Valoe Oyj has signed a Memorandum of Understanding with ICON Advanced Co. Ltd. Valoe and ICON are planning to form a Joint Venture Company where ICON has a 60% and Valoe a 40% ownership. The Joint Venture Company is planning to build in Saudi Arabia a Back Contact Solar Module manufacturing plant that Valoe would engineer, build, and deliver. The planned investment is approximately EUR 15 million including a solar module manufacturing plant, technology transfer, training, and initial operation delivered by Valoe. The estimated value of Valoe’s delivery is approximately EUR 12 million. Valoe’s maximum investment is EUR 6 million. The Memorandum of Understanding is still at this stage non-binding excluding Negotiation Exclusivity clause that is binding. ICON and Valoe are expecting to sign the final agreement by the end of 2021. The parties have agreed that Valoe prepares a detailed responsibility assignment matrix for the Joint Venture company within the next two months.