Milan-based Bee Solar and China's Huasun (000790.SZ) have signed a cooperation agreement in the photovoltaic sector, Italy's industry ministry said on Friday, adding that the deal was part of a broader alliance with the Chinese industry ministry.
Chinese solar components dominate the market in Europe due to their affordability, fuelling fears that the continent could be over-reliant on Beijing's products and technologies to meet its decarbonisation goals.
To mitigate the risk, the Italian government has backed initiatives by domestic solar component producers and is brokering alliances with Chinese manufacturers.
"This partnership fully responds to the goal that our countries intend to achieve in the field of green technologies," Italy's Industry Minister Adolfo Urso said in a statement.
Bee Solar aims to set up a photovoltaic production hub in Italy utilising Huasun's technology and know-how. The construction of the site is expected to start by March 2025.
Meanwhile, Huasun is interested in strengthening its position in the European market through cooperation with Bee Solar, the ministry said.
The agreement was signed following Italian Prime Minister Giorgia Meloni's trip to China earlier this week, which has already led to the signing of a deal between EuroGroup Laminations and Hixih in the automotive field.
Other agreements in the green technology sector may be announced in the coming days.
