The Export Processing Zone Administration (EPZA) under the Ministry of Economic Affairs gave the green light that day to a new investment plan proposed by AxunTek to build a manufacturing plant at an EPZ in the southernmost county of Pingtung for expanded research and production of CIGS thin-film solar cells.

Under the plan, AxunTek will invest NT$6.99 billion (US$212.43 million) for the expansion of CIGS thin-film solar cell research and production, according to the EPZA.

AxunTek unveiled Taiwan's first CIGS thin-film solar cell and technology last year at the International Photovoltaic Forum and Exhibition.

CIGS is a compound semiconductor material composed of copper, indium, gallium and selenium that is used as light-absorbent material for thin-film solar cells.

Panels that harvest energy using CIGS cost far less to make and install than traditional solar panels,which is an important consideration in the face of traditional fossil-based energy drying up and prices skyrocketing.

Axuntek's mission is to help upgrade the solar industry in Taiwan, which is expected to play a critical role in an era in which renewable and low-pollution energy will be in high demand, said corporate founder Lin Fei-lung.

"Our team's development includes research into high-efficiency CIGS thin-film solar cells, components, process integration, research into in-line deposition systems,packaging processes for CIGS thin-film and related equipment," Lin added.