News: Optoelectronics
27 December 2024
Malaysia’s Globetronics to manufacture POET’s optical engines
POET Technologies Inc of Toronto, Ontario, Canada — designer and developer of the POET Optical Interposer, photonic integrated circuits (PICs) and light sources for the data-center, telecom and artificial intelligence (AI) markets — has signed a master agreement, an optical engine purchase agreement and a deed of consignment with Kuala Lumpur-based Globetronics Manufacturing Sdn Bhd (GMSB) to make optical engines for POET in Penang, Malaysia.
POET has engaged GMSB to assemble and test optical engines based on designs made exclusively by POET. The deed of consignment relates to a suite of wafer-level process equipment recently purchased by POET that is being installed at the GMSB facility in Penang. Concurrent with the deed and a purchase agreement, the parties entered into a master agreement lasting three years that governs the overall relationship between the parties. POET and GMSB have prepared an initial project plan and statement of work for the installation and start-up of the consigned tools, the costs for which will be absorbed by POET. POET will submit purchase orders under the optical engine purchase agreement, with pricing to be based on specific optical engine types. GMSB’s parent firm Globetronics Technology Berhad (GTB) has allocated RM7.7m (about US$1.7m) for additional capital expenditures in connection with manufacturing optical engines for POET over the 2025–2027 period.
Separately, and further to the announcement on 25 November of a binding memorandum of understanding (MOU) with Quanzhou Sanan Optical Communication Technology Co Ltd (SAIC) to transfer to POET its 24.8% stake in the China-based joint venture Super Photonics Xiamen (SPX), along with all the production equipment previously leased by SAIC to SPX, POET confirms that the parties expect to soon conclude their ongoing negotiations. Binding definitive agreements are expected to be signed by 31 December. Terms of the transaction with SAIC remain subject to finalization and are expected to be announced upon signing of the definitive agreements POET intends, following completion of the transaction, to continue to operate SPX in a manner consistent with past practice while it brings up a wafer-level assembly operation for optical engines in GMSB, implementing its ‘China Plus One’ strategy.
Also, POET confirms that its US$25m non-brokered public offering of 5,000,000 units of the corporation at a price of US$5 (C$7.08) per unit (announced on 12 December) has been fully subscribed by a single institutional investor, raising gross proceeds of US$25m. POET anticipates using the net proceeds for working capital and general corporate purposes.
Subject to the receipt of all regulatory approvals (including final acceptance by the TSX Venture Exchange) and the satisfaction of other customary conditions, closing of the offering is now expected after completing the SPX acquisition.
POET appoints Bob Tirva as board director and Audit Committee member
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POET streamlines global engineering organization in response to AI market demand
