As has been confirmed by both the parties involved, Origin Energy Ltd. and Micron Technology Inc., the American semiconductor giant, have come together to form a major joint venture which would develop the photovoltaic technology in order to produce cheaper solar power.

Both the companies will hold a 50% stake in the venture, which has been signed for an "immaterial" and undisclosed amount.

Photovoltaic technology is a way to harness solar energy in a way which allows cheaper and thinner solar cells to be used for everyday household power needs.

Origin will be bringing its solar energy technology to the joint venture, while Micro will be providing its semiconductor manufacturing skills.

The first meeting of the joint venture board will be held within the coming few months.

"It was clear that combining our semiconductor manufacturing expertise with Origin Energy’s solar experience could result in a powerful partnership", Micron Chairman and CEO Steve Appleton and chief operating officer Mark Durcan said.