lumpur stock exchange, focuses on developing and manufacturing machine vision equipment and relevant services, Wuxi Autowell pointed out.

Wuxi Autowell makes automated production equipment for packaging and testing for the PV, lithium battery, and semiconductor sectors, with PV gear orders accounting for over 90 percent of its total. Its clients include sector leaders Longi Green Energy Technology, Trina Solar, CSI Solar, and Tongwei.

Shares of Wuxi Autowell [SHA: 688516] closed 0.6 percent lower at CNY113.51 (USD15.77) apiece in Shanghai today, after dropping by as much as 2.3 percent in the morning trading session. The stock has surged 64 percent along with major Chinese stock indexes since early last month.

Editor: Martin Kadiev