BAODING, China, Sept. 2 /PRNewswire-Asia/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, and SiC Processing AG ("SiC"), one of world's leading service providers in the field of mechanical wet-cutting technologies for the wafer industry, today announced that they have signed a Cooperation and Supply Agreement under which SiC will recycle exhausted cutting slurries for Yingli Green Energy.
Under the agreement, SiC Processing (Baoding) ("SiC Baoding"), a wholly-owned subsidiary of SiC with an on-site facility located inside Yingli Green Energy's manufacturing facilities in Baoding, will expand its annual capacity for the recovery of exhausted cutting slurries from 15,000 tons to 30,000 tons by the third quarter of 2010, which will be used exclusively to recycle exhausted cutting slurries generated by Yingli Green Energy. In addition, SiC Baoding will supply all of the recycled cutting slurries to Yingli Green Energy through the end of 2020. This cooperation with SiC is expected to further enhance the Company's cost advantages through the reduction of time and costs associated with recycling, packing and transportation, as well as further improve the Company's overall operating efficiency.
"We are delighted to announce the cooperation with SiC for the recovery of exhausted cutting slurries, which we believe will further enhance our position as a leading low-cost PV product manufacturer and environmentally friendly enterprise," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "As a renewable energy company, we are committed to powering the world with natural, sustainable and carbon-free electricity. Working toward that goal, I am very pleased that our efforts to develop more efficient and environmentally friendly manufacturing processes have provided us with both economic rewards and lowered environmental impact."
"Our cooperation with Yingli Green Energy started in 2007. The first phase of our facility in Baoding, which is our first on-side facility in China, has an annual capacity of 15,000 tons and will start trial operation on September 7, 2009," commented Mr. Yinzhi Han, General Manager of SiC Processing China. "Yingli Green Energy's fast growing business provides an excellent basis for our new expansion plan, and we are excited to grow together with our customers."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE) is one of the world's leading vertically integrated PV product manufacturers. Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or operate on a stand-alone basis. Based in Baoding, China, Yingli Green Energy sells its PV modules to system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy 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.
For further information, please contact:
In China:
Qing Miao
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86-312-3100-502
Email: ir@yinglisolar.com
Courtney Shike
Brunswick Group LLC
Tel: +86-10-6566-2256
Email: cshike@brunswickgroup.com
In the United States:
Katie Cralle
Brunswick Group LLC
Tel: +1-212-333-3810
Email: kcralle@brunswickgroup.com
