31 Jul 2008 07:00
Suntech and PV Crystalox Solar Announce 260MW Wafer Supply Agreement
San Francisco and WUXI, China, July 31, 2008 - Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and PV Crystalox Solar PLC ("Crystalox"), a specialist multicrystalline solar wafer manufacturer, today announced they have signed an initial five-year silicon wafer supply agreement with predetermined prices and volumes. Under the agreement, PV Crystalox Solar will supply Suntech with a total of 260MW of silicon wafers from 2008 to 2013.
Headquartered in Oxfordshire, England, Crystalox is a highly specialized wafer supplier to the world's leading solar cell manufacturers. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production. Crystalox is currently developing a 1,800MT solar grade polysilicon production facility in Germany.
"PV Crystalox Solar is well recognized for its expertise in the production of silicon wafers, and we are very pleased to initiate this relationship. Aside from silicon, many of Suntech's key equipment and materials originate in Europe including PV cell and module manufacturing equipment, module backsheets and adhesives. This global sourcing strategy is reflective of our complete commitment to quality and supports our ability to deliver premium quality solar products," said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
"With a strong demand outlook for 2009, the emergence of a number of high potential solar markets in Europe, and growing sentiment supporting the need for renewable energy, we are confident that the solar industry will sustain long term growth. We will continue to develop and diversify our silicon channels to ensure we have a stable base of raw material supply to support this industry growth," added Dr. Shi.
PV Crystalox Solar Chief Executive Officer Iain Dorrity said: "We are delighted to be working with Suntech. This new relationship with one of the world's leading solar energy companies is an important step in securing additional long-term supply agreements for PV Crystalox Solar in line with our strategy for growth."
About PV Crystalox Solar PLC
PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the world's leading solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production. Crystalox is currently developing a 1,800MT solar grade polysilicon production facility in Germany.
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of BIPV products under the MSK Solar Design LineTM. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com.
Safe Harbor StatementThis 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and include Suntech's demand outlook for 2009, Suntech's expectation of the long term growth of the solar industry, Crystalox's ability to deliver wafers according to the agreement. 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.
For more information about Suntech, please contact:
In China:
Rory Macpherson
Investor Relations
Tel: +86-510-8531-8922
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
For further information about Crystalox, please contact:
PV Crystalox Solar PLC Tel: +44 (0)1235 437160
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Gavin Anderson & Company Tel: +44 (0)20 7554 1400
Robert Speed
Kate Hill
Anthony Hughes