China-based solar cells and modules manufacturer Jetion was founded in December 2004 and it has been making profits since 2006. Jetion has a cell manufacturing facility in Jiangsu province in China and at the end of 2007 it started making modules, which are higher margin than cells. It has subsequently started making power systems incorporating its own cells and modules. Jersey-registered Jetion floated on 6 July 2007 at a placing price of 151p. The gross proceeds of the placing were £30.5m, or £27.9m after flotation expenses. At that point, Jetion was valued at £112m.