Agreement Combines Open Energy's Design and Innovation with Suntech's Manufacturing and Marketing Expertise
SAN DIEGO and SAN FRANCISCO, Jan. 12 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of photovoltaic (PV) modules, and Open Energy Corporation (OTC Bulletin Board: OEGY), a developer of innovative and elegant building integrated PV (BIPV) products, energy management applications and solar energy solutions, announced that they have entered into an exclusive agreement to license Open Energy's building integrated solar roof membrane product. Under the terms of this license, Suntech will undertake the worldwide manufacture, distribution, sales and marketing of Open Energy's lightweight, easily-installable solar membrane product. This agreement complements Suntech's industry-leading solar products with Open Energy's innovative BIPV applications to provide a complete set of product offerings to the residential and commercial market.
The frameless flat roof membrane will be marketed by Suntech under the SolarEze(TM) brand that highlights its ease of installation even over existing roofs with no structural reinforcement typically required. It is light weight yet provides a water proof, hail and wind resistant solar roof with no penetrations. It will be manufactured by Suntech meeting the highest quality standards. Suntech is currently evaluating distribution alternatives and evaluating sales channels in every region of the world.
"This strategic decision will allow us to focus on the core competencies of our business -- our award-winning and innovative product and applications design for next generation products. We chose to work with Suntech because they have world class, high quality manufacturing and a worldwide sales capability and distribution network. They also offer a solid foundation of resources and customers. They provide unmatched scope, scale and global reach in the growing solar industry," said David Field, president & chief executive officer of Open Energy.
"Open Energy's product fits well within our line of solar roofing products adding an excellent easy to install solar roof membrane that is ideal for commercial flat roofs, said Leonard May, Suntech's Managing Director of BIPV Products. "By combining Open Energy's innovative designs with Suntech's leadership in quality manufacturing, marketing and sales, we are confident that we will consistently deliver innovative products, the highest quality and outstanding value to our customers capitalizing on the strengths of both companies."
About Open Energy
Open Energy Corporation is a next-generation solar energy company that develops clean energy solutions, innovative solar products and energy management applications. Open Energy's award-winning products include proprietary, cost-competitive and attractive BIPV solar tiles, membranes and asphalt/composition products. In addition, the EcoTouch(TM) Energy Management System gives consumers control over their energy usage while saving money. Open Energy's portfolio of products and services are coupled with innovative financing to enable green Solar Communities to provide low-cost power with little to no upfront cost to the consumer. Open Energy is headquartered in Solana Beach, California. For more information, visit http://www.openenergycorp.com .
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor for Forward Looking Statements
Except for statements of historical fact, the information presented in this filing constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance, achievements or financial condition of the Company to be materially different from any future results, performance, achievements or financial condition expressed or implied by such forward-looking statements. These statements are based on the Company's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "may," "would," or "will" or variations of such words and similar expressions may identify such forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements are not guarantees of future performance. Factors which may impact them include, but are not limited to, general economic and business conditions, customer demand for the Company's products, the Company's ability to protect its intellectual property, the Company's ability to execute on its business plan, the downturn in the real estate market in the United States, the Company's need for additional financing and its ability to continue as a going concern, the Company's ability to commercialize its Solar Communities(TM) initiative and new products under development or recently introduced, the performance of the Company's licensing partners and other factors over which the Company has little or no control. All such statements are therefore qualified in their entirety by reference to the factors specifically addressed in the sections entitled "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and Suntech's Annual Report on Form 20-F. New risks can arise and it is not possible for management to predict all such risks, nor can management assess the impact of all such risks to the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date thereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date hereof, other than as required by law.
For more information about Open Energy, please contact:
Investor Relations:
Integrated Corporate Relations
John Mills
Tel: +1-310-954-1100
Email: jmills@icrinc.com
Media Relations:
Integrated Corporate Relations
James McCusker
Tel: +1-203-682-8200
Email: jmccusker@icrinc.com
For further information about Suntech, please contact:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings Co., Ltd.
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
