NANJING, China, and INCHEON, South Korea, October 15, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company's solar cell factory in Incheon, Korea has started formal operation.
Located in INCHEON-SI, KOREA, the factory covers an area of approximately 5000 m2 , and has annual production capacity of 200MW. The factory started trial production in May 2015, and turned into formal operation recently. According to current plan, once the capacity utilization rate at Korea plant reaches 80% or higher, China Sunergy will consider expanding the total production capacity of solar cells in the Korea plant to 500MW by building additional solar cell production lines . In addition, the Korea plant has begun the cooperation with local solar module manufacturers to produce CSUN-branded solar modules in order to vertically integrate its supply chain.
Mr. Tingxiu Lu, Chairman and CEO of China Sunergy commented, "We are delighted to see our facilities in Korea start formal operation. As another major step forward in CSUN's global operations strategy, the Korea plant is able to efficiently serve customers across Eastern Asia and even Asia-Pacific region, where represent growing demands for alternative energy consumption."
"Since the inception of our first oversea plant - Turkey plant, our efforts to diversify CSUN's manufacturing base never stop. The move helps to enhance our global supply chain, gain access to local customers and minimize potential negative impacts from anti-dumping cases in the US, EU, or elsewhere. Looking ahead, we will continue to improve our cost competitiveness and strengthen our global footprint by the combination of moving our existing facilities in mainland China and building new facilities in the countries which have cost and geographic advantages." Mr. Lu added.
For more information, please visit http://www.csun-solar.com.
Contact Information:
China Sunergy Co., Ltd.
Wang Zhuo
Phone: + 86 25 5276 6696
Email: ir@chinasunergy.com
Safe Harbor Statement
This announcement may contain 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 facts in this announcement are forward-looking statements. These forward-looking statements 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 failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; the Company's ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the Company's ability in maintaining its liquidity; 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; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers 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, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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