China Sunergy Signs Solar Cell Sales Agreement With U.S. Based Manufacturer of Photovoltaic Products
(Nasdaq: CSUN), a specialized solar cell manufacturer based in
today announced that it has entered into a wafer purchase agreement and a
solar cell sales agreement with a U.S. based photovoltaic products firm.
Pursuant to the terms of the agreements, China Sunergy will utilize the
multi-silicon wafers purchased from the firm to produce multi-silicon solar
cells, which will then be sold back to the firm for incorporation into its
downstream solar products. Based on the forecast provided by the U.S. based
manufacturer, a total of 20MW to 25MW of solar cells will be supplied by China
Sunergy throughout 2009.
The agreements may be replaced by an OEM tolling agreement between China
Sunergy and the manufacturer, which is expected to come into force in
2009
basis of the purchasing and sales terms currently outlined in the existing
contracts.
Commenting on the news, Dr. Ruennsheng Allen Wang, CEO of China Sunergy,
remarked:
”The securing of this year-long agreement with our U.S. partner,
especially during a period of instability within the solar sector,
demonstrates that China Sunergy is able to execute on our strategy of signing
financially profitable, mutually beneficial agreements with a diverse set of
customers. We will continue to seek out additional suitable partners for our
advanced solar products across a wide spectrum of geographies and industry
segments.”
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) (“China Sunergy”) is a specialized
manufacturer of solar cell products in
cells from silicon wafers utilizing crystalline silicon solar cell technology
to convert sunlight directly into electricity through a process known as the
photovoltaic effect. China Sunergy sells solar cell products to Chinese and
overseas module manufacturers and system integrators, who assemble solar cells
into solar modules and solar power systems for use in various markets. For
more information please visit http://www.chinasunergy.com .
For further information contact:
Peter Schmidt
FD Beijing
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking statements
and are based on current expectations, assumptions, estimates and projections
about the company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the company’s ability to raise
additional capital to finance the company’s activities; the effectiveness,
profitability, and the marketability of its products; the economic slowdown in
company’s products; the future trading of the common stock of the company; the
ability of the company to operate as a public company; the period of time for
which its current liquidity will enable the company to fund its operations;
the company’s ability to protect its proprietary information; general economic
and business conditions; the volatility of the company’s operating results and
financial condition; the company’s ability to attract or retain qualified
senior management personnel and research and development staff; future
shortage or availability of the supply of raw materials and other risks
detailed in the company’s filings with the Securities and Exchange Commission.
The company undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although the company believes
that the expectations expressed in these forward looking statements are
reasonable, they cannot assure you that their expectations will turn out to be
correct, and investors are cautioned that actual results may differ materially
from the anticipated results.
SOURCE China Sunergy Co., Ltd.