Deal to create jobs and enable cost effective solar in Ontario
TORONTO, Oct. 20 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd (NYSE: STP), the world's largest producer of crystalline silicon solar panels, and Calisolar Inc., a privately held, vertically integrated manufacturer of solar silicon, wafers and cells, today announced that the companies have signed a Letter of Intent to construct a solar silicon manufacturing facility in Ontario Canada.
Once completed, the manufacturing facility will add new operators and engineers and will significantly expand the existing manufacturing operations in Vaughan, Ontario, doubling total employment at Calisolar's wholly owned subsidiary, 6N Silicon to more than 350. As set forth in the Letter of Intent, Suntech will assist with financing the expansion, and enter a multi-year agreement to purchase solar silicon produced by Calisolar at the new manufacturing facility.
"This partnership with Calisolar is an excellent opportunity for Suntech to accelerate the development of the solar industry in Ontario and meet the growing solar demand across Canada," said Steven Chan, President of Suntech's North American operations. "We have looked at the various alternatives for investment in Ontario and have determined that our continued commitment to the silicon refining industry provides the best opportunity to create long-term sustainable jobs given the product's export viability."
"This agreement with Suntech, a recognized global leader in solar products, marks a significant milestone in Calisolar's expansion," commented Calisolar CEO Sandra Beach Lin. "Calisolar's unique silicon refining technology was developed in Ontario and provides significant cost and environmental advantages compared to traditional processes. Together with Suntech we will be able to expand our operations in Ontario and bring long-term, sustainable jobs to continue to serve this exciting, emerging market for solar energy."
Steven Chan added, "We are very excited about this initiative and have been working with the Province of Ontario to seek clarification regarding the local content regulations so that we can move forward in the most efficient manner possible. This is a unique opportunity to leverage the economic advantages of technologies and expertise found only in Ontario for use in cost effective, large scale, renewable energy."
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About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP - News) produces industry-leading solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more than 12,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels. Our mission is to provide everyone with reliable access to nature's cleanest and most abundant energy source.
For more information about Suntech's people and products visit http://www.suntech-power.com
About Calisolar
Calisolar is a vertically integrated manufacturer of solar silicon, wafers and high-performance cells. The company has manufacturing operations and headquarters in Sunnyvale, California; silicon purification operations at the company's wholly-owned subsidiary 6N Silicon located in Ontario, Canada; and a state-of-the-art research and development center in Berlin, Germany. Its investors include Advanced Technology Ventures, Globespan Capital Partners, Good Energies, Hudson Clean Energy, Ventures West and Yaletown Ventures. More information is available at http://www.calisolar.com.
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Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "plans to", "expects to," "anticipates," "future," "intends to," "plans," "believes," "considers" and similar statements, and includes the ability of Calisolar to secure additional financing to build the solar silicon facility and the ability of the facility to double employment at the Ontario facility to more than 350.. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
