October 10, 2007
The company announces its first supply contract since disclosing accusations of inventory discrepancies.
It's business as usual at Xinyu, China's LDK Solar (NYSE: LDK). The company announced today its first supply contract since word leaked out of accusations of inventory discrepancies.
LDK signed a three year contract to supply multicrystalline solar wafers to Beijing's Chinalight Solar. LDK valued the deal at RMB 1 billion, with delivery expected to start in 2008.
The company disclosed last week that it fired its financial controller "for cause" in September, after he spent just seven months on the job. The ex-controller claimed the company has poor inventory controls.
LDK said its management conducted an internal investigation and physical inventory counts and found no material discrepancies.
The company also said its audit committee is conducting a review, which will be disclosed to the public when it's complete.
LDK manufactures multicrystalline solar wafers, which are the principal raw material used to produce solar cells, using both virgin and recyclable polysilicon for ingot production.
This week, the company boosted its third quarter revenue guidance to $140 million to $150 million, up from $115 million to $125 million.
Showing posts with label multicrystalline. Show all posts
Showing posts with label multicrystalline. Show all posts
Friday, October 12, 2007
Sunday, October 7, 2007
Trina Solar Signs $154 M Equipment Supply Contract
Changzhou, China [RenewableEnergyAccess.com]
Trina Solar Limited, an integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced this week that it has signed an agreement with Meyer Burger AG for the supply of ID cropping, band and wire saws used for the production of its monocrystalline and multicrystalline wafers and cells.
The contract, valued over CHF 180 million [US$154million], covers equipment and delivery schedule to meet the Company's capacity expansion goals through 2010.
"We are pleased to be able to support Trina Solar with the latest ID/OD, band and wire saw technology as it expands its wafer capacity and makes progress on its technology roadmap to reduce wafer thickness," stated Peter Pauli, Meyer Burger's CEO. "
Trina Solar is based in Jiangsu Province, China, and has consistently been expanding its production for a fully-integrated manufacturing, from ingots and wafers to cells and ready-to-use solar modules. Meyer Burger has its headquarters and production sites in Switzerland, subsidiaries in China and Japan and service support points in Germany and in the Philippines.
Trina Solar Limited, an integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced this week that it has signed an agreement with Meyer Burger AG for the supply of ID cropping, band and wire saws used for the production of its monocrystalline and multicrystalline wafers and cells.
The contract, valued over CHF 180 million [US$154million], covers equipment and delivery schedule to meet the Company's capacity expansion goals through 2010.
"We are pleased to be able to support Trina Solar with the latest ID/OD, band and wire saw technology as it expands its wafer capacity and makes progress on its technology roadmap to reduce wafer thickness," stated Peter Pauli, Meyer Burger's CEO. "
Trina Solar is based in Jiangsu Province, China, and has consistently been expanding its production for a fully-integrated manufacturing, from ingots and wafers to cells and ready-to-use solar modules. Meyer Burger has its headquarters and production sites in Switzerland, subsidiaries in China and Japan and service support points in Germany and in the Philippines.
Thursday, September 27, 2007
LDK Solar Signs Wafers Supply Agreement With Mosel Vitelic, Inc.
September 27, 2007: 03:15 AM EST
SUNNYVALE, Calif. and XINYU CITY, China, Sept. 27 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a five-year contract to supply multicrystalline solar wafers to Taiwan-based Mosel Vitelic, Inc.
Under the terms of the agreement, pricing and quantity is fixed for the first three years. During this period, LDK Solar will deliver multicrystalline solar wafers to Mosel Vitelic valued at approximately US$190 million with delivery commencing in 2008.
"We are excited to have the opportunity to expand our relationship with Mosel Vitelic, Inc.," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Mosel has excellent engineering and manufacturing capabilities and we are pleased to support their growth plans."
"We are delighted to secure supply of high-quality silicon wafers from LDK Solar," stated Rebecca Tang, President of Mosel Vitelic, Inc. "We look forward to enhancing our relationship with LDK as we grow our solar business globally."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Mosel Vitelic, Inc.
With years of experience in semiconductor IC design and process technology development, Mosel Vitelic entered the solar cell business in 2006. Mosel Vitelic delivers solar cell products for the world-wide markets through a solid foundation in research, development, manufacturing, and marketing. Mosel Vitelic also provides RF ID system products and IC wafer foundry service, specializing in power and high voltage devices. Mosel Vitelic business operations serve numerous markets including consumer, industrial, and solar power. Mosel Vitelic headquarters are in Hsinchu Science Based Industrial Park, Taiwan with a subsidiary in the United States. Mosel Vitelic has been listed in Taiwan Stock Exchange since 1995.
SUNNYVALE, Calif. and XINYU CITY, China, Sept. 27 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a five-year contract to supply multicrystalline solar wafers to Taiwan-based Mosel Vitelic, Inc.
Under the terms of the agreement, pricing and quantity is fixed for the first three years. During this period, LDK Solar will deliver multicrystalline solar wafers to Mosel Vitelic valued at approximately US$190 million with delivery commencing in 2008.
"We are excited to have the opportunity to expand our relationship with Mosel Vitelic, Inc.," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Mosel has excellent engineering and manufacturing capabilities and we are pleased to support their growth plans."
"We are delighted to secure supply of high-quality silicon wafers from LDK Solar," stated Rebecca Tang, President of Mosel Vitelic, Inc. "We look forward to enhancing our relationship with LDK as we grow our solar business globally."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Mosel Vitelic, Inc.
With years of experience in semiconductor IC design and process technology development, Mosel Vitelic entered the solar cell business in 2006. Mosel Vitelic delivers solar cell products for the world-wide markets through a solid foundation in research, development, manufacturing, and marketing. Mosel Vitelic also provides RF ID system products and IC wafer foundry service, specializing in power and high voltage devices. Mosel Vitelic business operations serve numerous markets including consumer, industrial, and solar power. Mosel Vitelic headquarters are in Hsinchu Science Based Industrial Park, Taiwan with a subsidiary in the United States. Mosel Vitelic has been listed in Taiwan Stock Exchange since 1995.
Monday, September 24, 2007
LDK Solar Signs Wafer Sales and Equipment Purchase Agreements with Sunways AG
September 24, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Sept. 24 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed contracts to supply multicrystalline solar wafers and to purchase polysilicon production equipment from Sunways AG.
Under the terms of the wafer supply contract, LDK Solar will deliver approximately 1 GW of multicrystalline solar wafers to Sunways over a ten-year period starting in 2008. Under the terms of the equipment purchase agreement, LDK Solar will purchase two readily available Siemens technology-based reactors and related plant equipment from Sunways. In addition, Sunways AG will provide support services to LDK Solar during the facility construction and the ramp up of polysilicon production.
"The equipment purchase agreement with Sunways AG further bolsters our confidence in LDK Solar's ability to meet the goal of ramping polysilicon production in 2008," commented Xiaofeng Peng, Chairman and CEO. "We are pleased to continue to build our infrastructure by securing readily available polysilicon reactors from Sunways to serve as an additional training resource for our engineers and operators as we ready our facilities for polysilicon production of our previously announced 15,000 ton polysilicon plant. With this new additional project, we expect to raise our polysilicon capacity to 7,000 tons by the end of 2008 and 16,000 tons by the end of 2009"
"Securing solar wafer supplies is an imperative component to the successful growth of our company," stated Roland Burkhardt, CEO of Sunways. "We are excited to enter this agreement with LDK Solar, a leading supplier of high quality solar wafers."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Sunways AG
Sunways AG is one of the leading photovoltaics companies in Germany in terms of technology and quality. Its core competence is the development and production of solutions and products for the generation of electricity from solar energy, such as solar cells, inverters, solar modules and systems. The company has been quoted on the stock exchange since 2001, and since 2003 in the Prime Standard. In the fiscal year 2006, the consolidated sales of Sunways AG rose by 67 percent to 152.3 million Euro. Consolidated EBIT amounted to 1.0 million Euro, consolidated net income to approx. 1.7 million Euro.
XINYU CITY, China and SUNNYVALE, Calif., Sept. 24 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed contracts to supply multicrystalline solar wafers and to purchase polysilicon production equipment from Sunways AG.
Under the terms of the wafer supply contract, LDK Solar will deliver approximately 1 GW of multicrystalline solar wafers to Sunways over a ten-year period starting in 2008. Under the terms of the equipment purchase agreement, LDK Solar will purchase two readily available Siemens technology-based reactors and related plant equipment from Sunways. In addition, Sunways AG will provide support services to LDK Solar during the facility construction and the ramp up of polysilicon production.
"The equipment purchase agreement with Sunways AG further bolsters our confidence in LDK Solar's ability to meet the goal of ramping polysilicon production in 2008," commented Xiaofeng Peng, Chairman and CEO. "We are pleased to continue to build our infrastructure by securing readily available polysilicon reactors from Sunways to serve as an additional training resource for our engineers and operators as we ready our facilities for polysilicon production of our previously announced 15,000 ton polysilicon plant. With this new additional project, we expect to raise our polysilicon capacity to 7,000 tons by the end of 2008 and 16,000 tons by the end of 2009"
"Securing solar wafer supplies is an imperative component to the successful growth of our company," stated Roland Burkhardt, CEO of Sunways. "We are excited to enter this agreement with LDK Solar, a leading supplier of high quality solar wafers."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Sunways AG
Sunways AG is one of the leading photovoltaics companies in Germany in terms of technology and quality. Its core competence is the development and production of solutions and products for the generation of electricity from solar energy, such as solar cells, inverters, solar modules and systems. The company has been quoted on the stock exchange since 2001, and since 2003 in the Prime Standard. In the fiscal year 2006, the consolidated sales of Sunways AG rose by 67 percent to 152.3 million Euro. Consolidated EBIT amounted to 1.0 million Euro, consolidated net income to approx. 1.7 million Euro.
Sunday, September 23, 2007
Solarfun Provides Mid-Quarter Update on Operations
Solarfun Power Holdings Co., LTD. ("Solarfun") (NASDAQ: SOLF), an established manufacturer of both photovoltaic (PV) cells and modules in China, today announced an update on sales developments, supply agreements, production plans, and progress at the Company's Joint Venture company Yangguang Solar.
SALES
Solarfun secured three large multi-year framework commitments for over 185 MW of photovoltaic modules at the 22nd European Photovoltaic Solar Conference and Exhibition in Milan, Italy in early September. Initial shipments are expected to start as early as October 2007. Each of these customers is large and well-known company in Europe and is expected to significantly strengthen Solarfun's customer base and distribution network globally.
The Company also continued to meet its goal of strengthening its sales team with international experience. Christian Dorn, a 14-year veteran of electronics and solar product sales in Europe, joined the Company as Sales Director of Germany.
Mr. Dorn was most recently Managing Director at TOTAL Energie Deutschland GmbH.
SUPPLY
Solarfun signed its first non-domestic long-term agreement with an undisclosed supplier. Deliveries of wafer are expected to begin immediately and extend up to seven years. The contract calls for deliveries of 10 MW in 2008 and increasing to over 30 MW per year during the period of 2009-2013.
Mr. Yonghua Lu, Chairman and CEO of Solarfun, commented, "This agreement is the first step to securing high-quality and reasonably priced polysilicon supply outside of China. Given the ongoing tight supply of polysilicon worldwide, we continue to try to build relationships with and secure other sources of large-scale non-domestic supply of both wafer and polysilicon."
PRODUCTION
Solarfun's expansion plans remain on schedule. Construction of cell lines 7-8 are on schedule and are expected to commence commercial production in October. The Company has also secured equipment and is confident that cell lines 9-12 will begin full-scale production by mid-2008. Year-end manufacturing capacity targets remain on track, with total Cell capacity expected to reach 240 MW by the end of 2007 and 360 MW by the end of 2008.
The Company continues to Add seasoned management with manufacturing experience in recognition of the increasing demands of increasing production scale and maintaining the Company's reputation for high-quality, low-cost production. Solarfun recently hired Mr. Gao Zhoumiao as Vice President, Operations. He joins Solarfun from Advanced Semiconductor Manufacturing Corporation of Shanghai (ASMC), which is a subsidiary of Philips, where he gained 18 years of experience managing their manufacturing operations.
Mr. Lu commented, "We are happy to welcome Mr. Gao to our management team. His experience will strengthen our focus on continuing improvement in manufacturing quality, efficiency and yield."
JOINT VENTURE PROGRESS
Progress at Solarfun's 52%-owned joint venture company, Jiangsu Yangguang Solar Technology Co. Ltd. ("Yangguang Solar"), is on schedule. The Company received its first wafer sample at the end of August and expects supply to accelerate throughout the remainder of 2007 and 2008.
Mr. Lu added, "Yangguang's progress is already quite encouraging, with initial samples meeting our high standards for efficiency. Yangguang Solar appears to be well on its way of meeting our previously announced year-end capacity targets of 20 MW in 2007 and 60-80 MW in 2008. Yangguang Solar remains an important component of our strategy to vertically integrate upstream and secure a dependable, high-quality, low-cost supply of polysilicon wafers."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
http://www.solarfun.com.cn
SALES
Solarfun secured three large multi-year framework commitments for over 185 MW of photovoltaic modules at the 22nd European Photovoltaic Solar Conference and Exhibition in Milan, Italy in early September. Initial shipments are expected to start as early as October 2007. Each of these customers is large and well-known company in Europe and is expected to significantly strengthen Solarfun's customer base and distribution network globally.
The Company also continued to meet its goal of strengthening its sales team with international experience. Christian Dorn, a 14-year veteran of electronics and solar product sales in Europe, joined the Company as Sales Director of Germany.
Mr. Dorn was most recently Managing Director at TOTAL Energie Deutschland GmbH.
SUPPLY
Solarfun signed its first non-domestic long-term agreement with an undisclosed supplier. Deliveries of wafer are expected to begin immediately and extend up to seven years. The contract calls for deliveries of 10 MW in 2008 and increasing to over 30 MW per year during the period of 2009-2013.
Mr. Yonghua Lu, Chairman and CEO of Solarfun, commented, "This agreement is the first step to securing high-quality and reasonably priced polysilicon supply outside of China. Given the ongoing tight supply of polysilicon worldwide, we continue to try to build relationships with and secure other sources of large-scale non-domestic supply of both wafer and polysilicon."
PRODUCTION
Solarfun's expansion plans remain on schedule. Construction of cell lines 7-8 are on schedule and are expected to commence commercial production in October. The Company has also secured equipment and is confident that cell lines 9-12 will begin full-scale production by mid-2008. Year-end manufacturing capacity targets remain on track, with total Cell capacity expected to reach 240 MW by the end of 2007 and 360 MW by the end of 2008.
The Company continues to Add seasoned management with manufacturing experience in recognition of the increasing demands of increasing production scale and maintaining the Company's reputation for high-quality, low-cost production. Solarfun recently hired Mr. Gao Zhoumiao as Vice President, Operations. He joins Solarfun from Advanced Semiconductor Manufacturing Corporation of Shanghai (ASMC), which is a subsidiary of Philips, where he gained 18 years of experience managing their manufacturing operations.
Mr. Lu commented, "We are happy to welcome Mr. Gao to our management team. His experience will strengthen our focus on continuing improvement in manufacturing quality, efficiency and yield."
JOINT VENTURE PROGRESS
Progress at Solarfun's 52%-owned joint venture company, Jiangsu Yangguang Solar Technology Co. Ltd. ("Yangguang Solar"), is on schedule. The Company received its first wafer sample at the end of August and expects supply to accelerate throughout the remainder of 2007 and 2008.
Mr. Lu added, "Yangguang's progress is already quite encouraging, with initial samples meeting our high standards for efficiency. Yangguang Solar appears to be well on its way of meeting our previously announced year-end capacity targets of 20 MW in 2007 and 60-80 MW in 2008. Yangguang Solar remains an important component of our strategy to vertically integrate upstream and secure a dependable, high-quality, low-cost supply of polysilicon wafers."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
http://www.solarfun.com.cn
Friday, September 7, 2007
LDK Solar Secures EPCM Services for Construction of Polysilicon Manufacturing Facilities in Xinyu City, PRC
September 07, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Sept. 7 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today announced that it has signed an agreement with Fluor Corporation to provide general engineering, procurement, construction management (EPCM) services for LDK's polysilicon manufacturing plant at its Xinyu, Jiangxi headquarters. The total contract is in excess of $1 billion.
This signed agreement is in line with the company's publicly announced plans to complete construction and reach a production capacity of up to 6,000 metric tons of polysilicon by the end of 2008 and 15,000 metric tons by the end of 2009. The company has also indicated that it plans to commence volume production by the end of 2008.
"We are pleased that Fluor will work with us to achieve high-quality construction management standards during this significant endeavor. Our partnership with a reputable EPCM service provider reiterates our commitment to remaining on schedule and within budget in establishing its polysilicon production plant," said Mr. Xiaofeng Peng, Chairman and Chief Executive Officer. "Speed of execution will be a key to this agreement, and there will be an incentive to Fluor if this project is performed ahead of schedule and below budget. This latest agreement once again demonstrates execution of our strategy as we align our resources to facilitate our capacity expansion plans."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Fluor
Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $14.1 billion in 2006. For more information visit http://www.fluor.com.
XINYU CITY, China and SUNNYVALE, Calif., Sept. 7 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today announced that it has signed an agreement with Fluor Corporation to provide general engineering, procurement, construction management (EPCM) services for LDK's polysilicon manufacturing plant at its Xinyu, Jiangxi headquarters. The total contract is in excess of $1 billion.
This signed agreement is in line with the company's publicly announced plans to complete construction and reach a production capacity of up to 6,000 metric tons of polysilicon by the end of 2008 and 15,000 metric tons by the end of 2009. The company has also indicated that it plans to commence volume production by the end of 2008.
"We are pleased that Fluor will work with us to achieve high-quality construction management standards during this significant endeavor. Our partnership with a reputable EPCM service provider reiterates our commitment to remaining on schedule and within budget in establishing its polysilicon production plant," said Mr. Xiaofeng Peng, Chairman and Chief Executive Officer. "Speed of execution will be a key to this agreement, and there will be an incentive to Fluor if this project is performed ahead of schedule and below budget. This latest agreement once again demonstrates execution of our strategy as we align our resources to facilitate our capacity expansion plans."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Fluor
Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $14.1 billion in 2006. For more information visit http://www.fluor.com.
Thursday, August 30, 2007
LDK Solar Signs Pact To Supply Multicrystalline Solar Wafers To NSP
Wednesday, August 29, 2007; Posted: 03:41 AM
(RTTNews) - LDK Solar Co., Ltd. on Wednesday reported that it has signed a contract to supply multicrystalline solar wafers to Taiwan-based Neo Solar Power Corp.
As per terms of the deal, LDK Solar would deliver multicrystalline solar wafers to Neo Solar Power, or NSP, at a price of about US$495 million through the end of 2009.
NSP said that this wafer supply deal further strengthens its silicon supply chain for the production of high quality solar cells. Moreover, this relationship gives NSP a great opportunity to strengthen its competitive position in the marketplace.
(RTTNews) - LDK Solar Co., Ltd. on Wednesday reported that it has signed a contract to supply multicrystalline solar wafers to Taiwan-based Neo Solar Power Corp.
As per terms of the deal, LDK Solar would deliver multicrystalline solar wafers to Neo Solar Power, or NSP, at a price of about US$495 million through the end of 2009.
NSP said that this wafer supply deal further strengthens its silicon supply chain for the production of high quality solar cells. Moreover, this relationship gives NSP a great opportunity to strengthen its competitive position in the marketplace.
Monday, August 20, 2007
LDK Solar Breaks Ground on Polysilicon Production Plant at Its Manufacturing Facilities in Xinyu City
Monday August 20, 3:15 am ET
XINYU CITY, China and SUNNYVALE, Calif., Aug. 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK - News), a leading manufacturer of multicrystalline solar wafers, announced that the company hosted a groundbreaking ceremony on August 18, 2007 to celebrate the commencement of construction on its polysilicon production plant. This event was hosted by Mr. Xiaofeng Peng, Founder, Chairman and CEO. Attending the ceremony as the key honorable guest was Mr. Xinxiong Wu, Governor of Jiangxi Province with many other honorable guests from Beijing, Shanghai, Hong Kong, Taiwan, Japan, Korea, the U.S., Europe, India and other parts of the world to celebrate this event.
The polysilicon production plant will be located adjacent to LDK's current solar wafer manufacturing facilities in Xinyu City, China. This groundbreaking is in line with the company's publicly announced plans to complete construction and reach a production capacity of up to 6,000 metric tons of polysilicon by the end of 2008 and 15,000 metric tons by the end of 2009. The Company has also indicated that it plans to commence volume production by the end of 2008.
"Today's groundbreaking represents a notable milestone for LDK as we move forward with our plans to establish in-house polysilicon production and build upon our technical and operational expertise," said Mr. Peng. "We are very proud of the speed of the preparations leading to the groundbreaking and see this achievement as a demonstration of our commitment to becoming the largest and lowest cost wafer producer in the solar industry."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
XINYU CITY, China and SUNNYVALE, Calif., Aug. 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK - News), a leading manufacturer of multicrystalline solar wafers, announced that the company hosted a groundbreaking ceremony on August 18, 2007 to celebrate the commencement of construction on its polysilicon production plant. This event was hosted by Mr. Xiaofeng Peng, Founder, Chairman and CEO. Attending the ceremony as the key honorable guest was Mr. Xinxiong Wu, Governor of Jiangxi Province with many other honorable guests from Beijing, Shanghai, Hong Kong, Taiwan, Japan, Korea, the U.S., Europe, India and other parts of the world to celebrate this event.
The polysilicon production plant will be located adjacent to LDK's current solar wafer manufacturing facilities in Xinyu City, China. This groundbreaking is in line with the company's publicly announced plans to complete construction and reach a production capacity of up to 6,000 metric tons of polysilicon by the end of 2008 and 15,000 metric tons by the end of 2009. The Company has also indicated that it plans to commence volume production by the end of 2008.
"Today's groundbreaking represents a notable milestone for LDK as we move forward with our plans to establish in-house polysilicon production and build upon our technical and operational expertise," said Mr. Peng. "We are very proud of the speed of the preparations leading to the groundbreaking and see this achievement as a demonstration of our commitment to becoming the largest and lowest cost wafer producer in the solar industry."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
Saturday, August 18, 2007
LDK Solar Secures Agreement for the Supply of Wafers to Chuan-Yi Investment Corporation
August 16, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Aug. 16 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to supply multicrystalline solar wafers to Taiwan-based Chuan-Yi Investment Corporation.
Under terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to Chuan-Yi valued at approximately US$516 million over a three-year period.
"We are very excited to have the opportunity to add Chuan-Yi to our growing list of global customers," stated Xiaofeng Peng, Chairman and CEO. "This agreement advances our strategy of broadening our customer base and demonstrates our position as a leading manufacturer of solar wafers. We look forward to supporting the long-term growth and success of Chuan-Yi."
"We are delighted to secure such a significant amount of high-quality solar-grade silicon wafers from LDK," commented Jin-Jiang Yeh, Chairman of Chuan-Yi. "This contract enhances Chuan-Yi's ability to promote the combined applications of solar power and LED. We look forward to building an enduring relationship with LDK in support of our future growth."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Chuan-Yi Investment Corporation
Chuan-Yi, an affiliate of Everlight Electronics Co., Ltd., is an investment firm focused on the optoelectronic industry in Taiwan. Established in 1983, Everlight is a leading international LED company.
XINYU CITY, China and SUNNYVALE, Calif., Aug. 16 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to supply multicrystalline solar wafers to Taiwan-based Chuan-Yi Investment Corporation.
Under terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to Chuan-Yi valued at approximately US$516 million over a three-year period.
"We are very excited to have the opportunity to add Chuan-Yi to our growing list of global customers," stated Xiaofeng Peng, Chairman and CEO. "This agreement advances our strategy of broadening our customer base and demonstrates our position as a leading manufacturer of solar wafers. We look forward to supporting the long-term growth and success of Chuan-Yi."
"We are delighted to secure such a significant amount of high-quality solar-grade silicon wafers from LDK," commented Jin-Jiang Yeh, Chairman of Chuan-Yi. "This contract enhances Chuan-Yi's ability to promote the combined applications of solar power and LED. We look forward to building an enduring relationship with LDK in support of our future growth."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About Chuan-Yi Investment Corporation
Chuan-Yi, an affiliate of Everlight Electronics Co., Ltd., is an investment firm focused on the optoelectronic industry in Taiwan. Established in 1983, Everlight is a leading international LED company.
Saturday, August 4, 2007
LDK Solar Reports Financial Results for the Second Quarter 2007
August 01, 2007: 04:05 PM EST
XINYU CITY, China and SUNNYVALE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the second quarter ended June 30, 2007.
All financial results are reported on a U.S. GAAP basis.
Second Quarter 2007 Financial Highlights:
-- Revenue of $99.1 million, up 716% from the year ago quarter
-- Gross profit of $34.9 million, up 1,265% from the year ago quarter
-- Net income of $28.7 million, or $0.29 per diluted ADS, up 2,083% from the year ago quarter
-- Increased annualized multicrystalline wafer production capacity from 215 MW to 300 MW, up 40% quarter-over-quarter
Net sales for the second quarter of fiscal 2007 were $99.1 million, up 35% sequentially from $73.4 million for the first quarter of fiscal 2007, and up 716% year-over-year from $12.1 million for the second quarter of fiscal 2006.
Gross profit for the second quarter of fiscal 2007 was $34.9 million, up 23% sequentially from $28.4 million for the first quarter of fiscal 2007, and up 1,265% year-over-year from $2.6 million for the second quarter of fiscal 2006. Gross margin for the second quarter of fiscal 2007 was 35.2%, compared with 38.7% in the first quarter of fiscal 2007 and 21.0% in the second quarter of fiscal 2006.
Net income for the second quarter of fiscal 2007 was $28.7 million, or $0.29 per diluted ADS, compared to net income of $24.5 million, or $0.27 per diluted ADS for the first quarter of fiscal 2007, and $1.3 million, or $0.02 per diluted ADS for the second quarter of fiscal 2006.
The Company ended the second quarter of fiscal 2007 with $250.6 million in cash and cash equivalents.
"We are pleased to report strong results for the second quarter, our first as a public company," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Our results demonstrate our success in providing our customers, leading global solar cell and module manufacturers, with high-quality multicrystalline solar wafers at significant cost advantages. During the quarter, we executed our growth strategy on plan and continued the rapid expansion of our production capacity. In addition to ramping our production lines, we continued to make progress on our cost reduction efforts through further advancements of our production processes.
"We recently ordered additional DSS furnaces and wire saws to further expand our manufacturing capacity to 1,600 MW by the end of 2009. We also announced the purchase of polysilicon production equipment, enabling LDK to produce virgin silicon feedstock. By augmenting our strategy upstream, we believe we will enhance our cost efficiencies," concluded Mr. Peng.
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.
For the third quarter of fiscal 2007, LDK estimates revenue is expected to be in the range of $115 to $125 million and fully diluted earnings per ADS of $0.29 to $0.32.
Conference Call Details
The LDK Second Quarter teleconference and webcast is scheduled to begin at 5:00 p.m. Eastern Time (ET), on Wednesday, August 1, 2007. To listen to the live conference call, please dial 800-257-6607 (within U.S.) or 303-262-2006 (outside U.S.) at 4:50 p.m. ET on August 1, 2007. An audio replay of the call will be available to investors through August 6, 2007, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11093873#.
A live webcast of the call will be available on the company's investor relations website at http://investor.ldksolar.com.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
XINYU CITY, China and SUNNYVALE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the second quarter ended June 30, 2007.
All financial results are reported on a U.S. GAAP basis.
Second Quarter 2007 Financial Highlights:
-- Revenue of $99.1 million, up 716% from the year ago quarter
-- Gross profit of $34.9 million, up 1,265% from the year ago quarter
-- Net income of $28.7 million, or $0.29 per diluted ADS, up 2,083% from the year ago quarter
-- Increased annualized multicrystalline wafer production capacity from 215 MW to 300 MW, up 40% quarter-over-quarter
Net sales for the second quarter of fiscal 2007 were $99.1 million, up 35% sequentially from $73.4 million for the first quarter of fiscal 2007, and up 716% year-over-year from $12.1 million for the second quarter of fiscal 2006.
Gross profit for the second quarter of fiscal 2007 was $34.9 million, up 23% sequentially from $28.4 million for the first quarter of fiscal 2007, and up 1,265% year-over-year from $2.6 million for the second quarter of fiscal 2006. Gross margin for the second quarter of fiscal 2007 was 35.2%, compared with 38.7% in the first quarter of fiscal 2007 and 21.0% in the second quarter of fiscal 2006.
Net income for the second quarter of fiscal 2007 was $28.7 million, or $0.29 per diluted ADS, compared to net income of $24.5 million, or $0.27 per diluted ADS for the first quarter of fiscal 2007, and $1.3 million, or $0.02 per diluted ADS for the second quarter of fiscal 2006.
The Company ended the second quarter of fiscal 2007 with $250.6 million in cash and cash equivalents.
"We are pleased to report strong results for the second quarter, our first as a public company," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Our results demonstrate our success in providing our customers, leading global solar cell and module manufacturers, with high-quality multicrystalline solar wafers at significant cost advantages. During the quarter, we executed our growth strategy on plan and continued the rapid expansion of our production capacity. In addition to ramping our production lines, we continued to make progress on our cost reduction efforts through further advancements of our production processes.
"We recently ordered additional DSS furnaces and wire saws to further expand our manufacturing capacity to 1,600 MW by the end of 2009. We also announced the purchase of polysilicon production equipment, enabling LDK to produce virgin silicon feedstock. By augmenting our strategy upstream, we believe we will enhance our cost efficiencies," concluded Mr. Peng.
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.
For the third quarter of fiscal 2007, LDK estimates revenue is expected to be in the range of $115 to $125 million and fully diluted earnings per ADS of $0.29 to $0.32.
Conference Call Details
The LDK Second Quarter teleconference and webcast is scheduled to begin at 5:00 p.m. Eastern Time (ET), on Wednesday, August 1, 2007. To listen to the live conference call, please dial 800-257-6607 (within U.S.) or 303-262-2006 (outside U.S.) at 4:50 p.m. ET on August 1, 2007. An audio replay of the call will be available to investors through August 6, 2007, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11093873#.
A live webcast of the call will be available on the company's investor relations website at http://investor.ldksolar.com.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
Saturday, July 21, 2007
LDK Solar Signs Contract to Purchase Polysilicon Production Equipment from GT Solar
July 20, 2007: 08:30 AM EST
XINYU CITY, China and SUNNYVALE, Calif., July 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to purchase polysilicon production equipment from U.S.-based GT Solar Incorporated, a subsidiary of GT Solar International, Inc.
Under this contract, LDK Solar will purchase polysilicon reactors and other polysilicon production equipment for installation in its manufacturing facilities in Xinyu City, enabling the Company to produce virgin silicon feedstock for use in its production of multicrystalline solar wafers. LDK expects that following installation of this equipment, the Company will have polysilicon production capacity of up to 6,000 metric tons in 2008 and 15,000 metric tons in 2009.
"Through the purchase of this equipment, we are expanding our capabilities in the solar value chain, adding the production of pure polysilicon to our operations," stated Xiaofeng Peng, Chairman and CEO. "In combination with our ability to use recyclable polysilicon in our production process, producing our own pure polysilicon feedstock will enhance our cost efficiencies.
"We look forward to working with GT Solar and installing their best-in- class polysilicon production equipment into our manufacturing facilities. Our purchase contract with GT Solar is a key element of our expanding production plans," concluded Mr. Peng.
"We are excited to work with an industry leader, LDK, in providing them with the equipment that supports their operational expansion," stated Tom Zarrella, President and CEO of GT Solar International.
GT's VP for Polysilicon, David Keck, stated, "LDK has plans to become a leader in polysilicon production, so we are pleased to be working with them and to continue our long standing relationship."
LDK Sr. VP of manufacturing, Nick Sarno, also stated, "This is an exciting day for LDK Solar as the Company has taken one more step toward becoming the world leader in low cost solar wafer manufacturing by securing future polysilicon supplies. The LDK team is looking forward to working with GT Solar and, in particular, with the team headed by Dave Keck. The future offers both challenges and great rewards for all involved."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About GT Solar
GT is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions to the PV industry. Based in Merrimack, NH (USA), the company's products include equipment used to produce multicrystalline solar wafers, cells, modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
XINYU CITY, China and SUNNYVALE, Calif., July 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to purchase polysilicon production equipment from U.S.-based GT Solar Incorporated, a subsidiary of GT Solar International, Inc.
Under this contract, LDK Solar will purchase polysilicon reactors and other polysilicon production equipment for installation in its manufacturing facilities in Xinyu City, enabling the Company to produce virgin silicon feedstock for use in its production of multicrystalline solar wafers. LDK expects that following installation of this equipment, the Company will have polysilicon production capacity of up to 6,000 metric tons in 2008 and 15,000 metric tons in 2009.
"Through the purchase of this equipment, we are expanding our capabilities in the solar value chain, adding the production of pure polysilicon to our operations," stated Xiaofeng Peng, Chairman and CEO. "In combination with our ability to use recyclable polysilicon in our production process, producing our own pure polysilicon feedstock will enhance our cost efficiencies.
"We look forward to working with GT Solar and installing their best-in- class polysilicon production equipment into our manufacturing facilities. Our purchase contract with GT Solar is a key element of our expanding production plans," concluded Mr. Peng.
"We are excited to work with an industry leader, LDK, in providing them with the equipment that supports their operational expansion," stated Tom Zarrella, President and CEO of GT Solar International.
GT's VP for Polysilicon, David Keck, stated, "LDK has plans to become a leader in polysilicon production, so we are pleased to be working with them and to continue our long standing relationship."
LDK Sr. VP of manufacturing, Nick Sarno, also stated, "This is an exciting day for LDK Solar as the Company has taken one more step toward becoming the world leader in low cost solar wafer manufacturing by securing future polysilicon supplies. The LDK team is looking forward to working with GT Solar and, in particular, with the team headed by Dave Keck. The future offers both challenges and great rewards for all involved."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About GT Solar
GT is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions to the PV industry. Based in Merrimack, NH (USA), the company's products include equipment used to produce multicrystalline solar wafers, cells, modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
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