SHANGHAI, China, Dec 02, 2008 (BUSINESS WIRE) -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") , a vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the third quarter ended September 30, 2008.
2008 THIRD QUARTER RESULTS
-- Net revenue was RMB 1,275 million (US$187.8 million), an increase of 69.1% from the third quarter of 2007, but down 5.7% from the second quarter of 2008.
-- Results were influenced by a total non-cash provision of US$16.5 million for inventory revaluation (US$12.9 million) and expected losses on pre-payments. Provisions were necessary as a result of mark-to-market inventory valuations in a period of rapidly declining raw material costs and some low-quality materials determined to be unusable, as well as supply pre-payments that were determined to be "at risk" and likely to not be recoverable.
-- PV module shipments reached 41.8 MW, representing an increase of 53% from the third quarter of 2007, and a slight decline from 43.1 MW in the second quarter of 2008. The Company's ability to meet customer demand was curtailed by lack of polysilicon material delivery.
-- Average selling price ("ASP") continued to be robust at US$4.04, but declined, as expected, from US$4.17 in the second quarter of 2008. This was primarily due to the weakening Euro against the U.S. Dollar. Business continued to be centered in Europe, with Germany and Spain accounting for 53% and 24% of net revenue in this quarter, respectively.
-- Gross profit was RMB 46.1 million (US$6.8 million), down 61.6% from RMB17.7 million in the third quarter of 2007, and also down from US$27.3 million in the second quarter of 2008.
-- Gross margin was 3.6% and was negatively impacted by the aforementioned provisions, as well as polysilicon-related material costs that continued to remain high during the quarter. Without the provisions, gross margins from normal operations would have reached 12.4%, which would have been in-line with previously expressed expectations.
-- The operating loss was RMB 25.9 million (US$3.8 million). Before provisions, operating income was RMB 86.3 million (US$12.7 million), or 6.8% of total revenues. Selling expenses were RMB 20.2 million (US$3.0 million), which was below the second quarter of 2008 due to an adjustment in accrued commission expenses.
-- Interest expense declined nearly US$1 million from the second quarter of 2008 to RMB 21.6 million (US$3.2 million) due to a reduction in outstanding bank debts and lower interest rates from refinancing.
-- The total exchange rate gain was US$0.4 million. The Company recorded a RMB 30 million (US$4.4 million) currency loss largely as a result of the impact of the declining Euro against the U.S. dollar, but was able to more than offset this through its foreign exchange hedging program, which resulted in a RMB 32.8 million (US$4.8 million) gain.
-- The net loss was RMB 44.3 million (US$6.5 million). The loss per basic ADS was RMB 0.86 or US$0.13. Before provision adjustments, net income and earnings per basic ADS would have been US$8.3 million and US$0.16, respectively.
Harold Hoskens, CEO of Solarfun, commented, "The third quarter was quite challenging in some respects. The unexpected shortfall in polysilicon material supply was certainly disappointing. This constrained our short-term ability to grow volume and fulfill customer demand. Our financial results were also impacted by the inventory and pre-payment-related provisions. We felt it necessary in view of the rapidly declining costs for polysilicon-related raw materials to adjust our inventory valuations, as well as account for any "at risk" pre-payments. Although current global economic and financial conditions remain uncertain, and we are not immune to these factors, we are maintaining a high degree of optimism in our ability to compete and grow in what we believe is undeniably a burgeoning market in the long-term as renewable energy continues to grow in acceptance. These macro conditions have impacted, and will continue to impact, the demand and pricing for photovoltaic-based solar products. However, we believe that the rapidly declining costs for polysilicon, combined with our low-cost manufacturing base, increasingly vertically integrated production process, customer loyalty and financial stability, will allow us to weather this environment and emerge as a stronger and viable long term player.
FINANCIAL POSITION
As of September 30, 2008, the Company had cash and cash equivalents of RMB 511.4 million (US$75.3 million) and working capital of RMB 2.1 billion (US$310.2 million). Total bank borrowings were RMB 1.2 billion (US$177.3 million), which was down from the previous quarter. During the quarter, the Company raised US$71.9 million in net proceeds from the sale of 5,421,093 ADSs via a sales agency agreement with Morgan Stanley & Co.
The Company continued to focus on working capital management and achieved another quarter-to-quarter reduction in days sales outstanding and inventory turnover days from 37 days and 63 days to 28 days and 58 days, respectively.
The Company spent US$16 million in capital expenditures, US$13 million for supply prepayments, and US$26 million in acquisition costs for the remaining 48% interest in Jiangsu Yangguang Solar, a silicon ingot producer.
THIRD QUARTER 2008 AND RECENT BUSINESS HIGHLIGHTS
The Company made a number of significant achievements, including:
-- Reached an agreement with Q-Cells AG, pending confirmation of both Boards and based on a previously signed letter of intent, for a three-year manufacturing services agreement for purchase by Q-Cells of 100 MW of PV modules per annum for three years beginning in early 2009. The agreement also provides for PV module technology cooperation.
-- Completed and successfully started operations of 120 MW of additional cell and module capacity. The Company's total nameplate capacity is now 360 MW.
-- Entered into an eight-year, 1.2 gigawatt contract for virgin polysilicon with GCL Silicon Technology.
-- Made significant progress towards vertical-integration, with continued expansion and increased operating volumes at its ingot and wafer slicing operations. The Company expects to end 2008 with 100 MW of wafer capacity (ingot and wire saw), and reach 250 MW by mid-2009.
-- Signed significant binding agreements with key customers, including a 47 MW contract to supply PV modules to Schuco International KG with installations targeted for the Middle East and southeast Europe, and a 30 MW contract to supply PV modules to Martifer Solar Sistemas Solares, a Portugal-based leading solar project developer, installer and producer in Europe.
BUSINESS OUTLOOK
The Company recognizes that the current operating environment is evolving rapidly and is less predictable than in previous periods. In light of these uncertainties and based on current operating trends and market conditions, the Company provides the following outlook:
For the fourth quarter of 2008, management expects:
-- Total 2008 shipments to be at or slightly below the low end of its previously stated guidance of 175 to 190 MW. ASPs in constant Euro terms will decline from the third quarter of 2008 by less than 5%.
-- Gross margin to improve from the third quarter of 2008, reflecting the positive impact of vertical integration, somewhat offset by the strengthening U.S. dollar.
-- Capital expenditures, supply pre-payments and further acquisition payments to be approximately US$100 million.
For the full year of 2009, management expects:
-- Shipment gains of 50%, although this will not be reflected in first quarter volumes. The Company currently has signed binding contracts with key customers totaling 150 MW. These contracts all include a commitment from the customer to provide cash or other monetary guarantees to Solarfun before the end of 2008.
-- ASP to decline 5 to 10% in constant Euro terms from the fourth quarter of 2008.
-- The relative rate of decline in ASPs to be more than offset by lower polysilicon pricing. With an increasing percentage of total wafer volume coming from the Company's in-house facilities, management believes that gross margins could reach 10 to 15%.
-- Raw material availability to be more than sufficient to meet expected demand. The Company is well positioned to take advantage of rapidly declining polysilicon prices. For 60% of the Company's polysilicon and wafer requirements, price levels will be determined based on prevailing market conditions.
-- A larger part of the Company's total wafer volume to come from in-house facilities, which should create greater opportunities for cost optimization and technical innovation.
-- Capacity expansion to be placed on hold until the demand picture becomes more clear.
-- Funding is expected to be adequate to meet 2009 anticipated spending requirements through a combination of cash on hand and access to commercial bank lines of credit. Management anticipates a return to cash flow positive during the second half of 2009.
Harold Hoskens concluded by stating, "Solarfun faces all the same near-term challenges as our competitors and our ability to predict our results with certainty is also reduced. However, we are confident that our longer-term competitive position as a low-cost converter of polysilicon will be enhanced during this period of dynamic market changes. Over the past year, we deliberately avoided signing long term polysilicon supply contracts with the belief that pricing was excessive. While the strategy was painful in the short term, we believe we are much better positioned now in this rapidly evolving environment of greater raw material supply and lower prices. Our customer traction is solid and growing, our quality is respected in the marketplace and improving, and we are prepared to profitably operate within the new industry dynamic. In the end, 2009 will prove to be a critical juncture for our industry; module supply/demand will be rationalized as players retrench from aggressive expansion plans, small or less-capitalized competitors face increasing challenges, and growth in demand in newer solar markets starts to overtake the large traditional markets in Europe. Ultimately, lower module prices will drive additional demand worldwide. We are optimistic that our low cost structure, flexible raw material purchasing program and vertical integration strategy will allow us to improve profitability and meet the near-term challenges confronting us."
Showing posts with label silicon ingot. Show all posts
Showing posts with label silicon ingot. Show all posts
Wednesday, December 3, 2008
Tuesday, November 18, 2008
Trina Solar to open Rotterdam warehouse
11/17/2008
ROTTERDAM: Changzhou, China-based Trina Solar plans to establish warehouse operations at the Port of Rotterdam in The Netherlands. Service is expected to begin in the fourth quarter of 2008, strengthening Trina Solar's distribution network and providing module supply functions to respond to customer delivery requests.
"We are pleased to announce the opening of our first warehouse in Europe, which will offer quality after-sales support to our customers and improve our module supply function. This demonstrates our continual commitment to provide excellent customer service and accessible and effective solutions to our customers," said Arturo Herrero, Trina Solar's Vice President of Sales and Marketing.
Trina Solar earlier this month selected San Francisco as the location for its North America base.
"This is an important step in our continuing commitment to deliver high quality Trina Solar PV modules to customers in the North American markets," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "As our geographic footprint continues to expand, we remain committed to a location with tremendous talent to provide the support and services that have allowed us to create strong customer relationships throughout the world."
Trina Solar manufactures solar photovoltaic products, including ingots wafers and cells, and assembles photovoltaic modules.
ROTTERDAM: Changzhou, China-based Trina Solar plans to establish warehouse operations at the Port of Rotterdam in The Netherlands. Service is expected to begin in the fourth quarter of 2008, strengthening Trina Solar's distribution network and providing module supply functions to respond to customer delivery requests.
"We are pleased to announce the opening of our first warehouse in Europe, which will offer quality after-sales support to our customers and improve our module supply function. This demonstrates our continual commitment to provide excellent customer service and accessible and effective solutions to our customers," said Arturo Herrero, Trina Solar's Vice President of Sales and Marketing.
Trina Solar earlier this month selected San Francisco as the location for its North America base.
"This is an important step in our continuing commitment to deliver high quality Trina Solar PV modules to customers in the North American markets," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "As our geographic footprint continues to expand, we remain committed to a location with tremendous talent to provide the support and services that have allowed us to create strong customer relationships throughout the world."
Trina Solar manufactures solar photovoltaic products, including ingots wafers and cells, and assembles photovoltaic modules.
Tuesday, October 28, 2008
Wafer Works signs 8-year supply deal for silicon
Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Tuesday 28 October 2008]
Wafer Works, a Taiwan-based producer of semiconductor-grade and solar-grade silicon wafers, on October 27 announced it has signed an 8-year contract with an international silicon material supplier for the period from January 2010 to December 2017.
The supply contract is primarily to meet demand for silicon material by Solargiga Energy, Wafer Works' subsidiary and a maker of solar-grade mono- and poly-crystalline silicon ingots/wafers in China, according to industry sources in Taiwan.
Solargiga is expanding its factory on a 4-hectare site located in Liaoning Province, northeastern China, with annual production capacity of monocrystalline silicon ingots/wafers to increase from an equivalent of 200MWp (megawatt-peak) currently to that of 400MWp in 2009, the sources pointed out. In addition, Solargiga will expand its annual production capacity of polycrystalline silicon ingots/wafers from an equivalent of less than 20MWp presently to that of 200MWp in 2009, the sources indicated.
Solargiga's total annual production capacity of crystalline silicon ingots/wafers in 2009 will reach an equivalent of 600MWp, with supply contracts and the spot market to each account for 50% of the needed silicon material, the sources noted.
Wafer Works, a Taiwan-based producer of semiconductor-grade and solar-grade silicon wafers, on October 27 announced it has signed an 8-year contract with an international silicon material supplier for the period from January 2010 to December 2017.
The supply contract is primarily to meet demand for silicon material by Solargiga Energy, Wafer Works' subsidiary and a maker of solar-grade mono- and poly-crystalline silicon ingots/wafers in China, according to industry sources in Taiwan.
Solargiga is expanding its factory on a 4-hectare site located in Liaoning Province, northeastern China, with annual production capacity of monocrystalline silicon ingots/wafers to increase from an equivalent of 200MWp (megawatt-peak) currently to that of 400MWp in 2009, the sources pointed out. In addition, Solargiga will expand its annual production capacity of polycrystalline silicon ingots/wafers from an equivalent of less than 20MWp presently to that of 200MWp in 2009, the sources indicated.
Solargiga's total annual production capacity of crystalline silicon ingots/wafers in 2009 will reach an equivalent of 600MWp, with supply contracts and the spot market to each account for 50% of the needed silicon material, the sources noted.
Solar wafer project breaks earth in Weifang, China
WEIFANG, Oct 27, 2008 (SinoCast via COMTEX) -- A solar wafer project built by a Hong Kong subsidiary wholly owned by Taiwan Tatung Company laid the foundation stone in the Weifang, Shandong Province on October 23, 2008.
With a total investment amounting to USD 300 million, the project is designed to have a wafer cutting capacity of 60MW in the first operational year and to hit 1,000MW within five years, bringing back annual sales of CNY 19 billion.
For a long time, the productive technology of solar wafers has been monopolized by ten plants affiliated to seven companies of the US, Japan, and Germany.
The Weifang Project gets support from a Japanese leading polycrystalline silicon manufacturer, and uses wire cutting technology to process silicon ingots, largely improving silicon wafer precision, and saving materials.
Tatung Company is a worldwide leader in designing and manufacturing digital consumer products, with strengths including LCD TVs, network-connected devices and household appliances. It also provides system integration service, and is well engaged in diversified fields like wire and cable, optical fiber cables, gas insulated switchgears, motors, generators, and transformers.
With a total investment amounting to USD 300 million, the project is designed to have a wafer cutting capacity of 60MW in the first operational year and to hit 1,000MW within five years, bringing back annual sales of CNY 19 billion.
For a long time, the productive technology of solar wafers has been monopolized by ten plants affiliated to seven companies of the US, Japan, and Germany.
The Weifang Project gets support from a Japanese leading polycrystalline silicon manufacturer, and uses wire cutting technology to process silicon ingots, largely improving silicon wafer precision, and saving materials.
Tatung Company is a worldwide leader in designing and manufacturing digital consumer products, with strengths including LCD TVs, network-connected devices and household appliances. It also provides system integration service, and is well engaged in diversified fields like wire and cable, optical fiber cables, gas insulated switchgears, motors, generators, and transformers.
Friday, October 24, 2008
China Sunergy inks multiyear silicon ingot deal with Hitachi High-Tech
23 October 2008
Solar-cell manufacturer China Sunergy has signed a multiyear deal with Hitachi High-Technologies for the supply of single-crystal 200-mm silicon ingots. HHT will provide a total volume of 1472 tons of material, the companies said, which will support the production of approximately 210 MW of solar cells during the duration of the contract.
HHT began shipping ingots to China Sunergy in September 2008 and will continue shipments through the end of 2011. While the pricing has been fixed for the 2008 shipments, China Sunergy and HHT said they will negotiate the ongoing price of silicon ingot every three months beginning in 2009, within a predetermined pricing range.
"This long-term partnership with a respected supplier such as HHT allows us to reduce our reliance on obtaining silicon material supplies from the volatile spot market," said Allen Wang, CEO of China Sunergy. "In addition to the high-quality silicon ingot improving our yields and output, I believe there are cost savings to be recognized from this deal, which will contribute to the long-term goal of strengthening our gross margin. We will continue to seek additional agreements with partners like HHT, as they will benefit China Sunergy by providing a reliable source of silicon through a flexible, favorable cost structure."
Nanjing-based China Sunergy announced last month that it will supply 10 MW of monocrystalline cells annually to Wuxi Guofei between 2009 and 2015. The cell manufacturer also signed a multiyear, $400 million wafer supply agreement with REC in June, which will provide the Chinese cell-maker with the Norwegian firm's monocrystalline 156-mm substrates until 2015.
-- Tom Cheyney
Solar-cell manufacturer China Sunergy has signed a multiyear deal with Hitachi High-Technologies for the supply of single-crystal 200-mm silicon ingots. HHT will provide a total volume of 1472 tons of material, the companies said, which will support the production of approximately 210 MW of solar cells during the duration of the contract.
HHT began shipping ingots to China Sunergy in September 2008 and will continue shipments through the end of 2011. While the pricing has been fixed for the 2008 shipments, China Sunergy and HHT said they will negotiate the ongoing price of silicon ingot every three months beginning in 2009, within a predetermined pricing range.
"This long-term partnership with a respected supplier such as HHT allows us to reduce our reliance on obtaining silicon material supplies from the volatile spot market," said Allen Wang, CEO of China Sunergy. "In addition to the high-quality silicon ingot improving our yields and output, I believe there are cost savings to be recognized from this deal, which will contribute to the long-term goal of strengthening our gross margin. We will continue to seek additional agreements with partners like HHT, as they will benefit China Sunergy by providing a reliable source of silicon through a flexible, favorable cost structure."
Nanjing-based China Sunergy announced last month that it will supply 10 MW of monocrystalline cells annually to Wuxi Guofei between 2009 and 2015. The cell manufacturer also signed a multiyear, $400 million wafer supply agreement with REC in June, which will provide the Chinese cell-maker with the Norwegian firm's monocrystalline 156-mm substrates until 2015.
-- Tom Cheyney
Wednesday, October 22, 2008
Taiwan-based Green Energy Technology invests in China maker of solar silicon wafers
Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Tuesday 21 October 2008]
Green Energy Technology (GET), a Taiwan-based producer of solar-grade polycrystalline silicon wafers, on October 20 announced its investment of US$5.05 million for a 40% stake in a new joint-venture provider of slicing solar-grade polycrystalline silicon ingots into wafers in northern China, according to GET.
The new provider, with does not yet have an English corporate name, begun factory construction earlier in October 2008 and is expected to start operation in the second half of 2009 with an initial annual production capacity equivalent to 60MWp, GET indicated. While the joint venture is to supply makers of solar cells in China, its establishment is in line with Tatung Group's business strategies of solar energy in the China market, GET pointed out. GET is a member of Tatung Group.
GET will expand its production capacity of polycrystalline silicon wafers in Taiwan through setting up additional lines of slicing ingots into wafers, the company indicated. The additional lines will be completed in the third quarter of 2009, with their aggregate capacity to account for 80% of EGT's total domestic capacity, the company noted.
Green Energy Technology (GET), a Taiwan-based producer of solar-grade polycrystalline silicon wafers, on October 20 announced its investment of US$5.05 million for a 40% stake in a new joint-venture provider of slicing solar-grade polycrystalline silicon ingots into wafers in northern China, according to GET.
The new provider, with does not yet have an English corporate name, begun factory construction earlier in October 2008 and is expected to start operation in the second half of 2009 with an initial annual production capacity equivalent to 60MWp, GET indicated. While the joint venture is to supply makers of solar cells in China, its establishment is in line with Tatung Group's business strategies of solar energy in the China market, GET pointed out. GET is a member of Tatung Group.
GET will expand its production capacity of polycrystalline silicon wafers in Taiwan through setting up additional lines of slicing ingots into wafers, the company indicated. The additional lines will be completed in the third quarter of 2009, with their aggregate capacity to account for 80% of EGT's total domestic capacity, the company noted.
Tuesday, October 14, 2008
China's JinkoSolar gets $35M
October 13, 2008
Silicon-wafer manufacturer looks at Israeli technology and international expansion ahead of IPO plans.
Shangrao, China-based JinkoSolar said today it raised $35 million in its second round of equity funding.
The round was led by the city of Shangrao, China Israel Value Capital, Shenzhen Capital Group and Israel's Pitango.
JinkoSolar, located in the Jiangxi province, uses a proprietary process involving recovered silicon materials and raw polysilicon to make silicon ingots, which the company makes into monocrystalline and multicrystalline wafers. JinkoSolar then sells the wafers for use in panels.
The company says it cuts wafers more thinly than competitors, which yields more wafers from the raw material and lowers the cost.
The price of polysilicon has been on the rise for the past seven years, recently hitting an all-time high of $400 per kilogram, according to ResearchInChina.
The new round of funding is expected to help the company access technologies from Israel and expand internationally, according to Chen Kang Ping, founder and CEO of JinkoSolar.
The investors said they are working to prepare JinkoSolar for an IPO on the Nasdaq "as soon as the markets are ready," according to Jin Haitao, chairman of Shenzhen Capital Group and general partner of China Israel Value Capital.
China Israel Value Capital's General Partner Ami Dotan said the company made the investment because JinkoSolar has secured long-term silicon supplies and sales contracts, "giving the company an edge over their competitors, especially due to the inconsistent silicon availability."
The solar market is likely to be oversupplied by late 2009 or early 2010, according to a report in September by Thomas Weisel Partners. The causes are an increasing polysilicon supply and rapid growth in the production capacity of silicon wafers. However, the report said, solar is still a healthy market, especially for companies with consistent silicon supplies and vertical integration.
Silicon-wafer manufacturer looks at Israeli technology and international expansion ahead of IPO plans.
Shangrao, China-based JinkoSolar said today it raised $35 million in its second round of equity funding.
The round was led by the city of Shangrao, China Israel Value Capital, Shenzhen Capital Group and Israel's Pitango.
JinkoSolar, located in the Jiangxi province, uses a proprietary process involving recovered silicon materials and raw polysilicon to make silicon ingots, which the company makes into monocrystalline and multicrystalline wafers. JinkoSolar then sells the wafers for use in panels.
The company says it cuts wafers more thinly than competitors, which yields more wafers from the raw material and lowers the cost.
The price of polysilicon has been on the rise for the past seven years, recently hitting an all-time high of $400 per kilogram, according to ResearchInChina.
The new round of funding is expected to help the company access technologies from Israel and expand internationally, according to Chen Kang Ping, founder and CEO of JinkoSolar.
The investors said they are working to prepare JinkoSolar for an IPO on the Nasdaq "as soon as the markets are ready," according to Jin Haitao, chairman of Shenzhen Capital Group and general partner of China Israel Value Capital.
China Israel Value Capital's General Partner Ami Dotan said the company made the investment because JinkoSolar has secured long-term silicon supplies and sales contracts, "giving the company an edge over their competitors, especially due to the inconsistent silicon availability."
The solar market is likely to be oversupplied by late 2009 or early 2010, according to a report in September by Thomas Weisel Partners. The causes are an increasing polysilicon supply and rapid growth in the production capacity of silicon wafers. However, the report said, solar is still a healthy market, especially for companies with consistent silicon supplies and vertical integration.
Saturday, August 30, 2008
Solarfun Signs Letter of Intent for Three Year Supply Agreement with Q-Cells
SHANGHAI, China, Aug 27, 2008 (BUSINESS WIRE) -- Solarfun Power Holdings Co., Ltd, an established vertically-integrated manufacturer of silicon ingots and photovoltaic ("PV") cells and modules in China, today announced that it has entered into a letter-of-intent for a three-year supply agreement with Q-Cells International, a 100% subsidiary of Q-Cells AG ("Q-Cells"), the world's largest independent manufacturer of solar cells.
Under the letter of intent, Q-Cells International intends to purchase from Solarfun a minimum of 100 MW of PV modules per annum using PV cells supplied by Q-Cells from 2009 through 2011. The modules shall be delivered according to Q-Cells design and specifications and used to serve Q-Cells International's rapidly growing systems businesses' requirements. In addition, both parties intend to complete an agreement whereby the companies will cooperate to further enhance the development of highly efficient and low cost PV solar modules.
Anton Milner, CEO of Q-Cells stated, "We are very pleased to establish this relationship with Solarfun which will support our growing needs for the rapidly expanding activities in Q-Cells International, in this case primarily outside of Europe. We aim to combine our high efficiency cells and Solarfun's competitive, flexible and high quality manufacturing base for solar modules to create high efficiency and cost effective module solutions for these systems. We believe that close cooperation between the two parties will provide each with opportunities to grow and compete effectively in the burgeoning field of renewable solar energy."
Solarfun CEO Harold Hoskens commented, "We believe this relationship is beneficial to both parties and provides a platform for further areas of cooperation. We are pleased that Q-Cells intends to choose us as a major module supplier with this sizeable commitment. Upon the expected entry into the contract, it will allow us to build additional scale, and leverage and enhance our corporate structure. We look forward to building further areas of cooperation and sharing process, product and application technology that could benefit both parties."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures ingots and PV cells and modules and supplies solar system integration services in China. The Company produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures the majority of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors and directly to system integrators. The Company 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
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of solar cells worldwide. In 2007, with some 1,800 employees, the company produced monocrystalline and multi-crystalline solar cells with a total performance of 389.2 megawatt peak and delivered them worldwide to manufacturers of solar modules. More than 200 scientists and engineers at Q-Cells are working on advancing the technology so as to achieve the objective of the company -- reducing photovoltaic costs quickly and on a sustained basis and making them competitive. In addition to the activities in its core business, from 2008 onwards several Q-Cells AG subsidiaries will be producing photovoltaic modules on the basis of various thin-film technologies. Q-Cells AG has branches in Hong Kong, China and Japan, is listed on the Frankfurt Stock Exchange (QCE; WKN555866) and included in the TecDAX, the German technology index.
Under the letter of intent, Q-Cells International intends to purchase from Solarfun a minimum of 100 MW of PV modules per annum using PV cells supplied by Q-Cells from 2009 through 2011. The modules shall be delivered according to Q-Cells design and specifications and used to serve Q-Cells International's rapidly growing systems businesses' requirements. In addition, both parties intend to complete an agreement whereby the companies will cooperate to further enhance the development of highly efficient and low cost PV solar modules.
Anton Milner, CEO of Q-Cells stated, "We are very pleased to establish this relationship with Solarfun which will support our growing needs for the rapidly expanding activities in Q-Cells International, in this case primarily outside of Europe. We aim to combine our high efficiency cells and Solarfun's competitive, flexible and high quality manufacturing base for solar modules to create high efficiency and cost effective module solutions for these systems. We believe that close cooperation between the two parties will provide each with opportunities to grow and compete effectively in the burgeoning field of renewable solar energy."
Solarfun CEO Harold Hoskens commented, "We believe this relationship is beneficial to both parties and provides a platform for further areas of cooperation. We are pleased that Q-Cells intends to choose us as a major module supplier with this sizeable commitment. Upon the expected entry into the contract, it will allow us to build additional scale, and leverage and enhance our corporate structure. We look forward to building further areas of cooperation and sharing process, product and application technology that could benefit both parties."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures ingots and PV cells and modules and supplies solar system integration services in China. The Company produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures the majority of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors and directly to system integrators. The Company 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
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of solar cells worldwide. In 2007, with some 1,800 employees, the company produced monocrystalline and multi-crystalline solar cells with a total performance of 389.2 megawatt peak and delivered them worldwide to manufacturers of solar modules. More than 200 scientists and engineers at Q-Cells are working on advancing the technology so as to achieve the objective of the company -- reducing photovoltaic costs quickly and on a sustained basis and making them competitive. In addition to the activities in its core business, from 2008 onwards several Q-Cells AG subsidiaries will be producing photovoltaic modules on the basis of various thin-film technologies. Q-Cells AG has branches in Hong Kong, China and Japan, is listed on the Frankfurt Stock Exchange (QCE; WKN555866) and included in the TecDAX, the German technology index.
Friday, March 28, 2008
Solarfun Reports 2007 Full-Year and Fourth Quarter Results
SHANGHAI, China, Mar 27, 2008 (BUSINESS WIRE) -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") (NASDAQ:SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic cells and modules in China, today reported its unaudited financial results for the fourth quarter and the year ended December 31, 2007.
2007 ANNUAL RESULTS
* Net revenue was RMB 2.395 billion (US$ 328.3 million), up 280% from 2006
* Total PV module shipments as reported were 78.4 MW, up 310% from 19.1 MW in 2006 (Note: Full year shipments were actually 80.6 MW. However, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q 07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price was $3.74 for 2007
* Gross profit reached RMB 397.8 million (US$54.5 million), rising over 116% from 2006
* Gross margins reached 16.6% for the full year 2007, showing continuing improvement beginning in 2Q07
* Net income was RMB 148.0 million (US$20.3 million), rising 40% from 2006
* Earnings per basic ADS were RMB 3.081 (US$ 0.42), down from RMB 4.76(US$0.60) in 2006. There was a 132% increase in basic shares outstanding as a result of the Company's initial public offering in December 2006
Mr. Yonghua Lu, Chairman of Solarfun commented, "The year 2007 was a period of significant progress for the Company and I believe established a foundation for further growth in the burgeoning PV industry. Our financial results met our expectations and showed progress in key measures such as revenue and profit growth. They are also a reflection of our increased scale, vertical integration, broadened customer base, and successful ability to secure supply of key raw materials to meet our growth objectives."
"Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 %-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China."
"We also achieved a few other significant milestones over the past year. We significantly strengthened our senior management team with a group of executives with relevant industry experience and global expertise and improved our internal management structure and discipline to keep pace with our rapid growth. Additionally, we believe that the increased share ownership of Good Energies provides us with access to significant additional industry expertise and will contribute to the long-term success of our business," concluded Chairman Lu.
FOURTH QUARTER 2007 HIGHLIGHTS
* Net revenue was RMB 987.8 million (US$ 135.4 million), a 304% increase over 4Q06 and a 31% increase from the 3Q07
* PV module shipments as reported totaled 28.1 MW, which was nearly three times higher than 4Q06 and continued successive quarter-over-quarter shipment increases. Module shipments were 27.3 MW in 3Q07 (Note: 4Q07 shipments were actually 30 MW. However, as mentioned above, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price ("ASP") was $3.85, which rose from $3.66 in 3Q07
* Gross profit rose 45.3 % from 3Q07 to RMB 174.5 million (US$ 23.9 million)
* Gross margin reached 17.7%, the third consecutive quarter-over-quarter increase.
* Operating expenses as a percent of sales were 8.3%, which was a decrease from 12.4% in 4Q06, but a rise from 7.0% in 3Q07.
* Exchange losses of RMB 3.3 million (US $ 0.5 million) were up from RMB 2.2 million in 4Q06 and RMB 0.70 million in 3Q07.
* Net income was RMB 66.4 million (US$ 9.1 million), a rise of 101% over 4Q06.
* Earnings per basic ADS were RMB 1.38 (US$ 0.19), an increase of 4.2% from RMB 1.32 (US$ 0.18 in 3Q07.
Harold Hoskens, CEO of Solarfun, noted "The fourth quarter concluded an outstanding year for the Company with sequential momentum in shipments, ASP's and gross margins. We had a non-recurring trend of increased G&A expenses during the quarter, due largely to a ramp-up in our infrastructure costs, including the consolidation of Yangguang, legal expenses associated with becoming a public company, including SOX compliance and audit fees, as well as a larger management infrastructure and non-cash items such as stock-based compensation."
FINANCIAL POSITION
As of December 31, 2007 the Company had cash and cash equivalents of RMB 273 million (US$ 37.4 million) and working capital of RMB 959.8 million (US$ 131.6 million). Total bank borrowings were RMB 980 million (US$ 134.3 million). Note that on January 29, 2008 the Company placed US $172.5 million of Convertible Senior Notes due 2018.
Net accounts receivable decreased to RMB 430.69 million (US$ 59 million) due to continued focus on cash management practices. Days sales outstanding (DSO's) improved to 51 days from 62 days in 3Q07.
MANAGEMENT CHANGES
On January 3, 2008 the Company announced the appointment of Harold Hoskens as CEO beginning on February 25, 2008. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan, Taiwan, where he recently served as Deputy CEO. Harold began his career with Royal Philips in 1988, and moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as CEO beginning in 2003.
Mr Lu continues to serve as Chairman and will remain actively involved in areas of strategic importance to Solarfun.
BUSINESS OUTLOOK
FIRST QUARTER 2008
Based on current operating trends and other conditions, Solarfun is providing first quarter 2008 and full year 2008 guidance as follows:
* Although the first quarter is not yet concluded, management believes that shipments for 1Q08 will continue to improve. Volumes are expected to be at least 35 MW. ASP's should remain strong and relatively constant.
* The Company was affected by the winter weather in China in February and continues to be affected by the relatively tight supply and increasing costs of polysilicon. Therefore, management would expect these factors to have some downward pressure on gross margins for the first quarter of 2008.
FULL YEAR 2008
* Based on existing sales and pricing, contracted supply agreements, and other expected business and industry conditions, management provided the following guidance for the full year 2008: The Company has sales contracts totaling over 160 MW (a level that is over double last year's 78.4MW) and expects prices to be flat or slightly higher from the $3.74 recorded for the full year 2007. Solarfun has secured supply of polysilicon on a contracted basis slightly exceeding its contracted sales volume.
* Capacity will increase from 240 MW to 360 MW by mid-year 2008.
* Management has seen a continued tightness of polysilicon supply and escalating prices on the spot market. With these conditions expected to exist throughout most or all of 2008, management believes some continued negative impact on gross margins from the level achieved in 2007.
CEO Harold Hoskens concluded, "2008 is a mix of opportunities and challenges. We believe Solarfun is well-positioned to continue to gain market share, expand scale, improve our manufacturing efficiencies, penetrate new markets, and develop and expand our supply chain in both China and elsewhere. Our management team, Board of Directors, and key shareholders are determined and committed to building shareholder value over the long term "
2007 ANNUAL RESULTS
* Net revenue was RMB 2.395 billion (US$ 328.3 million), up 280% from 2006
* Total PV module shipments as reported were 78.4 MW, up 310% from 19.1 MW in 2006 (Note: Full year shipments were actually 80.6 MW. However, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q 07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price was $3.74 for 2007
* Gross profit reached RMB 397.8 million (US$54.5 million), rising over 116% from 2006
* Gross margins reached 16.6% for the full year 2007, showing continuing improvement beginning in 2Q07
* Net income was RMB 148.0 million (US$20.3 million), rising 40% from 2006
* Earnings per basic ADS were RMB 3.081 (US$ 0.42), down from RMB 4.76(US$0.60) in 2006. There was a 132% increase in basic shares outstanding as a result of the Company's initial public offering in December 2006
Mr. Yonghua Lu, Chairman of Solarfun commented, "The year 2007 was a period of significant progress for the Company and I believe established a foundation for further growth in the burgeoning PV industry. Our financial results met our expectations and showed progress in key measures such as revenue and profit growth. They are also a reflection of our increased scale, vertical integration, broadened customer base, and successful ability to secure supply of key raw materials to meet our growth objectives."
"Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 %-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China."
"We also achieved a few other significant milestones over the past year. We significantly strengthened our senior management team with a group of executives with relevant industry experience and global expertise and improved our internal management structure and discipline to keep pace with our rapid growth. Additionally, we believe that the increased share ownership of Good Energies provides us with access to significant additional industry expertise and will contribute to the long-term success of our business," concluded Chairman Lu.
FOURTH QUARTER 2007 HIGHLIGHTS
* Net revenue was RMB 987.8 million (US$ 135.4 million), a 304% increase over 4Q06 and a 31% increase from the 3Q07
* PV module shipments as reported totaled 28.1 MW, which was nearly three times higher than 4Q06 and continued successive quarter-over-quarter shipment increases. Module shipments were 27.3 MW in 3Q07 (Note: 4Q07 shipments were actually 30 MW. However, as mentioned above, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price ("ASP") was $3.85, which rose from $3.66 in 3Q07
* Gross profit rose 45.3 % from 3Q07 to RMB 174.5 million (US$ 23.9 million)
* Gross margin reached 17.7%, the third consecutive quarter-over-quarter increase.
* Operating expenses as a percent of sales were 8.3%, which was a decrease from 12.4% in 4Q06, but a rise from 7.0% in 3Q07.
* Exchange losses of RMB 3.3 million (US $ 0.5 million) were up from RMB 2.2 million in 4Q06 and RMB 0.70 million in 3Q07.
* Net income was RMB 66.4 million (US$ 9.1 million), a rise of 101% over 4Q06.
* Earnings per basic ADS were RMB 1.38 (US$ 0.19), an increase of 4.2% from RMB 1.32 (US$ 0.18 in 3Q07.
Harold Hoskens, CEO of Solarfun, noted "The fourth quarter concluded an outstanding year for the Company with sequential momentum in shipments, ASP's and gross margins. We had a non-recurring trend of increased G&A expenses during the quarter, due largely to a ramp-up in our infrastructure costs, including the consolidation of Yangguang, legal expenses associated with becoming a public company, including SOX compliance and audit fees, as well as a larger management infrastructure and non-cash items such as stock-based compensation."
FINANCIAL POSITION
As of December 31, 2007 the Company had cash and cash equivalents of RMB 273 million (US$ 37.4 million) and working capital of RMB 959.8 million (US$ 131.6 million). Total bank borrowings were RMB 980 million (US$ 134.3 million). Note that on January 29, 2008 the Company placed US $172.5 million of Convertible Senior Notes due 2018.
Net accounts receivable decreased to RMB 430.69 million (US$ 59 million) due to continued focus on cash management practices. Days sales outstanding (DSO's) improved to 51 days from 62 days in 3Q07.
MANAGEMENT CHANGES
On January 3, 2008 the Company announced the appointment of Harold Hoskens as CEO beginning on February 25, 2008. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan, Taiwan, where he recently served as Deputy CEO. Harold began his career with Royal Philips in 1988, and moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as CEO beginning in 2003.
Mr Lu continues to serve as Chairman and will remain actively involved in areas of strategic importance to Solarfun.
BUSINESS OUTLOOK
FIRST QUARTER 2008
Based on current operating trends and other conditions, Solarfun is providing first quarter 2008 and full year 2008 guidance as follows:
* Although the first quarter is not yet concluded, management believes that shipments for 1Q08 will continue to improve. Volumes are expected to be at least 35 MW. ASP's should remain strong and relatively constant.
* The Company was affected by the winter weather in China in February and continues to be affected by the relatively tight supply and increasing costs of polysilicon. Therefore, management would expect these factors to have some downward pressure on gross margins for the first quarter of 2008.
FULL YEAR 2008
* Based on existing sales and pricing, contracted supply agreements, and other expected business and industry conditions, management provided the following guidance for the full year 2008: The Company has sales contracts totaling over 160 MW (a level that is over double last year's 78.4MW) and expects prices to be flat or slightly higher from the $3.74 recorded for the full year 2007. Solarfun has secured supply of polysilicon on a contracted basis slightly exceeding its contracted sales volume.
* Capacity will increase from 240 MW to 360 MW by mid-year 2008.
* Management has seen a continued tightness of polysilicon supply and escalating prices on the spot market. With these conditions expected to exist throughout most or all of 2008, management believes some continued negative impact on gross margins from the level achieved in 2007.
CEO Harold Hoskens concluded, "2008 is a mix of opportunities and challenges. We believe Solarfun is well-positioned to continue to gain market share, expand scale, improve our manufacturing efficiencies, penetrate new markets, and develop and expand our supply chain in both China and elsewhere. Our management team, Board of Directors, and key shareholders are determined and committed to building shareholder value over the long term "
Wednesday, February 20, 2008
Trina Solar Announces Operational Milestones
January 29, 2008
CHANGZHOU, China, Jan. 29 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited ("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 the following updates relating to its previously stated capacity, operational, and technology roadmap targets that were achieved in the quarter ended December 31, 2007:
-- 150MW integrated capacity achieved for ingot, wafer, cell and module production
-- Successful ramp up of new cell production lines No. 3-6
-- Increased in-house cell processing to over 75% for the Q4 2007 production
-- Realized in-house cell efficiency rates of up to 17.0% (monocrystalline) and 15.6% (multicrystalline)
-- Commenced commercial production of 220-watt multicrystalline-based modules
"We are extremely pleased to have reached several operational goals in the fourth quarter of 2007," said Trina Solar's Chairman and CEO, Jifan Gao. "We achieved all-time highs in both in-house cell efficiency and output rates for our six cell manufacturing lines, which will have notable impact on our margin expansion. Going forward, we will continue to focus on decreasing module manufacturing costs through additional gains in cell efficiencies, reduced polysilicon usage, and production scale advantages achieved by the execution of our technology roadmap. These advancements will continue to be driven by technology transfer, operational synergies and quality assurance advantages provided through our vertical manufacturing platform."
2008 Sales and Technology Roadmap Update
As of this date, the Company has pre-sold 100% and 75% of its first and second half 2008 targeted module production, respectively, representing approximately 85% of its targeted module production of 200-210 MW for 2008.
The Company plans to initiate production tests of 180 micron wafers and cells in the first half of the year, with goals to reduce thickness to 140 and 160 microns by 2010 for its mono- and multicrystalline-based cells, respectively. Cell efficiency rates are expected to reach approximately 19% and 18% by 2010 for mono- and multicrystalline-based cells, respectively, yielding module power to approximately 240-250 watts. In December 2007, the Company's existing and newly launched multicrystalline cell lines achieved average cell efficiency rates of 16.6% and 15.3%, respectively.
2008 and 2009 Silicon Feedstock
The Company has now secured over 80% of its estimated silicon feedstock requirements for 2008, an equivalent of approximately 165MW based on a module production target of 200-210MW of module output. Through its established supply channels and proprietary in-house processes, the Company continues to source up to 80% of its feedstock requirements from reclaimed silicon sources, resulting in cost savings of 30-50% over the spot market cost for virgin polysilicon. For its 2009 planned module production of 400MW, the Company has secured approximately 60% of its total feedstock requirements, or an equivalent of approximately 240MW. The Company's long-term polysilicon contracts currently account for over 40% of its total 2009 silicon requirements.
About Trina Solar Limited
Trina Solar Limited , 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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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 .
CHANGZHOU, China, Jan. 29 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited ("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 the following updates relating to its previously stated capacity, operational, and technology roadmap targets that were achieved in the quarter ended December 31, 2007:
-- 150MW integrated capacity achieved for ingot, wafer, cell and module production
-- Successful ramp up of new cell production lines No. 3-6
-- Increased in-house cell processing to over 75% for the Q4 2007 production
-- Realized in-house cell efficiency rates of up to 17.0% (monocrystalline) and 15.6% (multicrystalline)
-- Commenced commercial production of 220-watt multicrystalline-based modules
"We are extremely pleased to have reached several operational goals in the fourth quarter of 2007," said Trina Solar's Chairman and CEO, Jifan Gao. "We achieved all-time highs in both in-house cell efficiency and output rates for our six cell manufacturing lines, which will have notable impact on our margin expansion. Going forward, we will continue to focus on decreasing module manufacturing costs through additional gains in cell efficiencies, reduced polysilicon usage, and production scale advantages achieved by the execution of our technology roadmap. These advancements will continue to be driven by technology transfer, operational synergies and quality assurance advantages provided through our vertical manufacturing platform."
2008 Sales and Technology Roadmap Update
As of this date, the Company has pre-sold 100% and 75% of its first and second half 2008 targeted module production, respectively, representing approximately 85% of its targeted module production of 200-210 MW for 2008.
The Company plans to initiate production tests of 180 micron wafers and cells in the first half of the year, with goals to reduce thickness to 140 and 160 microns by 2010 for its mono- and multicrystalline-based cells, respectively. Cell efficiency rates are expected to reach approximately 19% and 18% by 2010 for mono- and multicrystalline-based cells, respectively, yielding module power to approximately 240-250 watts. In December 2007, the Company's existing and newly launched multicrystalline cell lines achieved average cell efficiency rates of 16.6% and 15.3%, respectively.
2008 and 2009 Silicon Feedstock
The Company has now secured over 80% of its estimated silicon feedstock requirements for 2008, an equivalent of approximately 165MW based on a module production target of 200-210MW of module output. Through its established supply channels and proprietary in-house processes, the Company continues to source up to 80% of its feedstock requirements from reclaimed silicon sources, resulting in cost savings of 30-50% over the spot market cost for virgin polysilicon. For its 2009 planned module production of 400MW, the Company has secured approximately 60% of its total feedstock requirements, or an equivalent of approximately 240MW. The Company's long-term polysilicon contracts currently account for over 40% of its total 2009 silicon requirements.
About Trina Solar Limited
Trina Solar Limited , 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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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 .
Solargiga Postpones IPO To Avoid Market "Turmoil"
Jan 29, 2008
Solargiga Energy Holdings Limited has tabled its plans for a Hong Kong initial public offering (IPO) until "adverse market conditions" subside, according to the company's January 28 filing with the Hong Kong Exchange (HKEx). Net proceeds from the IPO were expected to exceed HK$1 billion by mid-range estimates.
The company originally planned to begin trading on the main board of the HKEx on Friday, February 1. Solargiga manufactures monocrystalline silicon ingots used for PV cell components of solar energy generating systems.
Solargiga Energy Holdings Limited has tabled its plans for a Hong Kong initial public offering (IPO) until "adverse market conditions" subside, according to the company's January 28 filing with the Hong Kong Exchange (HKEx). Net proceeds from the IPO were expected to exceed HK$1 billion by mid-range estimates.
The company originally planned to begin trading on the main board of the HKEx on Friday, February 1. Solargiga manufactures monocrystalline silicon ingots used for PV cell components of solar energy generating systems.
Thursday, November 22, 2007
China Solar Grade Wafer Or Ingot Industry Research Report 2007
(PRLog.Org) – Nov 20, 2007 – According 2007 China solar grade wafer or ingot industry research report data, 2006 China Solar Silicon Wafer Shipment was 399.4 MW，Increased 177.6% than 143.9MW in 2005, and hopefully reach 927.6 MW in 2007, increase 132.2% than 2006.
Though It was a rapid growth of Solar Wafer Shipment. It was less than its downstream solar cell Increasing. Thus cute the continue shortage of Solar wafer, what is more, due to the increasing price of Polysilicon and shortage of wafer, wafer selling price increase to 2.25 USD/W in 2006 from 2.15USD/W in 2005. and 2.38 USD/W in 2007H1，we estimate the trend will continue in 2007H2 and the ASP of 2007 will reach 2.40USD/W.
About the supply and demand, the shortage of wafer is 16MW in 2005, 140 MW in 2006, and will expand to 180MW in 2007，according 《2007 China solar grade wafer or ingot industry research report forecast》, 2008 and the coming years will continue short of wafer. However, Solar cell module price will continue decrease in the coming years, so that will bring some price Decrease (not large) of wafer.
As the continue shortage of wafer and great increase of downstream demand, more and more investor enter wafer industry and the wafer manufacture also expand their capacity rapidly. Though capacity expanding is easy, wafer shipment increase is not easy as the continue shortage of polysilicon.
2006 solar multi crystal silicon wafer shipment was 110MW，while single crystal silicon wafer shipment was more than 280MW, single crystal silicon wafer is a lot more than multi crystal silicon wafer shipment, it is great different than then the international situation as multi crystal silicon wafer shipment almost twice of single crystal silicon wafer shipment. China local single crystal silicon wafer was 2.7 times of multi crystal silicon wafer shipment. The most important reason of this situation is single crystal silicon wafer is easy manufacture than multi crystal silicon wafer as the key equipment pulling machine is easy bought in China with a low cost while multi crystal DSS furnace only can buy from oversea market with a high cost, but this situation will change in 2012, according 2007 China solar grade wafer or ingot industry research report forecast，2012 China local multi crystal silicon wafer shipment will be 1.5 times of single crystal silicon wafer shipment, the change mainly due to some very large multi crystal wafer projects and downstream clients demand as multi crystal silicon wafer is cheap and good enough.
2006 China wafer revenue was 899 million USD, increased 191% from 309 million USD in 2005. while 2007 revenue will increase 148% reach 2226 million than 2006, and it will keep a high increasing rate in the coming years. About utilization, Due to the polysilicon shortage, total utilization of China wafer less than 50% though the downstream demand is large. The Utilization will increase step by step in the coming years and will reach 60% or so according the forecast from 2007 China solar grade wafer or ingot industry research report.
China as the biggest solar cell manufacture base, Most of wafer were sold to the local clients, but also has about 20% sells to the oversea market, Taiwan is the biggest sells region in the oversea market, Europe Union,USA,Kore,Japan also have some demand. about Rae materials, as polysilicon shortage and most polysilicon manufacturer order are full till the end of 2008, so, almost all the raw materials were from renewable material or high price spot market polysilicon. Some large and famous manufacturers (such as Jinglong LDK Yingli Solar Trina Solar etc) signed some long term polysilicon supply contracts, but most of the contract can not supply polysilicon before 2009. so revewable material and high price spot market polisilicon will be the major raw material in China local wafer industry. By the way, almost all Wafer manufacturers net income rate is higher than cell suppliers, some companies’net income rate is more than 30%; this bring a lot of new enter as most equipment vendors can offer one stop sales of wafer factory solution. Investors who have capital, downstream clients, and also have relationship with some upstream raw material vendors will enter this industry, in fact, almost all large and big wafer project were occurred during 2005-Aug,2007. and will also some new enter in the coming years. thus the competition of China wafer industry will be serious. Research Team suggest that new enter who owned raw material will own great advantage in the competition.
2007 China solar grade wafer or ingot industry research report is a report mainly introduce China solar wafer industry chain, the report included wafer upstream industry contents as : polysilicon raw material sources. Furance (ingot pulling machine DSS furnace）,wire saw equipments (squarers wire saws) sources and quantity. Ingot wafer industry contents as : ingot wafer supply shipments sales demand price revenue net income capacity and capacity expanding information, equipment information of manufacturers etc : downstream clients contents as: market demand of wafer, downstream clients by manufacturer, regional revenue and market share etc. Through the detail survey and research of the whole wafer industry chain, the report can show a deep and excellent introduction about China wafer industry and will fit for investor marketing and strategy planning of the company.
Though It was a rapid growth of Solar Wafer Shipment. It was less than its downstream solar cell Increasing. Thus cute the continue shortage of Solar wafer, what is more, due to the increasing price of Polysilicon and shortage of wafer, wafer selling price increase to 2.25 USD/W in 2006 from 2.15USD/W in 2005. and 2.38 USD/W in 2007H1，we estimate the trend will continue in 2007H2 and the ASP of 2007 will reach 2.40USD/W.
About the supply and demand, the shortage of wafer is 16MW in 2005, 140 MW in 2006, and will expand to 180MW in 2007，according 《2007 China solar grade wafer or ingot industry research report forecast》, 2008 and the coming years will continue short of wafer. However, Solar cell module price will continue decrease in the coming years, so that will bring some price Decrease (not large) of wafer.
As the continue shortage of wafer and great increase of downstream demand, more and more investor enter wafer industry and the wafer manufacture also expand their capacity rapidly. Though capacity expanding is easy, wafer shipment increase is not easy as the continue shortage of polysilicon.
2006 solar multi crystal silicon wafer shipment was 110MW，while single crystal silicon wafer shipment was more than 280MW, single crystal silicon wafer is a lot more than multi crystal silicon wafer shipment, it is great different than then the international situation as multi crystal silicon wafer shipment almost twice of single crystal silicon wafer shipment. China local single crystal silicon wafer was 2.7 times of multi crystal silicon wafer shipment. The most important reason of this situation is single crystal silicon wafer is easy manufacture than multi crystal silicon wafer as the key equipment pulling machine is easy bought in China with a low cost while multi crystal DSS furnace only can buy from oversea market with a high cost, but this situation will change in 2012, according 2007 China solar grade wafer or ingot industry research report forecast，2012 China local multi crystal silicon wafer shipment will be 1.5 times of single crystal silicon wafer shipment, the change mainly due to some very large multi crystal wafer projects and downstream clients demand as multi crystal silicon wafer is cheap and good enough.
2006 China wafer revenue was 899 million USD, increased 191% from 309 million USD in 2005. while 2007 revenue will increase 148% reach 2226 million than 2006, and it will keep a high increasing rate in the coming years. About utilization, Due to the polysilicon shortage, total utilization of China wafer less than 50% though the downstream demand is large. The Utilization will increase step by step in the coming years and will reach 60% or so according the forecast from 2007 China solar grade wafer or ingot industry research report.
China as the biggest solar cell manufacture base, Most of wafer were sold to the local clients, but also has about 20% sells to the oversea market, Taiwan is the biggest sells region in the oversea market, Europe Union,USA,Kore,Japan also have some demand. about Rae materials, as polysilicon shortage and most polysilicon manufacturer order are full till the end of 2008, so, almost all the raw materials were from renewable material or high price spot market polysilicon. Some large and famous manufacturers (such as Jinglong LDK Yingli Solar Trina Solar etc) signed some long term polysilicon supply contracts, but most of the contract can not supply polysilicon before 2009. so revewable material and high price spot market polisilicon will be the major raw material in China local wafer industry. By the way, almost all Wafer manufacturers net income rate is higher than cell suppliers, some companies’net income rate is more than 30%; this bring a lot of new enter as most equipment vendors can offer one stop sales of wafer factory solution. Investors who have capital, downstream clients, and also have relationship with some upstream raw material vendors will enter this industry, in fact, almost all large and big wafer project were occurred during 2005-Aug,2007. and will also some new enter in the coming years. thus the competition of China wafer industry will be serious. Research Team suggest that new enter who owned raw material will own great advantage in the competition.
2007 China solar grade wafer or ingot industry research report is a report mainly introduce China solar wafer industry chain, the report included wafer upstream industry contents as : polysilicon raw material sources. Furance (ingot pulling machine DSS furnace）,wire saw equipments (squarers wire saws) sources and quantity. Ingot wafer industry contents as : ingot wafer supply shipments sales demand price revenue net income capacity and capacity expanding information, equipment information of manufacturers etc : downstream clients contents as: market demand of wafer, downstream clients by manufacturer, regional revenue and market share etc. Through the detail survey and research of the whole wafer industry chain, the report can show a deep and excellent introduction about China wafer industry and will fit for investor marketing and strategy planning of the company.
Friday, October 12, 2007
Yingli Shines Among Solar Energy Stars
October 10, 2007: 08:05 PM EST
Oct. 11, 2007 (Investor's Business Daily delivered by Newstex) --
As solar stocks continue to power ahead, newcomer Yingli Green Energy is casting a long shadow on its rivals.
The Chinese solar company has seen its stock soar more than 150% since its debut in June.
Most other solar shares have also soared, though their gains over the same period have been far less dramatic.Analysts say the company is catching more attention with new supply agreements to ramp up production. It's also got the size and scale to drive profits and attract the best customers.
"I believe this is the best-positioned company in China," said Jesse Pichel, an analyst with Piper Jaffray (NYSE:PJC) who has an outperform rating on the stock. Yingli YGE has been a Piper Jaffray banking client, and the investment bank expects to do more business with the firm.
There's no doubt that the company is in a hot market. The solar industry continues to grow as governments around the world pour money into programs to spur "clean energy." Companies like Yingli are in the photovoltaic segment of the solar industry that helps businesses and homeowners tap the power of the sun via rooftop solar panels.
In the second quarter the company reported sales of $118 million, up more than 150% from the year-ago period. Thomson Financial had no official estimates for the newly traded company's quarter, but Pichel says sales beat views. The company earned 6 cents per share for the quarter, which the company says also topped estimates.
That's drawing more interest from bigger investors to Yingli and other solar stocks, analysts say.
"Part of it has just to do with momentum in the sector," said Adam Hinckley, an analyst with CIBC World Markets. "There's a lot of institutional money that has not really been involved in the sector. There is now capital inflow into the sector." Hinckley has a sector performer rating on the stock, and his firm has a banking relationship with Yingli.
Although Yingli is new to the U.S. stock market, it's one of the oldest Chinese solar companies around, founded in 1998, Pichel says.
Through its subsidiary Baoding Tianwei Yingli New Energy Resources, the company keeps its costs low with a business model that says, in essence, more is better. The company has brought just about every step of the manufacturing process in-house. Analysts note that Trina Solar (NYSE:TSL) TSL is moving toward this vertical model as well.
The only step Yingli excludes during production is the actual manufacturing of silicon, the basic material used to make photovoltaic solar modules.
After Yingli buys the silicon, it makes the basic polysilicon ingot, then the silicon wafers, then the actual photovoltaic fuel cells. From there, it makes the larger modules and finally the complete solar-energy system.
Miao Qing, Yingli's director of investor relations, says the company has all of its manufacturing process at one central site in China. That means there are no extra transportation costs to move products from one site to the next.
Perhaps most importantly, Yingli avoids paying third-party providers.
"Why let your supplier make margin on wafers when you make the wafer?" Piper Jaffray's Pichel asked. "And why let your supplier make the ingot when you can make the ingot?"
The company had gross margins of about 23% in the quarter, easily beating out other solar players such as China Sunergy CSUN, according to Hinckley.
The company has found the right target market. About 80% of the company's sales come from Spain, where solar expansion is on a tear, Pichel says. Government incentives are a big help in expanding megawatt capacity.
"We thought it was going to be 300 megawatts (of solar) in 2008," Pichel said. "Now it looks like it's 500 megawatts."
China itself is opening up with its own set of government incentives, which could be finalized by the end of the year.
To meet demand, Yingli is expanding production with new equipment. The investments should double its 2007 manufacturing capacity by the end of 2008. Analysts say capacity could then rise 50% in 2009.
Pichel says the company's size should help make it an attractive customer for polysilicon makers.
That's important, since polysilicon is in short supply in the industry. Companies that can't get enough polysilicon can't meet their manufacturing targets.
For example, China Sunergy saw its stock slump 19% in one day in July after announcing difficulties in getting enough polysilicon.
CIBC's Hinckley says he had hesitations about the company's ability to meet supply and manufacturing equipment goals when he initiated coverage in July. But in early September he saw signs that the company's prospects were better than he'd first thought -- and the stock began its big surge.
Later in September, Yingli announced a new deal with Wacker Chemie of Germany. Wacker is set to supply Yingli with polysilicon from 2009 to 2011, enabling it to produce more than 80 megawatts' worth of solar modules over the life of the contract.
Oct. 11, 2007 (Investor's Business Daily delivered by Newstex) --
As solar stocks continue to power ahead, newcomer Yingli Green Energy is casting a long shadow on its rivals.
The Chinese solar company has seen its stock soar more than 150% since its debut in June.
Most other solar shares have also soared, though their gains over the same period have been far less dramatic.Analysts say the company is catching more attention with new supply agreements to ramp up production. It's also got the size and scale to drive profits and attract the best customers.
"I believe this is the best-positioned company in China," said Jesse Pichel, an analyst with Piper Jaffray (NYSE:PJC) who has an outperform rating on the stock. Yingli YGE has been a Piper Jaffray banking client, and the investment bank expects to do more business with the firm.
There's no doubt that the company is in a hot market. The solar industry continues to grow as governments around the world pour money into programs to spur "clean energy." Companies like Yingli are in the photovoltaic segment of the solar industry that helps businesses and homeowners tap the power of the sun via rooftop solar panels.
In the second quarter the company reported sales of $118 million, up more than 150% from the year-ago period. Thomson Financial had no official estimates for the newly traded company's quarter, but Pichel says sales beat views. The company earned 6 cents per share for the quarter, which the company says also topped estimates.
That's drawing more interest from bigger investors to Yingli and other solar stocks, analysts say.
"Part of it has just to do with momentum in the sector," said Adam Hinckley, an analyst with CIBC World Markets. "There's a lot of institutional money that has not really been involved in the sector. There is now capital inflow into the sector." Hinckley has a sector performer rating on the stock, and his firm has a banking relationship with Yingli.
Although Yingli is new to the U.S. stock market, it's one of the oldest Chinese solar companies around, founded in 1998, Pichel says.
Through its subsidiary Baoding Tianwei Yingli New Energy Resources, the company keeps its costs low with a business model that says, in essence, more is better. The company has brought just about every step of the manufacturing process in-house. Analysts note that Trina Solar (NYSE:TSL) TSL is moving toward this vertical model as well.
The only step Yingli excludes during production is the actual manufacturing of silicon, the basic material used to make photovoltaic solar modules.
After Yingli buys the silicon, it makes the basic polysilicon ingot, then the silicon wafers, then the actual photovoltaic fuel cells. From there, it makes the larger modules and finally the complete solar-energy system.
Miao Qing, Yingli's director of investor relations, says the company has all of its manufacturing process at one central site in China. That means there are no extra transportation costs to move products from one site to the next.
Perhaps most importantly, Yingli avoids paying third-party providers.
"Why let your supplier make margin on wafers when you make the wafer?" Piper Jaffray's Pichel asked. "And why let your supplier make the ingot when you can make the ingot?"
The company had gross margins of about 23% in the quarter, easily beating out other solar players such as China Sunergy CSUN, according to Hinckley.
The company has found the right target market. About 80% of the company's sales come from Spain, where solar expansion is on a tear, Pichel says. Government incentives are a big help in expanding megawatt capacity.
"We thought it was going to be 300 megawatts (of solar) in 2008," Pichel said. "Now it looks like it's 500 megawatts."
China itself is opening up with its own set of government incentives, which could be finalized by the end of the year.
To meet demand, Yingli is expanding production with new equipment. The investments should double its 2007 manufacturing capacity by the end of 2008. Analysts say capacity could then rise 50% in 2009.
Pichel says the company's size should help make it an attractive customer for polysilicon makers.
That's important, since polysilicon is in short supply in the industry. Companies that can't get enough polysilicon can't meet their manufacturing targets.
For example, China Sunergy saw its stock slump 19% in one day in July after announcing difficulties in getting enough polysilicon.
CIBC's Hinckley says he had hesitations about the company's ability to meet supply and manufacturing equipment goals when he initiated coverage in July. But in early September he saw signs that the company's prospects were better than he'd first thought -- and the stock began its big surge.
Later in September, Yingli announced a new deal with Wacker Chemie of Germany. Wacker is set to supply Yingli with polysilicon from 2009 to 2011, enabling it to produce more than 80 megawatts' worth of solar modules over the life of the contract.
Wednesday, October 3, 2007
Trina Solar Announces Management Changes
October 02, 2007: 09:29 AM EST
CHANGZHOU, China, Oct. 2 /PRNewswire-FirstCall/ -- Trina Solar Limited ("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 the following management changes at the Company:
Mr. Anthony Chia has been appointed as Vice President of Quality. Mr. Chia has more than 21 years of experience in quality management, involving the introduction and implementation of numerous quality control systems, including 6-Sigma, TL9000, TS16949, ISO2000, ISO14000, UL and TUV RoHS. Mr. Chia reports to Sean Tzou, Trina Solar's Chief Operating Officer.
Prior to joining Trina Solar, Mr. Chia served as Director of Service and Quality for SANMINA-SCI and as Senior Manager of Quality Assurance at Motorola Singapore and China. Mr. Chia holds an MBA from National University of Singapore.
Mr. Dave Seburn has been appointed as Vice President, Polysilicon. Mr. Seburn is responsible for evaluating potential upstream investments in polysilicon production, including road map development for upstream investments and implementation oversight of related projects. Mr. Seburn reports directly to Jifan Gao, Trina Solar's Chief Executive Officer.
Mr. Seburn comes to Trina Solar after ten years of experience at REC Silicon, where he last served as Vice President of Operations. During his tenure, Mr. Seburn lead oversight of both silane and polysilicon manufacturing plants and facilitated process and organizational changes that optimized productivity at both plants. Mr. Seburn holds an M.S. degree in Chemical Engineering from the University of Houston.
Mr. Mohan Naranayan, Vice President of Technology, left the Company on September 30, 2007 due to personal reasons.
"We are pleased and excited to welcome such talented individuals as Mr. Chia and Mr. Seburn to the Trina Solar team," said Mr. Jifan Gao, Trina Solar's Chairman and CEO. "Both gentlemen will greatly strengthen our resources in quality control, long-term cost reduction and raw material procurement as we continue to pursue a leading position in the global solar PV market."
"At the same time, we regret to announce the departure of Mr. Naranayan as Vice President of Technology. We recognize his significant contributions to our growth at Trina Solar and we wish him the best in his future endeavors," said Mr. Gao.
About Trina Solar Limited:
Trina Solar Limited , 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
CHANGZHOU, China, Oct. 2 /PRNewswire-FirstCall/ -- Trina Solar Limited ("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 the following management changes at the Company:
Mr. Anthony Chia has been appointed as Vice President of Quality. Mr. Chia has more than 21 years of experience in quality management, involving the introduction and implementation of numerous quality control systems, including 6-Sigma, TL9000, TS16949, ISO2000, ISO14000, UL and TUV RoHS. Mr. Chia reports to Sean Tzou, Trina Solar's Chief Operating Officer.
Prior to joining Trina Solar, Mr. Chia served as Director of Service and Quality for SANMINA-SCI and as Senior Manager of Quality Assurance at Motorola Singapore and China. Mr. Chia holds an MBA from National University of Singapore.
Mr. Dave Seburn has been appointed as Vice President, Polysilicon. Mr. Seburn is responsible for evaluating potential upstream investments in polysilicon production, including road map development for upstream investments and implementation oversight of related projects. Mr. Seburn reports directly to Jifan Gao, Trina Solar's Chief Executive Officer.
Mr. Seburn comes to Trina Solar after ten years of experience at REC Silicon, where he last served as Vice President of Operations. During his tenure, Mr. Seburn lead oversight of both silane and polysilicon manufacturing plants and facilitated process and organizational changes that optimized productivity at both plants. Mr. Seburn holds an M.S. degree in Chemical Engineering from the University of Houston.
Mr. Mohan Naranayan, Vice President of Technology, left the Company on September 30, 2007 due to personal reasons.
"We are pleased and excited to welcome such talented individuals as Mr. Chia and Mr. Seburn to the Trina Solar team," said Mr. Jifan Gao, Trina Solar's Chairman and CEO. "Both gentlemen will greatly strengthen our resources in quality control, long-term cost reduction and raw material procurement as we continue to pursue a leading position in the global solar PV market."
"At the same time, we regret to announce the departure of Mr. Naranayan as Vice President of Technology. We recognize his significant contributions to our growth at Trina Solar and we wish him the best in his future endeavors," said Mr. Gao.
About Trina Solar Limited:
Trina Solar Limited , 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
Thursday, August 2, 2007
GT Solar to Equip One of Largest Solar Wafer Factories in World
Glory Silicon Energy Purchases DSS450 Furnaces -- $171 Million Order
Press Release from GT Solar Incorporated
Merrimack, NH (USA), July 31, 2007 - GT Solar Incorporated, one of the major providers of manufacturing equipment and turnkey manufacturing solutions to the photovoltaic (PV) industry, announced today that it has signed a $171 million dollar contract with Glory Silicon Energy Co., Ltd., of JiangSu, China for GT's new and more efficient DSS450 furnaces for the production of multi-crystalline silicon ingots. The contract is the largest single DSS furnace contract in GT Solar's history and will include deliveries over the next two years. The order will equip what is projected to be one of the largest wafer factories in the world - about 1500MW annually.
The DSS450 (Directional Solidification System) furnace is new to GT Solar's equipment line. It is similar to the DSS240, but can grow larger silicon ingots than GT's DSS240 furnace, with an average ingot weight of 400kg (or customized up to 450kg), and can deliver 30% more output than GT's DSS240 furnace.
GT Solar Incorporated President and CEO, Thomas Zarrella, said: "Glory Silicon Energy Co. will be a major player in the growth of the global solar industry. Glory's order for our DSS450 furnaces over the next two years is one more indication of the significant growth of the solar industry in China."
GT Solar Vice President for Asia, Jeff Ford, said: "This is the second major order for GT Solar's new DSS450 furnaces that produce larger silicon ingots. It's a key part of Glory's plan to jumpstart its production."
Glory Silicon Energy Co., Ltd. President, Wang LuBao, said: "We have turned to GT Solar for its DSS450 furnaces because they are the most technologically advanced on the market today. We look forward to using GT's equipment to produce quality solar wafers for the growing solar marketplace worldwide."
About GT Solar Incorporated
GT Solar Incorporated, a wholly owed subsidiary of GT Solar International, is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and 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/.
About Glory Silicon Energy Co., Ltd.
Glory Silicon Energy (Zhenjiang) Co., Ltd. is a newly established company with its production facility in the city of Yangzhong in the Chinese province of Jiangsu. It was founded by various investors, including the Huantai Corporation. Huantai was one of the first Chinese businsesses to get into the production of solar wafers.
Press Release from GT Solar Incorporated
Merrimack, NH (USA), July 31, 2007 - GT Solar Incorporated, one of the major providers of manufacturing equipment and turnkey manufacturing solutions to the photovoltaic (PV) industry, announced today that it has signed a $171 million dollar contract with Glory Silicon Energy Co., Ltd., of JiangSu, China for GT's new and more efficient DSS450 furnaces for the production of multi-crystalline silicon ingots. The contract is the largest single DSS furnace contract in GT Solar's history and will include deliveries over the next two years. The order will equip what is projected to be one of the largest wafer factories in the world - about 1500MW annually.
The DSS450 (Directional Solidification System) furnace is new to GT Solar's equipment line. It is similar to the DSS240, but can grow larger silicon ingots than GT's DSS240 furnace, with an average ingot weight of 400kg (or customized up to 450kg), and can deliver 30% more output than GT's DSS240 furnace.
GT Solar Incorporated President and CEO, Thomas Zarrella, said: "Glory Silicon Energy Co. will be a major player in the growth of the global solar industry. Glory's order for our DSS450 furnaces over the next two years is one more indication of the significant growth of the solar industry in China."
GT Solar Vice President for Asia, Jeff Ford, said: "This is the second major order for GT Solar's new DSS450 furnaces that produce larger silicon ingots. It's a key part of Glory's plan to jumpstart its production."
Glory Silicon Energy Co., Ltd. President, Wang LuBao, said: "We have turned to GT Solar for its DSS450 furnaces because they are the most technologically advanced on the market today. We look forward to using GT's equipment to produce quality solar wafers for the growing solar marketplace worldwide."
About GT Solar Incorporated
GT Solar Incorporated, a wholly owed subsidiary of GT Solar International, is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and 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/.
About Glory Silicon Energy Co., Ltd.
Glory Silicon Energy (Zhenjiang) Co., Ltd. is a newly established company with its production facility in the city of Yangzhong in the Chinese province of Jiangsu. It was founded by various investors, including the Huantai Corporation. Huantai was one of the first Chinese businsesses to get into the production of solar wafers.
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