Cracked Crystal

Gallium Nitride in Use

Gallium Nitride in Use

As a result of a rift between shareholders, an innovative Polish company faces the spectre of bankruptcy instead of conquering the global market. Two years ago Warsaw-based Ammono announced that thanks to its patented semiconductor materials from gallium nitride it would be able to throw down the gauntlet to the industry giants. However, plans to enter the global market have been stymied as a result of acrimony between the scientists who founded the company and Glencross Holdings fund, which bought a stake in Ammono in 2011 and was to help commercialise the innovative technology. Although the founders still hold a majority stake, the minority shareholder manages the business. As follows from the latest entries in the National Court Register, both parties have decided to take legal action to assert their claims. The court is supposed not only to resolve the dispute but also decide on the possible bankruptcy of the company. At an extraordinary general meeting in January the shareholders will vote on a resolution on the continued existence of the company and on granting consent for the company to conclude agreements which will allow it to complete projects in progress. In the meantime the management board will hold talks with entities interested in investing in the business. No information has been provided as to whose shares would be offered or whether investors would be invited to take up a new issue. If the conflict leads to the bankruptcy of Ammono, Polish technology will miss a great opportunity. According to the company’s estimates, the market of gallium nitride semiconductors will be worth $25 billion in 2015. The crystals grown in Poland, which are much better than the currently available materials, have attracted interest from the automotive sector, producers of electronics, research institutes, the arms industry and technical agencies, mainly from Asia and the USA. The Japanese are working on a competitor technology.
Puls Biznesu

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