August 21, 2008
Suniva Enters Customer Agreement With Titan Energy Systems Valued at More Than USD$480 Million
Suniva Inc., a manufacturer of high value crystalline silicon solar cells, has entered into a long-term supply contract with Titan Energy Systems Ltd, one of India's largest and longest-standing manufacturers of solar modules and specialty photovoltaic (PV) products. Suniva will produce more than USD$480 million worth of high-efficiency monocrystalline silicon solar cells to be used in Titan's highest efficiency product lines. The contract is structured as a take-or-pay agreement lasting through 2013.
"Suniva's optimized solar cells fit well with Titan's high-efficiency module application platform, and this agreement allows us to diversify our quality supply chain," said Mr. Rao SYS Chodagam, Managing Director of Titan. "In addition, we look forward to a solid collaboration with Suniva's exceptional technical team."
Suniva's new high-volume manufacturing center is located in metro Atlanta, and the company is scheduled to begin shipments from its first 32 megawatt (MW) line during the fourth quarter of this year. The facility will add more than 130 MW of additional capacity over the next two years to meet demand from Titan, Solon AG and other customers.
"As Suniva expands its international presence in Europe and Asia, we are happy to establish this relationship with Titan, one of the world's highest quality solar module manufacturers," Suniva CEO John Baumstark said. "This agreement furthers Suniva's strategy of manufacturing and delivering high-efficiency, low-cost cells to the preeminent module manufacturers across the globe."
Titan Energy Systems is one of India's largest and oldest manufacturers and exporters of Solar Photovoltaic (SPV) Modules and specialty solar products. With a track record of over 16 years, Titan has demonstrated strengths in manufacturing products of high quality that comply with various international reliability & quality standards. Titan primarily sells its products in Europe and USA. Its products are also sold in Africa, South East Asia, Australia and India. Titan is the only module manufacturer with proven expertise in making modules using various solar cell technologies from crystalline, amorphous silicon and CIGS applications. Titan's state of the art manufacturing center is located in Hyderabad, India, a leading solar hub in India. Titan has an installed moduling capacity of 50MW and is currently expanding to 100MW by end of 2008. See http://www.titansolar.com for more information.
Based in Atlanta, Suniva develops, manufactures and markets high-value crystalline silicon photovoltaic (PV) cells for clean solar power generation. The company has an exclusive license to critical patents and patent-pending intellectual property developed by founder and CTO Dr. Ajeet Rohatgi at the Georgia Institute of Technology's University Center of Excellence in Photovoltaics, the nation's premier silicon PV research center. In addition, the company's deep process know-how and unique approach to manufacturing delivers leading solar cell performance while dramatically cutting the cost of PV-generated electricity. See: http://www.suniva.com.