CHANGZHOU, China, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL) (“Trina Solar” or the “Company”), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules founded in 1997, announced today that the Company has signed a long-term silicon supply agreement with Nitol Group.
Nitol Group, a Russian chemical company based in Moscow, currently produces trichlorosilane and is constructing a polysilicon production facility. Under this five-year agreement, Nitol Group will supply Trina Solar with virgin polysilicon sufficient to produce over 200MW of modules in aggregate. While the delivery of polysilicon will start in 2009, Trina Solar will have the opportunity to purchase polysilicon in 2008 from a pool of unallocated production.
“The cooperation with Nitol will enhance our production capabilities in the coming years and further our expansion goals,” said Jifan Gao, Trina Solar’s Chairman and CEO. “Trina Solar has a great deal of confidence in the success of Nitol’s polysilicon production capabilities, as Nitol has the potential to become one of the top global manufacturers of polysilicon.”
“The Nitol team is very pleased to work with Trina Solar as a long-term partner,” stated Dmitry Kotenko, Nitol’s CEO. “Trina Solar is one of the leaders in the PV industry due to its vertically integrated business model and its experienced management team and we intend to grow our business more rapidly with Trina Solar as a customer.”
This long-term silicon supply agreement will enhance Trina Solar’s management of raw material supplies and strengthen its position as a leading global PV manufacturer. Prior to this contract, the company had secured over 60% of polysilicon requirements for its 2008 planned production..
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufactures that has developed a vertically integrated business model from the production of monocrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar’s solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December, 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar’s website at http://www.trinasolar.com .
About Nitol Group
Nitol Group is a Russian vertically integrated chemical company that has operated successfully since 1936. Quality certificates issued by international experts including SGS and Saybolt demonstrate Nitol’s high product quality. The silicon division is specialized in production of chlorosilines and polysilicon for solar energy. Nitol’s silicon production facility is located in the Irkutsk region of Russia.
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 to 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.
For more information, please contact:
Trina Solar Limited
Mr. Sean Shao, CFO
Tel: +86-519-8548-6752 (Changzhou)
Mr. Thomas Young, Director of Investor Relations
Tel: +86-519-8548-6752 (Changzhou)
Email: ir@trinasolar.com
CCG Elite Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Ed Job, CFA
Tel: +1-646-213-1914
Email: ed.job@ccgir.com
