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AFT Corporation secures $2M funding to grow Australian solar energy business

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AFT Corporation (ASX: AFT) has secured a $2 million capital injection from joint venture partner Surplus King Capital Resources to grow its solar energy business in Australia.

Surplus King is a Hong Kong-based investment company that recently acquired a minority position in GA Renewable Energy HK Limited, a joint venture formed in 2012 between AFT and the Hong Kong subsidiary of the Guangzhou Guangri Stock Co Limited (GRI).

It will invest $1 million into AFT through a private placement of notes converting into AFT shares at $0.001 per share and a further $1 million through a loan facility for the purpose of developing a new photovoltaic infrastructure assets.

AFT has distributed GRI’s industrial LED lighting products into Australia since 2009 and had formed their joint venture to develop renewable energy projects in China and South East Asia.

 

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