WATERLOO, ON, June 11 /CNW/ - ARISE Technologies Corporation, which is dedicated to becoming a leader in high-performance, cost-effective solar technology, today announced that its wholly owned subsidiary, ARISE Technologies Deutschland GmbH (ARISE Germany) has signed a six-year agreement with a wholly owned subsidiary of ReneSola Ltd (NYSE: SOL and AIM: SOLA.L) to supply ARISE with 203.5 MW of silicon wafers. ReneSola Ltd is a leading solar wafer manufacturer based in China.
The agreement with Zhejiang Yuhui Energy Source Co., Ltd. commences July 1, 2008 and extends through June 30, 2014. Shipments are expected to consist of 203.5 MW of silicon wafers over the 6-year term. Pricing and payment termsare consistent with current standard industry practices.
"With this agreement, ARISE now has supply contracts for 100 percent of the solar wafers that we require in 2008 and approximately 60 percent of our needs for 2009 for our PV (photovoltaic) cell production plans at our new German manufacturing plant," said Bart Tichelman, President and Chief Executive Officer. "ReneSola is the seventh, high-quality silicon wafer manufacturer with which ARISE now has developed a supply relationship that we believe will enable us to meet our longer-term requirements."
About ReneSola
ReneSola Ltd is a leading solar wafer manufacturer based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola manufactures monocrystalline and multicrystalline solar wafers. In addition, ReneSola strives to enhance its competitiveness through upstream integration into virgin polysilicon manufacturing. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM:SOLA.L). For more information about ReneSola, please visit http://www.renesola.com.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV(photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20 percent. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999 percent purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division provides complete turnkey PV solutions for solar farms and rooftop installations under the Ontario standard offer program.
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