China Sunergy May Provide up to 480MW of Silicon Solar Cells Through 2018
NANJING, China, March 17 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a ten year Sales Framework Agreement with asola Advanced and Automotive Solar Systems GmbH ("asola"), a module producer based in Erfurt, Germany. This non-binding framework agreement outlines the potential delivery of up to 480MW of solar cells manufactured by China Sunergy from 2009 to 2018.
Under the Framework Agreement, which remains valid from 2009 until 2018, China Sunergy may supply asola a total of 30MW of silicon cells in 2009, with 50MW thereafter for each remaining year of the 10-year agreement. Specific terms and conditions of the supply will be set forth in definitive sales agreements to be further negotiated between China Sunergy and asola. Although the framework agreement is not binding, as each sales agreement will be separately negotiated, this agreement effectively helps to strengthen the relationship between these two companies and facilitates the signing of future sales agreements.
Commenting on the agreement, Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy, said: "The signing of this long-term framework agreement with asola further builds upon our relationship with an important customer. We look forward to working with asola during the course of this agreement to secure ongoing sales agreements, as we work to diversify our sales revenue across key geographies including Germany."
Reinhard Wecker, CEO of asola, noted, "China Sunergy has been a valuable partner in the past, and we believe that over the next decade the high quality solar cell products from China Sunergy will continue to be of strategic benefit as we further develop our advanced solar modules."
About China Sunergy Co. Ltd
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar 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 .
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 China and elsewhere and its impact on the company’s operations; demand for the 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.
For further information contact:
Peter Schmidt
FD Asia
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.com
