TPV Technology says wholly-owned subsidiary Top Victory Investments has entered into the Joint Venture agreement with Everlight and Epistar to incorporate Evertop optoelectronics Co., a joint venture company in Fujian, China.

Evertop optoelectronics will design, sell, manufacture and supply LED light bars, LED packages and other LED related components and modules and after-sales services in China.

The initial paid-up capital for the joint venture is US$25 million ($35 million) of which Top Victory Investments will contribute 25% (US$6.25 million), Everlight will contribute 65% (US$16.25 million) and Epistar will contribute 10% (US$2.5 million).

Top Victory Investments, Everlight and Epistar will also subscribe to 25%, 65% and 10% of the equity capital in the joint venture company respectively.