Swiss and Chinese researchers lifted the conversion efficiency of a bendable and thin type of solar cell.
Researchers in China and Switzerland are reporting the highest efficiency ever for a promising new genre of solar cells, which many scientists think offer the best hope for making the sun a mainstay source of energy in the future. The photovoltaic cells, called dye-sensitized solar cells or Grätzel cells, could expand the use of solar energy for homes, businesses, and other practical applications, the scientists say. Their study is scheduled for the November 13 issue of ACS' The Journal of Physical Chemistry C, a weekly publication.
The research, conducted by Peng Wang and colleagues - who include Michael Grätzel, inventor of the first dye-sensitized solar cell - involves photovoltaic cells composed of titanium dioxide and powerful light-harvesting dyes. Grätzel cells are less expensive than standard silicon-based solar cells and can be made into flexible sheets or coatings. Although promising, Grätzel cells until now have had serious drawbacks. They have not been efficient enough at converting light into electricity. And their performance dropped after relatively short exposures to sunlight.
In the new study, researchers describe lab tests of solar cells made with a new type of ruthenium-based dye that helps boost the light-harvesting ability. The new cells showed efficiencies as high as 10 percent, a record for this type of solar cell. The new cells also showed greater stability at high temperatures than previous formulas, retaining more than 90 percent of their initial output after 1,000 hours in full sunlight.
These cells offer two potential advantages: First off, they should be lower cost due to expected ease in manufacturing. Second, both their flexibility and their light weight will allow installation in places which otherwise would not support the presence of solar cells. For example, cars could have them on their roofs without a big weight penalty. Also, side walls and other vertical surfaces could be covered with lightweight solar cells whereas much heavier weight silicon photovoltaics would weigh too much for easy installation. Skyscrapers might some day get covered with Grätzel solar cell sheeting.
While they achieved 10% efficiency they only achieved 9.1% efficiency using materials that can be incorporated into a plastic.
The new dye absorbs light far better than the conventional dye. Because the dye absorbs light so well, it's possible to cut the thickness of the active material in the solar cell in half, which makes it easier for electrons to escape the solar cell and reach an external circuit. That, in turn, increases efficiency, in this case to 9.1 percent.
The researchers also paired the new dye with a nonvolatile solvent-based electrolyte. It's not quite as stable as an ionic liquid, and it can't be used with plastic. But it allowed slightly higher efficiencies--up to 10 percent.
With advances happening that cut costs for such a large variety of solar photovoltaic materials I am optimistic about the future of solar energy. PV electric power will come down in cost so far that it will compete with grid power during the day first in high sunlight areas such as the US southwest and gradually in lower and lower light areas. This will slow and eventually stop and reverse the growth of coal burning for electric power. It will also cut natural gas consumption and save it for more valuable space heating and fertilizer production.
Our biggest future energy problem continues to be for transportation. While the world recession has cut oil demand and oil prices the eventual resumption of economic growth will push oil prices back up again and the peak in world oil production is not many years away. I'm still not clear on whether advances in battery technology will happen soon enough to make the transition away from liquid fuels.By Randall Parker at 2008 November 09
Showing posts with label photovoltaic cell. Show all posts
Showing posts with label photovoltaic cell. Show all posts
Monday, November 10, 2008
Tuesday, October 14, 2008
Suntech Wins New China Mobile Contract
Posted by: Cherry Zhang on Oct 14, 2008
Jiangsu-based photovoltaic cell manufacturer Suntech (NYSE: STP) announced on Tuesday that it has won the bid for China Mobile's (NYSE: CHL, 941.HK) 2008 photovoltaic system integration and controller procurement project (24V) and solar cell module and installation support. Suntech beat out more than 30 competitors including Trina Solar (NYSE: TSL) to offer an estimated 2MWp in solar cell modules. Suntech was China Mobile's largest solar supplier providing 1.4MWp of solar modules to nine provinces in 2007.
Jiangsu-based photovoltaic cell manufacturer Suntech (NYSE: STP) announced on Tuesday that it has won the bid for China Mobile's (NYSE: CHL, 941.HK) 2008 photovoltaic system integration and controller procurement project (24V) and solar cell module and installation support. Suntech beat out more than 30 competitors including Trina Solar (NYSE: TSL) to offer an estimated 2MWp in solar cell modules. Suntech was China Mobile's largest solar supplier providing 1.4MWp of solar modules to nine provinces in 2007.
Saturday, October 4, 2008
Suntech to Power Arizona's Largest Building Mounted PV Project at Arizona State University
SAN FRANCISCO and WUXI, China, Sept. 30 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd., one of the world's leading manufacturers of photovoltaic cells and modules, today announced it has been selected to supply 1.6 megawatt (MW) of solar panels to Sun Devil Solar LLC, a wholly owned subsidiary of Integrys Energy Services, for its project with Arizona State University (ASU). The project will be installed on top of two elevated parking structures in the middle of the ASU's main campus using an innovating tracking system. The solar installations are to be completed by the end of 2008.
The total project size of 1.6 MW makes it one of the largest university installations in the United States. It will generate more than 3 million kilowatt hours annually, enough electric generating capacity to run approximately 3,680 computers at the university or the equivalent of 260 Arizona households. The project will also reduce 2,260 tons of carbon emissions per year -- equivalent to taking 425 cars off the road.
"We are pleased our ground-breaking project will be powered by Suntech solar panels. Suntech's high quality panels will ensure ASU is able to reap the benefits of clean, green solar energy for many years to come," said Jonathan Fink, Director of the Global Institute of Sustainability and University Sustainability Officer at ASU. "We believe in the potential of solar to become a cost-effective energy solution and hope that ASU's large solar installation and solar R&D initiatives will encourage further solar adoption throughout Arizona and at other universities throughout the U.S."
ASU has long term plans to install 7 MW of solar-generating capacity at the Tempe campus as well as other campus locations. In addition, the university has a wide range of sustainability initiatives and has established the world's first School of Sustainability. ASU has received multiple awards and grants from the US Department of Energy's Solar America Initiative to support ongoing solar research.
"We commend Arizona State University for their vision of sustainability and commitment to solar energy," said Roger Efird, President of Suntech America. "With an extremely sunny climate, the state of Arizona is well situated to be at the forefront of solar adoption in the U.S., and ASU's solar programs are ensuring that Arizona is also at the forefront of solar research."
This first phase 1.6 MW solar installation will be owned and operated by Sun Devil Solar LLC, a wholly owned subsidiary of Integrys Energy Services. Integrys Energy Services, a subsidiary of Integrys Energy Group (NYSE:TEG) , is investing in and promoting renewable energy company-wide, which it believes is one key to the future of its industry. To support this value, Integrys Energy Services has systematically reduced its investment in non-renewable production and devoted significant capital to the development of solar, wind and landfill-to-gas operations.
"Renewable energy from fuel sources such as solar offers huge potential for air quality and global climate change concerns, and for the growth of sustainable alternatives on the path toward the energy supply of the future. Integrys Energy Services is committed to environmental stewardship and is pleased to be involved in this innovative project that is smart for business, for the University and for the environment," said Mark Radtke, President of Integrys Energy Services.
The ASU solar installation is partly subsidized through a Renewable Incentive Program implemented by APS, Arizona's largest electric utility. The program, which is approved by the Arizona Corporation Commission and funded by customers, provides financial incentives to residential and commercial customers who add renewable systems such as solar water heaters, solar electric systems and small windmills.
The Incentive Program is just one of several Green Choice Programs offered by APS including offering special Green Rates to increase the amount of utility-scale renewable energy a customer receives, supporting a program that offers Compact Florescent Light bulbs at a substantial discount, and providing rebates to customers who install high-efficiency air conditioners.
"We're excited to partner with ASU on this important solar installation. Not only is it a great example for other Arizona businesses, but the more renewable energy produced by ASU, the better able APS can manage the rising cost of infrastructure that is needed to meet the growing energy needs of Arizona," said Barbara Lockwood, APS' Renewable Energy Manager.
The project team includes SolEquity, Inc. of Scottsdale, AZ and CarbonFree Technology Inc. of Toronto, ON, as project developers, ViaSol Energy Solutions of Tempe, AZ, as the prime contractor and ETA Engineering and IronCo Enterprises as subcontractors.
The total project size of 1.6 MW makes it one of the largest university installations in the United States. It will generate more than 3 million kilowatt hours annually, enough electric generating capacity to run approximately 3,680 computers at the university or the equivalent of 260 Arizona households. The project will also reduce 2,260 tons of carbon emissions per year -- equivalent to taking 425 cars off the road.
"We are pleased our ground-breaking project will be powered by Suntech solar panels. Suntech's high quality panels will ensure ASU is able to reap the benefits of clean, green solar energy for many years to come," said Jonathan Fink, Director of the Global Institute of Sustainability and University Sustainability Officer at ASU. "We believe in the potential of solar to become a cost-effective energy solution and hope that ASU's large solar installation and solar R&D initiatives will encourage further solar adoption throughout Arizona and at other universities throughout the U.S."
ASU has long term plans to install 7 MW of solar-generating capacity at the Tempe campus as well as other campus locations. In addition, the university has a wide range of sustainability initiatives and has established the world's first School of Sustainability. ASU has received multiple awards and grants from the US Department of Energy's Solar America Initiative to support ongoing solar research.
"We commend Arizona State University for their vision of sustainability and commitment to solar energy," said Roger Efird, President of Suntech America. "With an extremely sunny climate, the state of Arizona is well situated to be at the forefront of solar adoption in the U.S., and ASU's solar programs are ensuring that Arizona is also at the forefront of solar research."
This first phase 1.6 MW solar installation will be owned and operated by Sun Devil Solar LLC, a wholly owned subsidiary of Integrys Energy Services. Integrys Energy Services, a subsidiary of Integrys Energy Group (NYSE:TEG) , is investing in and promoting renewable energy company-wide, which it believes is one key to the future of its industry. To support this value, Integrys Energy Services has systematically reduced its investment in non-renewable production and devoted significant capital to the development of solar, wind and landfill-to-gas operations.
"Renewable energy from fuel sources such as solar offers huge potential for air quality and global climate change concerns, and for the growth of sustainable alternatives on the path toward the energy supply of the future. Integrys Energy Services is committed to environmental stewardship and is pleased to be involved in this innovative project that is smart for business, for the University and for the environment," said Mark Radtke, President of Integrys Energy Services.
The ASU solar installation is partly subsidized through a Renewable Incentive Program implemented by APS, Arizona's largest electric utility. The program, which is approved by the Arizona Corporation Commission and funded by customers, provides financial incentives to residential and commercial customers who add renewable systems such as solar water heaters, solar electric systems and small windmills.
The Incentive Program is just one of several Green Choice Programs offered by APS including offering special Green Rates to increase the amount of utility-scale renewable energy a customer receives, supporting a program that offers Compact Florescent Light bulbs at a substantial discount, and providing rebates to customers who install high-efficiency air conditioners.
"We're excited to partner with ASU on this important solar installation. Not only is it a great example for other Arizona businesses, but the more renewable energy produced by ASU, the better able APS can manage the rising cost of infrastructure that is needed to meet the growing energy needs of Arizona," said Barbara Lockwood, APS' Renewable Energy Manager.
The project team includes SolEquity, Inc. of Scottsdale, AZ and CarbonFree Technology Inc. of Toronto, ON, as project developers, ViaSol Energy Solutions of Tempe, AZ, as the prime contractor and ETA Engineering and IronCo Enterprises as subcontractors.
Tuesday, April 15, 2008
Suntech Receives Frost & Sullivan 2008 Solar Energy Development Company of the Year Award
SAN FRANCISCO, April 14 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced it was named Frost & Sullivan's 2008 Solar Energy Development Company of the Year. In granting the award to Suntech, which recognizes a company for unparalleled excellence in design and delivery of high-quality PV cells and modules and customization of energy solutions catering to a global client base, Frost & Sullivan cited Suntech's outstanding focus on R&D and wide spectrum of top-class, energy efficient solutions and products that are sustainable, customizable and of the highest caliber. Suntech will accept the award in a ceremony on April 15th in San Antonio, Texas.
"We are honored to receive such a designation, as it serves to further validate our commitment to provide the most innovative, highest quality solar energy products to customers around the world," said Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. "We are passionate about working with our customers in anticipating tomorrow's energy needs today. Only through continued innovation can we achieve this goal and truly fortify our position as a global leader in solar energy."
While PV cells and modules ranging from 170 watts to 280 watts are the mainstay of Suntech, Frost & Sullivan highlighted the Company's strong capabilities in building integrated photovoltaic (BIPV) systems as particularly noteworthy and innovative, strengthened by its acquisition of Japanese BIPV specialist MSK in 2006. The MSK Solar Design Line, Suntech's in-house developed, proprietary line of BIPV, has proven to be cost-effective and versatile with a high aesthetic finish.
According to Frost & Sullivan, Suntech has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, and Italy, in addition to ranking among the top three suppliers in the three largest solar markets of Germany, Spain and the United States. With expanding production bases in Wuxi and Shanghai and plans to reach 1GW of PV cell production capacity by the end of 2008, Suntech is set to leverage the ever-increasing demand for clean, reusable and affordable solar power across the globe. In order to better serve its global customer base, Suntech has recently established local sales and service centers in Germany, Spain and South Korea and plans to continue to expand its international network by launching offices in Italy, Greece and Australia over the next 12 months.
About Frost & Sullivan
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com/ .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com/ .
"We are honored to receive such a designation, as it serves to further validate our commitment to provide the most innovative, highest quality solar energy products to customers around the world," said Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. "We are passionate about working with our customers in anticipating tomorrow's energy needs today. Only through continued innovation can we achieve this goal and truly fortify our position as a global leader in solar energy."
While PV cells and modules ranging from 170 watts to 280 watts are the mainstay of Suntech, Frost & Sullivan highlighted the Company's strong capabilities in building integrated photovoltaic (BIPV) systems as particularly noteworthy and innovative, strengthened by its acquisition of Japanese BIPV specialist MSK in 2006. The MSK Solar Design Line, Suntech's in-house developed, proprietary line of BIPV, has proven to be cost-effective and versatile with a high aesthetic finish.
According to Frost & Sullivan, Suntech has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, and Italy, in addition to ranking among the top three suppliers in the three largest solar markets of Germany, Spain and the United States. With expanding production bases in Wuxi and Shanghai and plans to reach 1GW of PV cell production capacity by the end of 2008, Suntech is set to leverage the ever-increasing demand for clean, reusable and affordable solar power across the globe. In order to better serve its global customer base, Suntech has recently established local sales and service centers in Germany, Spain and South Korea and plans to continue to expand its international network by launching offices in Italy, Greece and Australia over the next 12 months.
About Frost & Sullivan
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com/ .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com/ .
Thursday, April 3, 2008
Suntech to Supply 4MW of Modules to Leading Italian PV System Developer Enerray
SAN FRANCISCO, April 2, 2008, 2008 /Xinhua-PRNewswire via COMTEX/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic cells and modules, today announced a 4MW module supply agreement with Enerray, an Italian designer, developer and manager of photovoltaic systems. The Suntech modules will be installed by Enerray in PV systems for the rooftops of large Italian industrial complexes.
"The Italian government's proven commitment to renewable energy has fueled significant solar market growth in the region. Suntech is resolute in supporting utilization of renewable energy resources through the supply of high quality and reliable solar products to European PV system providers such as Enerray," said Jerry Stokes, President of Suntech Europe.
Italy is an avid supporter of the solar industry with attractive feed-in-tariffs of EUR0.36/kWh for ground-mounted PV systems and EUR0.44/kWh for buildings integrated PV systems. The current government regulations have set the total feed-in-tariff program cap to 1.2GW before a re-evaluation of the solar program.
"We are experiencing significant demand for the deployment of commercial rooftop solar systems," said Dr. Eng. Marco Ghirardello, Chief Executive Officer of Enerray. "As one of Italy's leading installers of photovoltaic systems, we have chosen to partner with the well respected Suntech brand to bring their superior quality solar products to key projects in high commerce cities across Italy."
Europe is currently the largest regional market for solar photovoltaic systems with countries such as Germany, Spain and Italy experiencing rapid annual growth. In order to better serve customers in the region, Suntech has recently established local sales and service centers in Germany and Spain and plans to continue to expand its European network by establishing offices in Italy and Greece over the next 12 months.
About Enerray
Enerray is a company that designs, develops and manages photovoltaic systems of medium and large size. Thanks to its design and business network located in the most important Italian cities, Enerray operates throughout the whole of the Italian territory. The economies of scale that Enerray has obtained with its projects make it competitive also in the supply of modules, inverters and other components to installers of photovoltaic systems. For more information, please visit http://www.enerray.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
"The Italian government's proven commitment to renewable energy has fueled significant solar market growth in the region. Suntech is resolute in supporting utilization of renewable energy resources through the supply of high quality and reliable solar products to European PV system providers such as Enerray," said Jerry Stokes, President of Suntech Europe.
Italy is an avid supporter of the solar industry with attractive feed-in-tariffs of EUR0.36/kWh for ground-mounted PV systems and EUR0.44/kWh for buildings integrated PV systems. The current government regulations have set the total feed-in-tariff program cap to 1.2GW before a re-evaluation of the solar program.
"We are experiencing significant demand for the deployment of commercial rooftop solar systems," said Dr. Eng. Marco Ghirardello, Chief Executive Officer of Enerray. "As one of Italy's leading installers of photovoltaic systems, we have chosen to partner with the well respected Suntech brand to bring their superior quality solar products to key projects in high commerce cities across Italy."
Europe is currently the largest regional market for solar photovoltaic systems with countries such as Germany, Spain and Italy experiencing rapid annual growth. In order to better serve customers in the region, Suntech has recently established local sales and service centers in Germany and Spain and plans to continue to expand its European network by establishing offices in Italy and Greece over the next 12 months.
About Enerray
Enerray is a company that designs, develops and manages photovoltaic systems of medium and large size. Thanks to its design and business network located in the most important Italian cities, Enerray operates throughout the whole of the Italian territory. The economies of scale that Enerray has obtained with its projects make it competitive also in the supply of modules, inverters and other components to installers of photovoltaic systems. For more information, please visit http://www.enerray.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
Tuesday, April 1, 2008
Nitol Solar and Suntech Expand Polysilicon Supply Agreement
Expansion of Strategic Partnership Between Nitol and Suntech
April 01, 2008: 08:00 AM EST
SAN FRANCISCO, April 1, 2008 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd., an independent polysilicon producer, today announced an expansion to the terms of their existing seven-year polysilicon supply agreement which runs from 2009 to 2015. Under the expanded agreement, Nitol has agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015.
Suntech recently announced a strategic investment whereby Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 million, subject to the satisfaction of certain conditions. Suntech has already paid the first $33 million installment of this investment to Nitol Solar. The proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia which is expected to be completed in 2009. The new facility will utilize advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business. With Suntech's financial strength from the recent capital raising and plans for rapid capacity expansion, we will continue to build relationships with silicon producers that increase our long term cost visibility. We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''
Dmitry Kotenko, Chief Executive Officer of Nitol Solar said: ''Suntech is a highly valued partner and our cornerstone customer, and we are pleased to expand our role as one of their key suppliers. This is another important step in our strategic relationship and we look forward to continuing to build our collaboration. Now that we have a strong order backlog and a diverse customer base, we are concentrating on ramping our first phase polysilicon plant and initiating the production of high-quality polysilicon as soon as possible.''
About Nitol Solar
Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar's current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar's aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry. For more detailed information please visit Nitol Solar's website at http://www.nitolsolar.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
April 01, 2008: 08:00 AM EST
SAN FRANCISCO, April 1, 2008 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd., an independent polysilicon producer, today announced an expansion to the terms of their existing seven-year polysilicon supply agreement which runs from 2009 to 2015. Under the expanded agreement, Nitol has agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015.
Suntech recently announced a strategic investment whereby Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 million, subject to the satisfaction of certain conditions. Suntech has already paid the first $33 million installment of this investment to Nitol Solar. The proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia which is expected to be completed in 2009. The new facility will utilize advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business. With Suntech's financial strength from the recent capital raising and plans for rapid capacity expansion, we will continue to build relationships with silicon producers that increase our long term cost visibility. We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''
Dmitry Kotenko, Chief Executive Officer of Nitol Solar said: ''Suntech is a highly valued partner and our cornerstone customer, and we are pleased to expand our role as one of their key suppliers. This is another important step in our strategic relationship and we look forward to continuing to build our collaboration. Now that we have a strong order backlog and a diverse customer base, we are concentrating on ramping our first phase polysilicon plant and initiating the production of high-quality polysilicon as soon as possible.''
About Nitol Solar
Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar's current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar's aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry. For more detailed information please visit Nitol Solar's website at http://www.nitolsolar.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
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 "
Thursday, February 28, 2008
Hoku Scientific Announces $25 Million Private Placement
Monday, Feb. 25 2008
KAPOLEI, HI, Feb 25, 2008 (MARKET WIRE via COMTEX) -- Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced it has entered into a securities purchase agreement with certain institutional investors, and a wholly owned subsidiary of Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic cells and modules, to raise approximately $25 million through the issuance of 2,893,520 shares of common stock. Suntech's subsidiary has agreed to contribute approximately $20 million of the financing. The financing is expected to close on or before February 29, 2008, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this financing for the construction of its planned polysilicon production plant in Pocatello, Idaho, and for general corporate purposes, including working capital.
"This equity financing is a significant step forward to obtain our larger debt financing for the construction and procurement of our planned polysilicon plant in Pocatello, Idaho, as we believe that the proceeds from this offering, plus our other cash commitments to the construction and procurement of the polysilicon plant, will satisfy the Merrill Lynch requirement that we contribute up to $35 million in equity towards the project prior to completing our debt financing," said Dustin Shindo, chairman and CEO of Hoku Scientific. "We are especially pleased that one of our key polysilicon customers, Suntech, has made this investment in our company, as it is a sign of their confidence in our business."
In June 2007, Suntech entered into a supply agreement with Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, to purchase up to $678 million of polysilicon from Hoku Materials over a ten year period, with the first shipment scheduled for delivery in 2009. Under the supply agreement, Suntech is obligated to pay Hoku Materials up to $47 million in prepayments for products, subject to Hoku's successful completion of various milestones. Suntech has paid Hoku $2 million of the prepayment, and the $45 million balance is secured by a letter of credit issued to Hoku by ABN Amro NV. Hoku Materials also announced today that it has amended its supply agreement with Suntech to extend the date for Hoku Materials to complete the financing for its planned polysilicon plant to May 31, 2008. This is the only modification to the agreement and aligns the financing deadline in the Suntech agreement with the financing deadline in Hoku's polysilicon supply contract with Sanyo Electric Co, Ltd. Under the terms of the original agreement and the amendment, Hoku Materials or Suntech may terminate the supply agreement if Hoku Materials has not secured financing for its polysilicon plant by the financing deadline.
"We are pleased to strengthen our partnership with Hoku through this investment," said Dr. Zhengrong Shi, chairman and CEO of Suntech. "Through the long term supply of silicon at prices well below today's spot-market rates, Hoku will play a key role in our plan to produce grid parity solar products. Hoku's polysilicon supply will also enable Suntech to continuously expand its production capacity and deliver the means to generate clean, renewable energy to a growing proportion of the world's population."
Deutsche Bank Securities Inc. acted as the sole placement agent for the transaction.
The securities offered and sold in the private placement were not registered under the Securities Act of 1933, as amended (the "Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws.
Under an agreement with the investors, Hoku Scientific is required to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issued to the investors no later than ten days after the closing and to use best efforts to have the registration statement declared effective as soon as practicable thereafter
KAPOLEI, HI, Feb 25, 2008 (MARKET WIRE via COMTEX) -- Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced it has entered into a securities purchase agreement with certain institutional investors, and a wholly owned subsidiary of Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic cells and modules, to raise approximately $25 million through the issuance of 2,893,520 shares of common stock. Suntech's subsidiary has agreed to contribute approximately $20 million of the financing. The financing is expected to close on or before February 29, 2008, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this financing for the construction of its planned polysilicon production plant in Pocatello, Idaho, and for general corporate purposes, including working capital.
"This equity financing is a significant step forward to obtain our larger debt financing for the construction and procurement of our planned polysilicon plant in Pocatello, Idaho, as we believe that the proceeds from this offering, plus our other cash commitments to the construction and procurement of the polysilicon plant, will satisfy the Merrill Lynch requirement that we contribute up to $35 million in equity towards the project prior to completing our debt financing," said Dustin Shindo, chairman and CEO of Hoku Scientific. "We are especially pleased that one of our key polysilicon customers, Suntech, has made this investment in our company, as it is a sign of their confidence in our business."
In June 2007, Suntech entered into a supply agreement with Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, to purchase up to $678 million of polysilicon from Hoku Materials over a ten year period, with the first shipment scheduled for delivery in 2009. Under the supply agreement, Suntech is obligated to pay Hoku Materials up to $47 million in prepayments for products, subject to Hoku's successful completion of various milestones. Suntech has paid Hoku $2 million of the prepayment, and the $45 million balance is secured by a letter of credit issued to Hoku by ABN Amro NV. Hoku Materials also announced today that it has amended its supply agreement with Suntech to extend the date for Hoku Materials to complete the financing for its planned polysilicon plant to May 31, 2008. This is the only modification to the agreement and aligns the financing deadline in the Suntech agreement with the financing deadline in Hoku's polysilicon supply contract with Sanyo Electric Co, Ltd. Under the terms of the original agreement and the amendment, Hoku Materials or Suntech may terminate the supply agreement if Hoku Materials has not secured financing for its polysilicon plant by the financing deadline.
"We are pleased to strengthen our partnership with Hoku through this investment," said Dr. Zhengrong Shi, chairman and CEO of Suntech. "Through the long term supply of silicon at prices well below today's spot-market rates, Hoku will play a key role in our plan to produce grid parity solar products. Hoku's polysilicon supply will also enable Suntech to continuously expand its production capacity and deliver the means to generate clean, renewable energy to a growing proportion of the world's population."
Deutsche Bank Securities Inc. acted as the sole placement agent for the transaction.
The securities offered and sold in the private placement were not registered under the Securities Act of 1933, as amended (the "Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws.
Under an agreement with the investors, Hoku Scientific is required to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issued to the investors no later than ten days after the closing and to use best efforts to have the registration statement declared effective as soon as practicable thereafter
Wednesday, January 16, 2008
Solarfun Announces Completion of Good Energies' Investment and Related Update of Share Transfer Restrictions
SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co. , Ltd. ("Solarfun"; NASDAQ: SOLF), an established manufacturer of photovoltaic (PV) cells, modules and ingots in China, today announced the completion of Good Energies' investment and a related waiver of share transfer restrictions.
As previously disclosed on December 4, 2007, Good Energies Investments (Jersey) Limited ("Good Energies") entered into an agreement to purchase 66,745,638 ordinary shares and 281,011 ADSs of Solarfun from certain of Solarfun's current shareholders, including, among others, 38,634,750 ordinary shares from Yonghua Solar Power Investment Holding Ltd, 6,271,875 ordinary shares from WHF Investment Co., Ltd, 12,574,660 ordinary shares from Citigroup Venture Capital International Growth Partnership, L.P., 686,191 ordinary shares from Citigroup Venture Capital International Co-Investment, L.P., 281,011 ADSs from Brilliant Orient International Limited, and 1,051,912 ordinary shares from LC Fund III, L.P.
Yonghua Solar Power Investment Holding Ltd is owned by Mr. Yonghua Lu, Solarfun's founder, Chairman and Chief Executive Officer. WHF Investment Co., Ltd is owned by Mr. Hanfei Wang, Solarfun's Director and Chief Operating Officer. In connection with the share purchase by Good Energies, all the individuals who were parties to the lock-up agreement dated June 20, 2006 agreed to waive the share transfer restrictions on Yonghua Solar Power Investment Holding Ltd and WHF Investment Co., Ltd with respect to any share transfer made to Good Energies or its affiliates. Yonghua Solar Power Investment Holding Ltd's restricted period had also been reduced to one year and WHF Investment Co., Ltd's had been reduced to two years, both measured from the date of the Solarfun's initial public offering in December 2006. In addition, pursuant to a shareholders agreement entered into in connection with the share purchase by Good Energies on December 4, 2007, Yonghua Solar Power Investment Holding Ltd., may not, subject to certain limited exceptions, transfer any of Solarfun's shares beneficially owned by it during the one year period immediately following the date of such agreement, or transfer more than 50% of the number of Solarfun shares it held on December 27, 2007 during the second one year period following the date of such agreement.
The share transfer was completed at the end of December, 2007. Good Energies and/or its affiliates owned an approximate 34.34% interest, and Yonghua Solar Power Investment Holding Ltd. owned an approximate 15.95% interest in Solarfun as of December 31, 2007.
"I am pleased to see the completion of Good Energies' investment in our Company," commented Yonghua Lu. "With the solar industry becoming increasingly competitive on global basis, I look forward to leveraging the experience, knowledge and contacts of the Good Energies team as we seek to improve our competitive position and reach new levels of growth."
As previously disclosed on December 4, 2007, Good Energies Investments (Jersey) Limited ("Good Energies") entered into an agreement to purchase 66,745,638 ordinary shares and 281,011 ADSs of Solarfun from certain of Solarfun's current shareholders, including, among others, 38,634,750 ordinary shares from Yonghua Solar Power Investment Holding Ltd, 6,271,875 ordinary shares from WHF Investment Co., Ltd, 12,574,660 ordinary shares from Citigroup Venture Capital International Growth Partnership, L.P., 686,191 ordinary shares from Citigroup Venture Capital International Co-Investment, L.P., 281,011 ADSs from Brilliant Orient International Limited, and 1,051,912 ordinary shares from LC Fund III, L.P.
Yonghua Solar Power Investment Holding Ltd is owned by Mr. Yonghua Lu, Solarfun's founder, Chairman and Chief Executive Officer. WHF Investment Co., Ltd is owned by Mr. Hanfei Wang, Solarfun's Director and Chief Operating Officer. In connection with the share purchase by Good Energies, all the individuals who were parties to the lock-up agreement dated June 20, 2006 agreed to waive the share transfer restrictions on Yonghua Solar Power Investment Holding Ltd and WHF Investment Co., Ltd with respect to any share transfer made to Good Energies or its affiliates. Yonghua Solar Power Investment Holding Ltd's restricted period had also been reduced to one year and WHF Investment Co., Ltd's had been reduced to two years, both measured from the date of the Solarfun's initial public offering in December 2006. In addition, pursuant to a shareholders agreement entered into in connection with the share purchase by Good Energies on December 4, 2007, Yonghua Solar Power Investment Holding Ltd., may not, subject to certain limited exceptions, transfer any of Solarfun's shares beneficially owned by it during the one year period immediately following the date of such agreement, or transfer more than 50% of the number of Solarfun shares it held on December 27, 2007 during the second one year period following the date of such agreement.
The share transfer was completed at the end of December, 2007. Good Energies and/or its affiliates owned an approximate 34.34% interest, and Yonghua Solar Power Investment Holding Ltd. owned an approximate 15.95% interest in Solarfun as of December 31, 2007.
"I am pleased to see the completion of Good Energies' investment in our Company," commented Yonghua Lu. "With the solar industry becoming increasingly competitive on global basis, I look forward to leveraging the experience, knowledge and contacts of the Good Energies team as we seek to improve our competitive position and reach new levels of growth."
Saturday, January 12, 2008
Solarfun signs two new long-term contracts
Jan 11 (Reuters) - Photovoltaic cell maker Solarfun Power Holdings Co Ltd said it has signed a 140 MW long-term wafer contract with Wacker Schott Solar GmbH through a subsidiary, Solarfun Power Hong Kong Ltd.
According to the contract, deliveries will begin this year, the China-based company said in a statement.
Solarfun also signed a contract with France's EDF Energies Nouvelles, a green electricity generation company, for 17 MW of monocrystalline modules and an option for the sale of an additional 5 MW.
Solarfun said it reduced expectations of polysilcion supply from Jiangsu Zhongneng PV Technology Development Co Ltd to Solarfun's 52 percent subsidiary, Jiangsu Yangguang Solar Technology Co Ltd.
Based on reduced delivery volume in 2007, it now expects the amount of polysilicon to be delivered in 2008 and 2009 to be significantly less.
According to the contract, deliveries will begin this year, the China-based company said in a statement.
Solarfun also signed a contract with France's EDF Energies Nouvelles, a green electricity generation company, for 17 MW of monocrystalline modules and an option for the sale of an additional 5 MW.
Solarfun said it reduced expectations of polysilcion supply from Jiangsu Zhongneng PV Technology Development Co Ltd to Solarfun's 52 percent subsidiary, Jiangsu Yangguang Solar Technology Co Ltd.
Based on reduced delivery volume in 2007, it now expects the amount of polysilicon to be delivered in 2008 and 2009 to be significantly less.
Friday, January 4, 2008
Solarfun Announces New CEO
SHANGHAI, China, Jan 03, 2008 (BUSINESS WIRE) -- Solarfun Power Holdings Co., Ltd. (NASDAQ:SOLF), an established manufacturer of photovoltaic cells, modules and ingots in China, today announced the appointment of Henricus Johannes Petrus "Harold" Hoskens as Chief Executive Officer. His tenure will commence on February 25, 2008 for an initial term of three years. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan Taiwan, where he recently served as Deputy CEO. Lu Yonghua, Chairman of Solarfun commented, "We are very fortunate to have attracted Harold to the Solarfun team. The growth and changing dynamics of the solar industry require leadership and expertise in operating and international experience. Harold has a proven track record in manufacturing, supply chain management, technology and customer relations. He is a well-rounded executive who can lead Solarfun to become a leading competitor in the burgeoning solar industry."
Mr. Lu will continue to serve as Chairman and remain actively involved in our business focusing on various areas of strategic importance to Solarfun.
Mr. Hoskens began his career with Royal Philips in 1988 following the receipt of his Master's Degree in Industrial Engineering & Management Science from Eindhoven University of Technology. In his first period at Philips he focused on Supply Chain and Supply Base execution and improvement for different business entities.
In 1997, Mr. Hoskens moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as its CEO beginning in September 2003. MDS was a leading global player in the mobile LCD markets with extensive operations throughout Asia, as well as South America and Europe. At MDS, Mr. Hoskens helped to introduce new product concepts with leading customers in the cellular and automotive industries.
Mr. Hoskens led MDS into a merger with Toppoly from Taiwan, creating TPO Displays Corporation. TPO Displays focuses on the leading technologies for mobile displays (LTPS-TFT and AMOLED). In the integration process after the merger, he served in Taiwan as Deputy CEO with a focus on customers, technology and marketing for the newly established company. TPO Displays is currently privately held.
Mr. Hoskens noted that, "Solarfun is poised for continued growth. Its manufacturing scale, strong customer base, especially in Europe, and its efficient and low-cost manufacturing advantages from being located in China are all factors that attracted me to this organization. The solar industry is growing and dynamic. Companies that capture a leadership position over time will have low-cost manufacturing, high quality products, strong technology and strong brand recognition. I believe my experience and track record at Royal Philips and TPO fit well with these demands and I look forward to contributing to Solarfun's continued success."
Mr. Lu will continue to serve as Chairman and remain actively involved in our business focusing on various areas of strategic importance to Solarfun.
Mr. Hoskens began his career with Royal Philips in 1988 following the receipt of his Master's Degree in Industrial Engineering & Management Science from Eindhoven University of Technology. In his first period at Philips he focused on Supply Chain and Supply Base execution and improvement for different business entities.
In 1997, Mr. Hoskens moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as its CEO beginning in September 2003. MDS was a leading global player in the mobile LCD markets with extensive operations throughout Asia, as well as South America and Europe. At MDS, Mr. Hoskens helped to introduce new product concepts with leading customers in the cellular and automotive industries.
Mr. Hoskens led MDS into a merger with Toppoly from Taiwan, creating TPO Displays Corporation. TPO Displays focuses on the leading technologies for mobile displays (LTPS-TFT and AMOLED). In the integration process after the merger, he served in Taiwan as Deputy CEO with a focus on customers, technology and marketing for the newly established company. TPO Displays is currently privately held.
Mr. Hoskens noted that, "Solarfun is poised for continued growth. Its manufacturing scale, strong customer base, especially in Europe, and its efficient and low-cost manufacturing advantages from being located in China are all factors that attracted me to this organization. The solar industry is growing and dynamic. Companies that capture a leadership position over time will have low-cost manufacturing, high quality products, strong technology and strong brand recognition. I believe my experience and track record at Royal Philips and TPO fit well with these demands and I look forward to contributing to Solarfun's continued success."
Thursday, September 13, 2007
Suntech Supplies BIPV Component of 750kW Green Building Project in Sicily
September 12, 2007: 08:00 AM EST
WUXI, China, Sept. 12 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has supplied 230 MSK Photovol Glass panels to Socovoltaic Systems, a Socotherm and TSNergy Inc. joint venture company that designs, manufactures and installs integrated PV systems. The 10kW building integrated photovoltaic (BIPV) solution will form an integral component of a 750kW solar system for a 25,000 square meter green building project in the Sicilian city of Pozzallo, Italy.
Suntech's MSK Photovol Glass panels are semitransparent, thin film BIPV panels that transmit up to 10% of light while generating electricity. This level of light transmission allows for visibility while protecting against excessive solar heat gain, glare, and the damaging effects of UV rays. The aesthetic glass panels used in the green building project are insulated for even greater energy efficiency, and will provide a highly visible showcase for the total 750kW solar system that is slated to be installed at the site.
''Projects such as this green building in Sicily demonstrate the strong and long term global sales market for BIPV products and especially thin film PV modules. We are pleased to be involved with this important project that showcases Suntech's leading concepts in the world of PV and architecture,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
The BIPV system engineering for the building has been spearheaded by US- based thin film and BIPV expert TSNergy on behalf of Socovoltaic Systems. ''Having spent over half a decade in the manufacturing and applications of thin film photovoltaics, we believe that Suntech's MSK Photovol Glass solution is one of the best currently available on the market,'' said Tom Moran, Partner and CEO of TSNergy Inc. ''We see great potential for BIPV products over the next few decades as the market evolves.''
In May 2007, Suntech broke ground on a thin film R&D and manufacturing facility in Shanghai, China. The thin film modules produced will primarily be used in Suntech's MSK BIPV applications.
About TSNergy, Inc.
TSNergy Inc., an American Corporation, is active in the design, production, and commercialization of next generation photovoltaic materials and building integrated photovoltaic systems, for widespread residential and commercial use. For more information, please visit: http://www.tsnergy.com .
About Socotherm
Socotherm, a public company listed on the Italian Stock Exchange and founded in 1859 in Vicenza, Italy is a world-wide pipe coating contractor with plants in Italy, Spain, Australia, Malaysia, China, Nigeria, Angola, Qatar, Argentina, Brazil, Venezuela and USA. The Group offers all types of pipe coating services world-wide to the Oil and Gas industry from External/Internal Anticorrosion Coatings to Concrete Weight Coating and Thermal Insulation. For more information, please visit: http://www.socotherm.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
WUXI, China, Sept. 12 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has supplied 230 MSK Photovol Glass panels to Socovoltaic Systems, a Socotherm and TSNergy Inc. joint venture company that designs, manufactures and installs integrated PV systems. The 10kW building integrated photovoltaic (BIPV) solution will form an integral component of a 750kW solar system for a 25,000 square meter green building project in the Sicilian city of Pozzallo, Italy.
Suntech's MSK Photovol Glass panels are semitransparent, thin film BIPV panels that transmit up to 10% of light while generating electricity. This level of light transmission allows for visibility while protecting against excessive solar heat gain, glare, and the damaging effects of UV rays. The aesthetic glass panels used in the green building project are insulated for even greater energy efficiency, and will provide a highly visible showcase for the total 750kW solar system that is slated to be installed at the site.
''Projects such as this green building in Sicily demonstrate the strong and long term global sales market for BIPV products and especially thin film PV modules. We are pleased to be involved with this important project that showcases Suntech's leading concepts in the world of PV and architecture,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
The BIPV system engineering for the building has been spearheaded by US- based thin film and BIPV expert TSNergy on behalf of Socovoltaic Systems. ''Having spent over half a decade in the manufacturing and applications of thin film photovoltaics, we believe that Suntech's MSK Photovol Glass solution is one of the best currently available on the market,'' said Tom Moran, Partner and CEO of TSNergy Inc. ''We see great potential for BIPV products over the next few decades as the market evolves.''
In May 2007, Suntech broke ground on a thin film R&D and manufacturing facility in Shanghai, China. The thin film modules produced will primarily be used in Suntech's MSK BIPV applications.
About TSNergy, Inc.
TSNergy Inc., an American Corporation, is active in the design, production, and commercialization of next generation photovoltaic materials and building integrated photovoltaic systems, for widespread residential and commercial use. For more information, please visit: http://www.tsnergy.com .
About Socotherm
Socotherm, a public company listed on the Italian Stock Exchange and founded in 1859 in Vicenza, Italy is a world-wide pipe coating contractor with plants in Italy, Spain, Australia, Malaysia, China, Nigeria, Angola, Qatar, Argentina, Brazil, Venezuela and USA. The Group offers all types of pipe coating services world-wide to the Oil and Gas industry from External/Internal Anticorrosion Coatings to Concrete Weight Coating and Thermal Insulation. For more information, please visit: http://www.socotherm.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
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