acquiring advanced technologies used in the production of low-cost, high-performance solar panels. It acquired the California-based solar tech company Solaicx in mid 2010. The acquisition included Solaicx's high-volume proprietary "continuous crystal growth" manufacturing technology, which produces low-cost monocrystalline silicon ingots for high-efficiency solar cells. In February 2011 Samsung Fine Chemicals and MEMC announced a 50/50 joint venture to build a polysilicon production plant in Ulsan, South Korea. The plant was to have an initial capacity of 10,000 metric tons per annum. As of late 2014 the joint venture, called SMP, is 85% owned by SunEdison (50% by SunEdison, Inc. and 35% by SunEdison Semiconductor) and 15% by Samsung, and the plant has a capacity of 13,500 metric tons per annum. By October 2014, the plant began producing the world's first high-pressure fluidized bed reactor (HP-FBR) polysilicon, enabling sizeable reductions in the cost of solar energy. In 2011 MEMC also extended its solar-energy business. In June 2011, it acquired another North American solar-power project developer, Axio Power. Axio Power, founded in 2007, developed, financed, and constructed large-scale solar projects, and had more than 500 MW of utility-scale photovoltaic power projects in Canada and the western U.S. In July 2011, MEMC established a joint venture with Korea-based Jusung Engineering, to combine its proprietary Solaicx CCZ monocrystalline wafers with Jusung's high-efficiency cell manufacturing equipment to provide low-cost, high-efficiency solar cells. In September 2011, MEMC acquired Fotowatio Renewable Ventures Inc., the U.S. unit of Fotowatio Renewable Ventures, a developer, operator and owner of solar power plants. The FRV purchase added up to 1.4 GW of solar projects in the U.S. to MEMC's portfolio. In December 2011 MEMC undertook restructuring measures in reaction to a cyclical downturn in its semiconductor business and a slump in the whole supply chain of photovoltaic modules. The company announced a headcount reduction of 1,300 employees (18% of the workforce), plus capacity reduction and productivity increase for polysilicon and wafers. In 2012 MEMC developed its Silvantis line of multi-crystalline 290-watt solar modules. With 1,000-volt UL certification, the modules created considerable overall energy-production and systems savings on solar projects due to the ability to be more efficiently wired. Name changes and Acquisitions 2013–15 On May 30, 2013, MEMC Electronic Materials changed its name to SunEdison, Inc., and also changed its stock-market ticker from "WFR" to "SUNE", reflecting the company's focus on solar energy. In May 2014, SunEdison formally separated its electronics-wafer