CHANGZHOU, China, Feb. 2 /Xinhua-PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products based in Changzhou, China, announced today that it has signed a long-term supply agreement for polysilicon with DC Chemical, one of the leading chemical companies in Korea ("DCC").
DCC has agreed to supply polysilicon to Trina Solar over a seven-year period with a total contract value estimated at over US$120M and with shipments expected to begin in 2009.
"Trina Solar is very excited to have contracted a long-term supply agreement with DC Chemical and to be able to support an emerging leader in the polysilicon industry," remarked Mr. Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "DCC's solid background and experience with high purity chemicals should contribute to the success of this project."
This long-term supply agreement is an important step for Trina Solar in its quest to becoming a leading fully integrated supplier of PV solar modules in the world. In July 2006, DCC announced its intention to enter the manufacturing of polysilicon and has already started the construction of its new plant, which is expected to be completed by 2008. DCC enjoys strong financial backing and has secured a number of customers for this project.
About Trina Solar Limited:
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co., Ltd., is an integrated solar photovoltaic products manufacturer based in China. The company began research and development efforts in solar products in 1999 and in 2002 it started the system integration business. The company moved into the assembly of solar modules in 2004 as well as the manufacturing of monocrystalline ingots and wafers in 2005 and 2006, respectively. The company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. The company sells its products to customers around the globe, including a number of European countries, such as Germany, Spain and Italy, where government incentives have accelerated the adoption of solar power. For further information, visit the company's website at http://www.trinasolar.com.
About DCC:
Since its founding in 1959, DC Chemical has been one of the pioneers in the Korean chemical industry. With a dedication to quality products for its customers, DC Chemical has been expanding its presence in the field of inorganic chemicals, petro and coal chemicals, and fine chemicals. For additional information, visit the company's website at http://dcchem.co.kr.
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, 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 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; the Company's ability secure raw material supplies to support its production plans; the Company's ability to operate its solar cell plant efficiently; 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; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. 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.
