CHANGZHOU, China, May 6 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("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, today announced that the Company has expanded its European sales and marketing team.
Due to the continued development of its business initiatives in Europe and the growing demand for Trina Solar's quality products in over 18 countries, the Company has expanded its Sales and Marketing team to better serve the established markets of Germany, Italy, France, and Spain, as well as the emerging markets such as the Czech Republic, Portugal, the Netherlands, Austria, and Greece. The Company is pleased to announce two new appointments, who joined the Company's strong sales team in April 2009.
Ben Hill, formerly at BP Solar, has joined Trina Solar as Director of Sales & Marketing for Europe. Mr. Hill is a well-known and respected industry leader with over 23 years of experience in the photovoltaic industry. Prior to joining Trina Solar, he spent over 10 years at BP Solar, serving in both Germany and Spain and in various senior positions including Sales & Marketing Director for Europe, Africa and the Middle East, and most recently, as a Regional Director for Europe. Prior to BP Solar, he served as a Division Manager for Battery Control, DC Lighting and Solar at Sollatek Ltd. Mr. Hill will manage Trina Solar's operations in Europe and will refine and implement the Company's ambitious regional growth plans.
Daniel Priem has joined Trina Solar as Central European Manager. Mr. Priem has over 10 years of experience in solar and other renewable energies. Prior to joining the Company, Mr. Priem spent over seven years at SunTechnics, a Conergy Group company, as a sales representative for Central Europe, manager of SunTechnics (Sydney), sales head for Southeast Asia and Australia, and finally as Conergy Group's commercial manager for Southern Europe. Mr. Priem also served as the business development manager for Innovative Windpower AG.
"We view Europe as an essential market region that includes key markets under current development," said Arturo Herrero, Trina Solar's Vice President of Sales & Marketing, who oversees Trina Solar's global sales and marketing. "We are delighted to strengthen our sales and marketing team with such talented and experienced personnel who bring years of regional and global knowledge and experience from well-known PV solar companies to our business."
Showing posts with label solar cell. Show all posts
Showing posts with label solar cell. Show all posts
Friday, May 8, 2009
Monday, May 4, 2009
Evergreen Solar shifts manufacturing future to China, targets US$1/W in 2012
01 May 2009 | By Mark Osborne
String Ribbon solar cell manufacturer Evergreen Solar is planning future expansions in China, with the aim of reaching a manufacturing cost of US$1 per watt by the end of 2012. The aggressive goal is in tandem with ramping a new plant in China to 500MW in that time frame. This is being planned with another PV manufacturer, Jiawei Solar (Wuhan) Co., and the Wuhan Donghu New Technology Development Zone Management Committee, part of the Wuhan provincial government in Wuhan, China.
Rather than a joint venture, Jiawei will process String Ribbon wafers into Evergreen Solar-branded panels on a subcontract basis as part of a frame agreement. The structure of the agreement will see Evergreen Solar reimburse Jiawei for its cell and panel production costs, plus subcontractor commission fee. The price paid to Jiawei is to be negotiated on an annual basis.
Interestingly, Terry Bailey, Evergreen Solar’s sales and marketing VP, while answering a question from a financial analyst during the company's first-quarter conference call, conceded that legal restrictions had been in place with Q-Cells and other partners in String Ribbon licensee Sovello over a joint venture agreement.
“We are starting our own factory in China, and we are using a subcontractor in China. So, the minor prohibition that existed under our Sovello agreement does not exist here,” said Bailey.
Apparently, Q-Cells would have had first refusal to partner with Evergreen in such a joint venture, under a 30-day response mechanism.
The Wuhan government is expected to guarantee the financing required from banks and other potential lending agencies in China as well as provide yet-to-be-revealed incentives for locating the operation in the province.
“With the support of the Wuhan Management Committee, we will seek financing for about two-thirds of the total cost, reducing our portion of initial capital required to between US$15 million and US$20 million,” noted Richard M. Feldt, chairman/CEO/president of Evergreen Solar, during the conference call. “So, put another way, we'll effectively expand our wafer cell and panel capacity by 100MW for between US$15 million and US$20 million of incremental cash.”
Jiawei Solar moved into its newly expanded 60,000 sq-metre complex in August 2008, with the plant having a module capacity of 35MW and two cell lines of 25MW capacity. Plans had been to increase capacity to 245MW under its third phase of expansion, requiring more construction.
Initial capacity for the Evergreen String Ribbon plant is expected to be approximately 100MW and reach about 500MW by 2012. However, the timing and scale of the planned expansions will be finalised in 2010. Final contractual agreements were close to being signed, though a minor delay within the Wuhan government was noted by Feldt. Evergreen Solar expects all the necessary arrangements, including finance, to be sorted in the next 90 days.
However, sealing the deal may be a minor glitch, since financing the new plant while maintaining liquidity for its other operations over the coming quarters could become more difficult.
By any measure, Evergreen Solar has had a challenging first quarter. Aside from the legal proceedings ongoing with the collapse of Lehmann Brothers bank, Evergreen declared a non-cash charge of US$43.9 million against a deposit given to a polysilicon start-up in France, Silicium de Provence, which went into voluntary bankruptcy in early April. Other charges generated a cash burn-rate of nearly US$100 million in the quarter.
With the required short-term up-front investment needed for the China project, Evergreen Solar is planning to raise an additional US$100 million for operations and near-term liquidity flexibility in the next few months.
It was quite clear from the conference call that its new Devens production site would continue to ramp to full capacity and become the key facility to meet U.S, market demand, where applicable. That turned out to mean that price sensitivity was not an issue, particularly domestic rooftop-type installations.
However, for larger-scale industrial/commercial and utility scale projects in the future, Evergreen Solar expects to be able to leverage the lower base production costs from China to meet and competitively compete for that business, especially against thin-film technologies.
It seems that Evergreen Solar is directing its future success and growth from Wuhan, since that location will become its lowest cost manufacturing base, and in a very short time.
String Ribbon solar cell manufacturer Evergreen Solar is planning future expansions in China, with the aim of reaching a manufacturing cost of US$1 per watt by the end of 2012. The aggressive goal is in tandem with ramping a new plant in China to 500MW in that time frame. This is being planned with another PV manufacturer, Jiawei Solar (Wuhan) Co., and the Wuhan Donghu New Technology Development Zone Management Committee, part of the Wuhan provincial government in Wuhan, China.
Rather than a joint venture, Jiawei will process String Ribbon wafers into Evergreen Solar-branded panels on a subcontract basis as part of a frame agreement. The structure of the agreement will see Evergreen Solar reimburse Jiawei for its cell and panel production costs, plus subcontractor commission fee. The price paid to Jiawei is to be negotiated on an annual basis.
Interestingly, Terry Bailey, Evergreen Solar’s sales and marketing VP, while answering a question from a financial analyst during the company's first-quarter conference call, conceded that legal restrictions had been in place with Q-Cells and other partners in String Ribbon licensee Sovello over a joint venture agreement.
“We are starting our own factory in China, and we are using a subcontractor in China. So, the minor prohibition that existed under our Sovello agreement does not exist here,” said Bailey.
Apparently, Q-Cells would have had first refusal to partner with Evergreen in such a joint venture, under a 30-day response mechanism.
The Wuhan government is expected to guarantee the financing required from banks and other potential lending agencies in China as well as provide yet-to-be-revealed incentives for locating the operation in the province.
“With the support of the Wuhan Management Committee, we will seek financing for about two-thirds of the total cost, reducing our portion of initial capital required to between US$15 million and US$20 million,” noted Richard M. Feldt, chairman/CEO/president of Evergreen Solar, during the conference call. “So, put another way, we'll effectively expand our wafer cell and panel capacity by 100MW for between US$15 million and US$20 million of incremental cash.”
Jiawei Solar moved into its newly expanded 60,000 sq-metre complex in August 2008, with the plant having a module capacity of 35MW and two cell lines of 25MW capacity. Plans had been to increase capacity to 245MW under its third phase of expansion, requiring more construction.
Initial capacity for the Evergreen String Ribbon plant is expected to be approximately 100MW and reach about 500MW by 2012. However, the timing and scale of the planned expansions will be finalised in 2010. Final contractual agreements were close to being signed, though a minor delay within the Wuhan government was noted by Feldt. Evergreen Solar expects all the necessary arrangements, including finance, to be sorted in the next 90 days.
However, sealing the deal may be a minor glitch, since financing the new plant while maintaining liquidity for its other operations over the coming quarters could become more difficult.
By any measure, Evergreen Solar has had a challenging first quarter. Aside from the legal proceedings ongoing with the collapse of Lehmann Brothers bank, Evergreen declared a non-cash charge of US$43.9 million against a deposit given to a polysilicon start-up in France, Silicium de Provence, which went into voluntary bankruptcy in early April. Other charges generated a cash burn-rate of nearly US$100 million in the quarter.
With the required short-term up-front investment needed for the China project, Evergreen Solar is planning to raise an additional US$100 million for operations and near-term liquidity flexibility in the next few months.
It was quite clear from the conference call that its new Devens production site would continue to ramp to full capacity and become the key facility to meet U.S, market demand, where applicable. That turned out to mean that price sensitivity was not an issue, particularly domestic rooftop-type installations.
However, for larger-scale industrial/commercial and utility scale projects in the future, Evergreen Solar expects to be able to leverage the lower base production costs from China to meet and competitively compete for that business, especially against thin-film technologies.
It seems that Evergreen Solar is directing its future success and growth from Wuhan, since that location will become its lowest cost manufacturing base, and in a very short time.
Tuesday, April 28, 2009
Solar EnerTech Establishes Joint Venture With Jiangsu Shunda Semiconductor Development Co. Ltd.
- JV Enhances Presence and Solar Opportunities in U.S. Market -
MENLO PARK, Calif., April 28 /PRNewswire-Asia-FirstCall/ -- Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced the establishment of a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd. ("Jiangsu Shunda"), a leading PV raw material manufacturer, to pursue solar expansion opportunities in the U.S. region.
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The U.S. JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the U.S. market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the U.S. market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55% of the JV company, Solar EnerTech will own 35% and the management of the JV will own the remaining 10%. Mr. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Mr. Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Mr. Leo Young, CEO of Solar EnerTech, commented, "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the U.S. market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational U.S. office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the U.S. market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing U.S. market. Together, we can more easily penetrate U.S. solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Mr. Ni, President of Jiangsu Shunda commented, "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
Additional information on this joint venture can be found in the Company's filing with the SEC.
About Jiangsu Shunda
Based in Yangzhou, China, JiangSu Shunda Group focuses on the photovoltaic market and produces polysilicon, monocrystalline ingots, and wafers. With an annual production output of approximately 1,500 metric tons of polysilicon, Jiangsu Shunda Semiconductor is one of the largest polysilicon and wafer manufacturers in China.
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise incorporated in the United States with its corporate office in Menlo Park, California. The Company has established a sophisticated 63,000 square foot manufacturing plant located in China, in Shanghai's Jinqiao Modern Technology Park. Currently, the Company is capable of producing 50MW of solar cells from its existing production line.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production.
MENLO PARK, Calif., April 28 /PRNewswire-Asia-FirstCall/ -- Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced the establishment of a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd. ("Jiangsu Shunda"), a leading PV raw material manufacturer, to pursue solar expansion opportunities in the U.S. region.
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The U.S. JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the U.S. market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the U.S. market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55% of the JV company, Solar EnerTech will own 35% and the management of the JV will own the remaining 10%. Mr. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Mr. Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Mr. Leo Young, CEO of Solar EnerTech, commented, "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the U.S. market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational U.S. office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the U.S. market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing U.S. market. Together, we can more easily penetrate U.S. solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Mr. Ni, President of Jiangsu Shunda commented, "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
Additional information on this joint venture can be found in the Company's filing with the SEC.
About Jiangsu Shunda
Based in Yangzhou, China, JiangSu Shunda Group focuses on the photovoltaic market and produces polysilicon, monocrystalline ingots, and wafers. With an annual production output of approximately 1,500 metric tons of polysilicon, Jiangsu Shunda Semiconductor is one of the largest polysilicon and wafer manufacturers in China.
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise incorporated in the United States with its corporate office in Menlo Park, California. The Company has established a sophisticated 63,000 square foot manufacturing plant located in China, in Shanghai's Jinqiao Modern Technology Park. Currently, the Company is capable of producing 50MW of solar cells from its existing production line.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production.
Sunday, April 26, 2009
China Seeing Drop in Manufacturing Cost of Crystalline Si Solar Cell Module
Apr 24, 2009 19:01
Motonobu Kawai, Nikkei Microdevices
"The spot price of silicon materials in China will drop to US$50/kg within 2009," said Dylen Liu of JL McGregor & Company, a research firm in China.
He delivered a speech on the Chinese solar cell industry at Solar Cell Market Seminar 2009 hosted by Nikkei Market Access with help from Nikkei Microdevices in Japan.
In his speech, Liu introduced recent drops in the spot price of polycrystalline silicon materials in China. The price was more than US$350/kg until October 2008 but dropped by half in November 2008, being hit by the financial crisis and other issues. And it continued to fall to less than US$80/kg in April 2009.
Liu forecast that the spot price will further decline to US$50/kg within 2009. And he calculated the manufacturing cost of a crystalline silicon solar cell module when the price of polycrystalline silicon materials is US$50/kg. The cost will be US$1.1 to 1.2/W at vertically integrated solar cell manufacturers in China, he said.
On the other hand, the manufacturing cost of a thin-film silicon solar cell module will be US$1 to 2 per watt at average Chinese solar cell manufacturers, Liu said. The manufacturing costs of the two types of solar cell modules are getting closer to each other due to the decreasing polycrystalline silicon material price.
At First Solar Inc, a US solar cell manufacturer that is a leader in cost reduction, the manufacturing cost of the CdTe type solar cell module was US$0.98/W as of the fourth quarter of 2008.
Motonobu Kawai, Nikkei Microdevices
"The spot price of silicon materials in China will drop to US$50/kg within 2009," said Dylen Liu of JL McGregor & Company, a research firm in China.
He delivered a speech on the Chinese solar cell industry at Solar Cell Market Seminar 2009 hosted by Nikkei Market Access with help from Nikkei Microdevices in Japan.
In his speech, Liu introduced recent drops in the spot price of polycrystalline silicon materials in China. The price was more than US$350/kg until October 2008 but dropped by half in November 2008, being hit by the financial crisis and other issues. And it continued to fall to less than US$80/kg in April 2009.
Liu forecast that the spot price will further decline to US$50/kg within 2009. And he calculated the manufacturing cost of a crystalline silicon solar cell module when the price of polycrystalline silicon materials is US$50/kg. The cost will be US$1.1 to 1.2/W at vertically integrated solar cell manufacturers in China, he said.
On the other hand, the manufacturing cost of a thin-film silicon solar cell module will be US$1 to 2 per watt at average Chinese solar cell manufacturers, Liu said. The manufacturing costs of the two types of solar cell modules are getting closer to each other due to the decreasing polycrystalline silicon material price.
At First Solar Inc, a US solar cell manufacturer that is a leader in cost reduction, the manufacturing cost of the CdTe type solar cell module was US$0.98/W as of the fourth quarter of 2008.
JA Solar starts construction of new integrated solar cell plant
22 April 2009
JA Solar Holdings has broken ground on its Phase II, ingot, cell and module facility in Yangzhou, China. According to Chinese news reports, the production plant will cost approximately US$100 million and be completed by the end of 2009. The reports suggested the new plant would increase JA Solar’s production capacity by 300MW.
The new expansion project would seem to be inline with JA Solar’s planned capacity of 875MW by the end of 2009, up from 600MW in 2008. JA Solar claims a solar cell production line costs US$10 million, suggesting approximately 6-8 lines could be added.
JA Solar Holdings has broken ground on its Phase II, ingot, cell and module facility in Yangzhou, China. According to Chinese news reports, the production plant will cost approximately US$100 million and be completed by the end of 2009. The reports suggested the new plant would increase JA Solar’s production capacity by 300MW.
The new expansion project would seem to be inline with JA Solar’s planned capacity of 875MW by the end of 2009, up from 600MW in 2008. JA Solar claims a solar cell production line costs US$10 million, suggesting approximately 6-8 lines could be added.
Saturday, April 11, 2009
Q-Cells, LDK Solar Form Joint Venture
Ucilia Wang
April 8, 2009 at 12:06 PM
Q-Cells and LDK Solar said they are forming a joint venture to develop large-scale power plants to buyers in Europe and China.
LDK Solar has been supplying silicon wafers to Q-Cells, which turns those wafers into solar cells and sell them to panel makers. Q-Cells said the joint venture would enable both companies to work more closely together and offer better deals to customers. The joint venture, LQ Energy, would contract with panel makers to produce the panels for the power plant projects.
Both companies also figured that they could take advantage of each other’s marketing know-how in their home territories. LDK is based in China while Q-Cells is Germany. The companies said they have started their first, 40-megawatt project in Europe, and are shopping for a buyer.
Both companies have been hit by the economic downturn. Q-Cells has cut sales forecast for 2009 twice since December. LDK has delayed a factory expansion plan and has had to deal with customers who can’t pay as promised.
LDK’s shares on the New York Stock Exchange rose 4 percent in recent trading to reach $7.06 per share.
April 8, 2009 at 12:06 PM
Q-Cells and LDK Solar said they are forming a joint venture to develop large-scale power plants to buyers in Europe and China.
LDK Solar has been supplying silicon wafers to Q-Cells, which turns those wafers into solar cells and sell them to panel makers. Q-Cells said the joint venture would enable both companies to work more closely together and offer better deals to customers. The joint venture, LQ Energy, would contract with panel makers to produce the panels for the power plant projects.
Both companies also figured that they could take advantage of each other’s marketing know-how in their home territories. LDK is based in China while Q-Cells is Germany. The companies said they have started their first, 40-megawatt project in Europe, and are shopping for a buyer.
Both companies have been hit by the economic downturn. Q-Cells has cut sales forecast for 2009 twice since December. LDK has delayed a factory expansion plan and has had to deal with customers who can’t pay as promised.
LDK’s shares on the New York Stock Exchange rose 4 percent in recent trading to reach $7.06 per share.
China PV plant set to open this year
[ 07 Apr 2009, Rob Cockerill, gasworld.com ]
Construction of China's largest photovoltaic (PV) power plant is scheduled to begin this year in Qinghai Province, an employee with one of the plant's investors is believed to have revealed recently.
According to a report by Semiconductor.net, the individual indicated that Qinghai New Energy Group Co. Ltd. plans to build a 30 megawatt (MW) solar array as the first phase of a 1 gigawatt (GW) project in the province's Qaidam Basin.
Qinghai New Energy Group and China Technology Development Group Corp. will reportedly invest approx. $146.20m in the first phase, which will be built with both thin-film solar cells and polysilicon solar cells.
Construction of China's largest photovoltaic (PV) power plant is scheduled to begin this year in Qinghai Province, an employee with one of the plant's investors is believed to have revealed recently.
According to a report by Semiconductor.net, the individual indicated that Qinghai New Energy Group Co. Ltd. plans to build a 30 megawatt (MW) solar array as the first phase of a 1 gigawatt (GW) project in the province's Qaidam Basin.
Qinghai New Energy Group and China Technology Development Group Corp. will reportedly invest approx. $146.20m in the first phase, which will be built with both thin-film solar cells and polysilicon solar cells.
Suntech teams with Swinburne University for next-generation cell research
06 April 2009 | By Síle Mc Mahon
Great strides in solar cell efficiency are the name of the game as Suntech has teamed up with an Australian university to focus on the development of solar cells that boast twice the efficiency but half the cost of conventional cells. Joining research forces with Swinburne University of Technology of Melbourne, Suntech’s CEO Dr. Zhengrong Shi will lead the collaborative effort with the University’s Centre for Micro-Photonics Director, Professor Min Gu (below right).
"The project will be based around the development of nanoplasmonic solar cells," said Professor Gu. This new technology allows for the efficient collection of solar energy in a wider colour range than those currently being developed in other laboratories. "These will be twice as efficient as the current generation of cells, and will also cost significantly less to run."
The collaborative research group will be based in Swinburne's new Advanced Technology Centre, a nearly-completed $130 million dollar development. Tapping Suntech’s manufacturing experience and Swinburne’s years of research expertise, the project is expected to yield the next-generation cells within the next five years.
Dr. Shi said, "This relationship will combine Swinburne's high quality research with Suntech's ability to rapidly commercialize new technologies into cost effective applications. Nanoplasmonic technology has the potential to take solar to the next level."
Funding will come in the form of a $3 million dollar contribution to the venture from Swinburne University, with a further $3 million coming from Suntech throughout the lifecycle of the research, and a tender for further funding being presented to the Victorian Government.
Great strides in solar cell efficiency are the name of the game as Suntech has teamed up with an Australian university to focus on the development of solar cells that boast twice the efficiency but half the cost of conventional cells. Joining research forces with Swinburne University of Technology of Melbourne, Suntech’s CEO Dr. Zhengrong Shi will lead the collaborative effort with the University’s Centre for Micro-Photonics Director, Professor Min Gu (below right).
"The project will be based around the development of nanoplasmonic solar cells," said Professor Gu. This new technology allows for the efficient collection of solar energy in a wider colour range than those currently being developed in other laboratories. "These will be twice as efficient as the current generation of cells, and will also cost significantly less to run."
The collaborative research group will be based in Swinburne's new Advanced Technology Centre, a nearly-completed $130 million dollar development. Tapping Suntech’s manufacturing experience and Swinburne’s years of research expertise, the project is expected to yield the next-generation cells within the next five years.
Dr. Shi said, "This relationship will combine Swinburne's high quality research with Suntech's ability to rapidly commercialize new technologies into cost effective applications. Nanoplasmonic technology has the potential to take solar to the next level."
Funding will come in the form of a $3 million dollar contribution to the venture from Swinburne University, with a further $3 million coming from Suntech throughout the lifecycle of the research, and a tender for further funding being presented to the Victorian Government.
Monday, March 9, 2009
China Sunergy Announces Solar Cell Sales Agreement with asola
March 4, 2009
China Sunergy Co., Ltd. (NASDAQ:CSUN) , a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a solar cell sales agreement with asola Advanced and Automotive Solar System GmbH ("asola"), a German solar module manufacturing company. Under the terms of the contract, China Sunergy will supply a total volume of between 10MW and 30MW of solar cells to asola from February to December of 2009.
Pricing and quantity are fixed for the first half of 2009, while the transaction details for the second half are subject to further negotiations.
"We are delighted to be signing another solar cell sales agreement with asola, and believe that this relationship will only strengthen in the coming years," remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. "We will continue to actively build strategic partnerships with our existing customers, while pursuing new sales opportunities for our advanced solar cell products."
Reinahrd Wecker, CEO of asola, added, "We are pleased to continue our relationship with China Sunergy as we expand our business into important solar markets, including Italy and the U.S."
China Sunergy Co., Ltd. (NASDAQ:CSUN) , a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a solar cell sales agreement with asola Advanced and Automotive Solar System GmbH ("asola"), a German solar module manufacturing company. Under the terms of the contract, China Sunergy will supply a total volume of between 10MW and 30MW of solar cells to asola from February to December of 2009.
Pricing and quantity are fixed for the first half of 2009, while the transaction details for the second half are subject to further negotiations.
"We are delighted to be signing another solar cell sales agreement with asola, and believe that this relationship will only strengthen in the coming years," remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. "We will continue to actively build strategic partnerships with our existing customers, while pursuing new sales opportunities for our advanced solar cell products."
Reinahrd Wecker, CEO of asola, added, "We are pleased to continue our relationship with China Sunergy as we expand our business into important solar markets, including Italy and the U.S."
Yingli Group to Manage Guangwei Cell Project
Guangwei Green Energy started construction of a 66.7-hectare multicrystalline silicon solar cell project with planned annual capacity of 600MW in Hebei province on February 27, reports newenergy.org.cn. Longjitaihe Industry Group intends to invest a total of RMB 4.2 billion in the project, while Yingli Group, the parent company of Yingli Green Energy (NYSE:YGE), has agreed to manage the project for two years and aid in product development, raw material purchasing and sales. The project is scheduled to begin production at annual capacity of 300MW in September to generate sales revenue of RMB 7.5 billion and create more than 5,000 jobs.
New Huaguang's Yunnan Arm to Set up Solar Cell Base
XIANGFAN, Feb 27, 2009 (SinoCast Daily Business Beat via COMTEX) --Hubei New Huaguang Information Materials Co., Ltd. (SZSE: 600184) announces that its subsidiary Yunnan Tianda PV Tech Co., Ltd. plans to build a solar cell production and R & D base in Jiaxing, Zhejiang Province.
The base will break earth in Xiuzhou Industrial Park of Jiaxing and the builder will enjoy preferential treatment and subsidies from the local government. In line with the inked investment agreement, the base will be able to produce 100MW solar cells per year in the first phase and finally expand to 200MW.
Yunnan Tianda buys a plot of land of more than 3.3 hectares large via public tender for the base, which is estimated to need investment of CNY 300 million, including CNY 50 million from shareholders and CNY 250 million from bank loans or other sources.
Notably, Yunnan Tianda intends to team up a Zhejiang-based company to set up a joint venture to operate this base, registering CNY 50 million in capital at first.
Source: www.shihua.com.cn (February 27, 2009)
The base will break earth in Xiuzhou Industrial Park of Jiaxing and the builder will enjoy preferential treatment and subsidies from the local government. In line with the inked investment agreement, the base will be able to produce 100MW solar cells per year in the first phase and finally expand to 200MW.
Yunnan Tianda buys a plot of land of more than 3.3 hectares large via public tender for the base, which is estimated to need investment of CNY 300 million, including CNY 50 million from shareholders and CNY 250 million from bank loans or other sources.
Notably, Yunnan Tianda intends to team up a Zhejiang-based company to set up a joint venture to operate this base, registering CNY 50 million in capital at first.
Source: www.shihua.com.cn (February 27, 2009)
Friday, February 27, 2009
China Sunergy Signs Solar Cell Sales Agreement With U.S. Based Manufacturer of Photovoltaic Products
China Sunergy to Ship 20MW to 25MW of Solar Cells in 2009 to Photovoltaic Firm
NANJING, China, Feb. 24 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a wafer purchase agreement and a solar cell sales agreement with a U.S. based photovoltaic products firm.
Pursuant to the terms of the agreements, China Sunergy will utilize the multi-silicon wafers purchased from the firm to produce multi-silicon solar cells, which will then be sold back to the firm for incorporation into its downstream solar products. Based on the forecast provided by the U.S. based manufacturer, a total of 20MW to 25MW of solar cells will be supplied by China Sunergy throughout 2009.
The agreements may be replaced by an OEM tolling agreement between China Sunergy and the manufacturer, which is expected to come into force in April 2009. The parties expect that the OEM tolling agreement would not alter the basis of the purchasing and sales terms currently outlined in the existing contracts.
Commenting on the news, Dr. Ruennsheng Allen Wang, CEO of China Sunergy, remarked:
''The securing of this year-long agreement with our U.S. partner, especially during a period of instability within the solar sector, demonstrates that China Sunergy is able to execute on our strategy of signing financially profitable, mutually beneficial agreements with a diverse set of customers. We will continue to seek out additional suitable partners for our advanced solar products across a wide spectrum of geographies and industry segments.''
NANJING, China, Feb. 24 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a wafer purchase agreement and a solar cell sales agreement with a U.S. based photovoltaic products firm.
Pursuant to the terms of the agreements, China Sunergy will utilize the multi-silicon wafers purchased from the firm to produce multi-silicon solar cells, which will then be sold back to the firm for incorporation into its downstream solar products. Based on the forecast provided by the U.S. based manufacturer, a total of 20MW to 25MW of solar cells will be supplied by China Sunergy throughout 2009.
The agreements may be replaced by an OEM tolling agreement between China Sunergy and the manufacturer, which is expected to come into force in April 2009. The parties expect that the OEM tolling agreement would not alter the basis of the purchasing and sales terms currently outlined in the existing contracts.
Commenting on the news, Dr. Ruennsheng Allen Wang, CEO of China Sunergy, remarked:
''The securing of this year-long agreement with our U.S. partner, especially during a period of instability within the solar sector, demonstrates that China Sunergy is able to execute on our strategy of signing financially profitable, mutually beneficial agreements with a diverse set of customers. We will continue to seek out additional suitable partners for our advanced solar products across a wide spectrum of geographies and industry segments.''
Thursday, February 26, 2009
KYOCERA Breaks Ground on New Solar Module Plant in China
Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced the construction of a new solar module manufacturing plant in Tianjin City, China in order to expand production capacity at KYOCERA (Tianjin) Solar Energy Co., Ltd. (herein Kyocera Tianjin Solar).
Construction of the new plant is timed to align the production capacity of solar modules with the increase in production of solar cells which Kyocera is set to expand to 650MW by March, 2012. Manufacturing modules mainly for the Asian market, the target production capacity of Kyocera Tianjin Solar will be bolstered to the eventual goal of 240MW from 2011, an increase to four times the current capacity of 60MW.
Construction of the new manufacturing plant will begin in April, with completion scheduled for spring of 2010. Upon completion of the new plant, all Kyocera Tianjin Solar manufacturing operations will subsequently be transferred to the new facility.
On February 18, the groundbreaking ceremony for the scheduled construction of the new plant was held on the site adjacent to the current facility.
Presently, the solar energy industry is garnering global attention. In 2003, anticipating future growth in the Asian market starting with China and Japan, Kyocera was the first Japanese company to establish a solar module manufacturing plant in China. With the Kyocera Group operating manufacturing facilities for solar modules in Japan, Mexico, the Czech Republic and the Tianjin facilities in China, Kyocera Tianjin Solar supplies solar modules to the leading Asian markets of Japan, South Korea and China as one of the group’s four global manufacturing centers.
Kyocera will continue to increase production capacity from here on to correspond with market demand, aiming for the further expansion of its solar energy business.
Details of the New KYOCERA (Tianjin) Solar Energy Co., Ltd. Plant
Start of Construction: April 2009 (scheduled)
Completion: Spring 2010 (scheduled)
Start of Operation: Gradual start of operations from spring 2010 (scheduled)
Building Area: 9,600m2
Floor Area: 28,800m2 (3 floors)
About KYOCERA
Kyocera Corporation (NYSE:KYO)(TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, telecommunications equipment, laser printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2008, the company’s net sales totaled 1.29 trillion yen (approximately US$12.9 billion).
Construction of the new plant is timed to align the production capacity of solar modules with the increase in production of solar cells which Kyocera is set to expand to 650MW by March, 2012. Manufacturing modules mainly for the Asian market, the target production capacity of Kyocera Tianjin Solar will be bolstered to the eventual goal of 240MW from 2011, an increase to four times the current capacity of 60MW.
Construction of the new manufacturing plant will begin in April, with completion scheduled for spring of 2010. Upon completion of the new plant, all Kyocera Tianjin Solar manufacturing operations will subsequently be transferred to the new facility.
On February 18, the groundbreaking ceremony for the scheduled construction of the new plant was held on the site adjacent to the current facility.
Presently, the solar energy industry is garnering global attention. In 2003, anticipating future growth in the Asian market starting with China and Japan, Kyocera was the first Japanese company to establish a solar module manufacturing plant in China. With the Kyocera Group operating manufacturing facilities for solar modules in Japan, Mexico, the Czech Republic and the Tianjin facilities in China, Kyocera Tianjin Solar supplies solar modules to the leading Asian markets of Japan, South Korea and China as one of the group’s four global manufacturing centers.
Kyocera will continue to increase production capacity from here on to correspond with market demand, aiming for the further expansion of its solar energy business.
Details of the New KYOCERA (Tianjin) Solar Energy Co., Ltd. Plant
Start of Construction: April 2009 (scheduled)
Completion: Spring 2010 (scheduled)
Start of Operation: Gradual start of operations from spring 2010 (scheduled)
Building Area: 9,600m2
Floor Area: 28,800m2 (3 floors)
About KYOCERA
Kyocera Corporation (NYSE:KYO)(TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, telecommunications equipment, laser printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2008, the company’s net sales totaled 1.29 trillion yen (approximately US$12.9 billion).
Suntech Reports Fourth Quarter and Full Year 2008 Financial Results
SAN FRANCISCO and WUXI, China, Feb. 18 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%.
Excluding the provision for inventory and purchase commitments,
adjusted non-GAAP consolidated gross margin in the fourth quarter
was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted
American Depository Share (ADS). On a non-GAAP basis, Suntech's net
loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS
represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of
December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0%
year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per
ADS. On a non-GAAP basis, Suntech's net income for the full year was
$149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity.
"Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement
-- Suntech and MEMC Electronic Materials amended their 10-year silicon
wafer supply agreement. As amended, the dollar value of silicon
wafer purchases from MEMC remains unchanged, but a volume increase
and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an
independent polysilicon producer, for a total cash consideration of
approximately $8.1 million. Suntech previously entered into an
agreement to purchase up to $1.5 billion high purity polysilicon
from Asia Silicon over a seven-year period. Polysilicon cost
decreases to less than $40 per kilogram during the term of the
agreement.
Notable PV Projects
-- Suntech was chosen to design and construct a BIPV system totaling
3MW on the China and Theme Pavilions at the World Expo Shanghai 2010.
The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar
plant in the Middle East, a 10MW solar electricity system to power
Masdar City, the world's first carbon neutral city being built in
Abu Dhabi, United Arab Emirates. The solar system is being built and
designed by leading Abu Dhabi based solar power system integrator,
Enviromena Power Systems.
Product Offering Expansion
-- Suntech entered into an exclusive agreement giving Suntech rights
related to the worldwide manufacturing, distribution and marketing
of Applied Solar's building integrated solar roof tile product,
SolarBlend(TM), and roof membrane product, SolarEze(TM). The
agreements combine Suntech's industry-leading products with Applied
Solar's innovative BIPV applications to provide a more comprehensive
set of product offerings to the residential and commercial market.
U.S. Dealer Network
-- Suntech continued expanding its dealer network of residential
rooftop installers and integrators in the U.S. Currently, Suntech's
network includes over 100 dealers, up from 30 at the end of the
third quarter of 2008.
Technology
-- Suntech has a fully operational 34MW Pluto PV cell line and is in
the process of adding another 68MW of Pluto capacity. Suntech
expects to receive industry certification for Pluto PV modules in
the second quarter of 2009 and targets shipments of more than 50MW
of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves
conversion efficiencies of close to 17% on multi-crystalline PV
cells and close to 19% on mono-crystalline PV cells. Suntech
anticipates that the higher conversion efficiencies will improve
power output by up to 12% above conventional screen-printed PV cells,
enable improved space utilization and reduce installation and other
balance of system costs.
Convertible Senior Note Repurchase
-- Through December 31, 2008, Suntech repurchased $93.8 million
aggregate principal amount of its 0.25% Convertible Senior Notes due
2012 for cash consideration of $61.0 million. As a result, Suntech
realized a net gain of approximately $31.1 million.
Capital and Credit Facilities
-- Suntech had approximately $2.4 billion of approved credit lines to
be used for fixed asset purchase, working capital or trade financing
as of December 31, 2008. Of these credit facilities approximately
$1.2 billion had been drawn down as of December 31, 2008. Suntech
expects that its capital will be sufficient to cover its capital
expenditures in 2009 while maintaining adequate working capital to
support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP
Revenues Gross Profit Gross Margin
(in $ % of Net (in $
millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 %
Others $31.8 7.7 % ($7.8) (24.0%)
Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for
inventory and
purchase
commitment $50.7 12.2 %
Adjusted Non-GAAP
Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP
Revenues Gross Profit Gross Margin
(in $ % of Net (in $
millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 %
PV
Modules
Others $137.7 7.2 % $5.7 4.1 %
Total Net $1,923.5 100 % $349.5 18.2 %
Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%.
Excluding the provision for inventory and purchase commitments,
adjusted non-GAAP consolidated gross margin in the fourth quarter
was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted
American Depository Share (ADS). On a non-GAAP basis, Suntech's net
loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS
represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of
December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0%
year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per
ADS. On a non-GAAP basis, Suntech's net income for the full year was
$149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity.
"Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement
-- Suntech and MEMC Electronic Materials amended their 10-year silicon
wafer supply agreement. As amended, the dollar value of silicon
wafer purchases from MEMC remains unchanged, but a volume increase
and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an
independent polysilicon producer, for a total cash consideration of
approximately $8.1 million. Suntech previously entered into an
agreement to purchase up to $1.5 billion high purity polysilicon
from Asia Silicon over a seven-year period. Polysilicon cost
decreases to less than $40 per kilogram during the term of the
agreement.
Notable PV Projects
-- Suntech was chosen to design and construct a BIPV system totaling
3MW on the China and Theme Pavilions at the World Expo Shanghai 2010.
The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar
plant in the Middle East, a 10MW solar electricity system to power
Masdar City, the world's first carbon neutral city being built in
Abu Dhabi, United Arab Emirates. The solar system is being built and
designed by leading Abu Dhabi based solar power system integrator,
Enviromena Power Systems.
Product Offering Expansion
-- Suntech entered into an exclusive agreement giving Suntech rights
related to the worldwide manufacturing, distribution and marketing
of Applied Solar's building integrated solar roof tile product,
SolarBlend(TM), and roof membrane product, SolarEze(TM). The
agreements combine Suntech's industry-leading products with Applied
Solar's innovative BIPV applications to provide a more comprehensive
set of product offerings to the residential and commercial market.
U.S. Dealer Network
-- Suntech continued expanding its dealer network of residential
rooftop installers and integrators in the U.S. Currently, Suntech's
network includes over 100 dealers, up from 30 at the end of the
third quarter of 2008.
Technology
-- Suntech has a fully operational 34MW Pluto PV cell line and is in
the process of adding another 68MW of Pluto capacity. Suntech
expects to receive industry certification for Pluto PV modules in
the second quarter of 2009 and targets shipments of more than 50MW
of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves
conversion efficiencies of close to 17% on multi-crystalline PV
cells and close to 19% on mono-crystalline PV cells. Suntech
anticipates that the higher conversion efficiencies will improve
power output by up to 12% above conventional screen-printed PV cells,
enable improved space utilization and reduce installation and other
balance of system costs.
Convertible Senior Note Repurchase
-- Through December 31, 2008, Suntech repurchased $93.8 million
aggregate principal amount of its 0.25% Convertible Senior Notes due
2012 for cash consideration of $61.0 million. As a result, Suntech
realized a net gain of approximately $31.1 million.
Capital and Credit Facilities
-- Suntech had approximately $2.4 billion of approved credit lines to
be used for fixed asset purchase, working capital or trade financing
as of December 31, 2008. Of these credit facilities approximately
$1.2 billion had been drawn down as of December 31, 2008. Suntech
expects that its capital will be sufficient to cover its capital
expenditures in 2009 while maintaining adequate working capital to
support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP
Revenues Gross Profit Gross Margin
(in $ % of Net (in $
millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 %
Others $31.8 7.7 % ($7.8) (24.0%)
Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for
inventory and
purchase
commitment $50.7 12.2 %
Adjusted Non-GAAP
Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP
Revenues Gross Profit Gross Margin
(in $ % of Net (in $
millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 %
PV
Modules
Others $137.7 7.2 % $5.7 4.1 %
Total Net $1,923.5 100 % $349.5 18.2 %
Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Canadian Solar cuts 2009 shipment outlook
Feb 17 (Reuters) - China's Canadian Solar Inc (CSIQ.O) cut its 2009 shipment outlook, citing uncertainty in financial markets, and does not expect revenue to cover input costs in the fourth quarter of 2008.
"Gross margin in the fourth quarter is expected to be negative, reflecting the weak euro, a decline in module pricing in December and an inventory revaluation provision," Canadian Solar said.
The solar-cell maker forecast 2009 shipments of 300 to 350 megawatts (MW), down from its prior outlook of 500 to 550 MW.
The company said that near-term solar demand and pricing were being hit by the current credit environment, winter weather in Germany and market-wide inventory clearance efforts.
For the fourth quarter of 2008, the company forecast revenue of $66 million to $71 million, compared with analysts' average estimate of $69.3 million. (Reporting by Arup Roychoudhury in Bangalore; Editing by Pratish Narayanan)
"Gross margin in the fourth quarter is expected to be negative, reflecting the weak euro, a decline in module pricing in December and an inventory revaluation provision," Canadian Solar said.
The solar-cell maker forecast 2009 shipments of 300 to 350 megawatts (MW), down from its prior outlook of 500 to 550 MW.
The company said that near-term solar demand and pricing were being hit by the current credit environment, winter weather in Germany and market-wide inventory clearance efforts.
For the fourth quarter of 2008, the company forecast revenue of $66 million to $71 million, compared with analysts' average estimate of $69.3 million. (Reporting by Arup Roychoudhury in Bangalore; Editing by Pratish Narayanan)
Tuesday, February 24, 2009
Suntech Buys Stake in Asia Silicon for $8.1M
Ucilia Wang
February 17, 2009
Suntech Power Holdings (NYSE: STP) has invested about $8.1 million in Asia Silicon, which has been supplying Suntech with the raw material for making solar cells.
Suntech, based in Wuxi, China, said Tuesday it bought a minority stake from an existing shareholder of Asia Silicon, which is located in Qinghai, China.
Back in 2007, Suntech said it had signed a seven-year, $1.5 billion deal with Asia Silicon. Asia Silicon was to begin delivering the material in the second half of 2008. Suntech said at the time that the contract would give it the cheapest silicon it could find. The company also said it would pay more than $40 per kilogram for the first half of the deal, and less than $40 per kilogram for the remainder of the contract.
Asia Silicon is a new entrant in the market. The company said it began producing silicon at the end of last year, and is revving up its manufacturing pace to reach 2,000 metric tons per year by the middle of this year.
Owning a piece of a silicon company could prove a good move at a time when silicon prices are falling rapidly. The trend, coupled with the economic downturn that has softened market demand, has prompted many solar cell makers to renegotiate their contracts with silicon makers.
Silicon makers aren't immune to market forces, however, and Suntech has seen its investments in two silicon makers, Nitol Solar and Hoku Materials, taking a dive. Suntech said last month that it would incur a charge between $49 million and $52 million in its fourth quarter financials as a result of its stakes in Nitol and Hoku.
Hoku, based in Pocatello, Idaho, recently said it could have trouble building its very first silicon factory because a few of its customers couldn't make the advanced payments that would help to pay for building the factory in Idaho.
Suntech is scheduled to release its quarterly earnings Wednesday.
February 17, 2009
Suntech Power Holdings (NYSE: STP) has invested about $8.1 million in Asia Silicon, which has been supplying Suntech with the raw material for making solar cells.
Suntech, based in Wuxi, China, said Tuesday it bought a minority stake from an existing shareholder of Asia Silicon, which is located in Qinghai, China.
Back in 2007, Suntech said it had signed a seven-year, $1.5 billion deal with Asia Silicon. Asia Silicon was to begin delivering the material in the second half of 2008. Suntech said at the time that the contract would give it the cheapest silicon it could find. The company also said it would pay more than $40 per kilogram for the first half of the deal, and less than $40 per kilogram for the remainder of the contract.
Asia Silicon is a new entrant in the market. The company said it began producing silicon at the end of last year, and is revving up its manufacturing pace to reach 2,000 metric tons per year by the middle of this year.
Owning a piece of a silicon company could prove a good move at a time when silicon prices are falling rapidly. The trend, coupled with the economic downturn that has softened market demand, has prompted many solar cell makers to renegotiate their contracts with silicon makers.
Silicon makers aren't immune to market forces, however, and Suntech has seen its investments in two silicon makers, Nitol Solar and Hoku Materials, taking a dive. Suntech said last month that it would incur a charge between $49 million and $52 million in its fourth quarter financials as a result of its stakes in Nitol and Hoku.
Hoku, based in Pocatello, Idaho, recently said it could have trouble building its very first silicon factory because a few of its customers couldn't make the advanced payments that would help to pay for building the factory in Idaho.
Suntech is scheduled to release its quarterly earnings Wednesday.
JA Solar signs solar cell supply agreement with BP Solar International
BEIJING, Feb 13, 2009 (Xinhua via COMTEX) -- China's high-performance solar product producer JA Solar Holdings Co., Ltd. (JASO.Nasdaq) will supply monocrystalline and polycrystalline solar cells to BP Solar International Inc. in 2009 with an initial volume of 175 MW, according to latest announcement by JA Solar.
The ultimate solar cell delivery may reach as much as 360 MW within 2009, according to the announcement.
This supply agreement is pursuant to the broader strategic cooperation agreement signed between JA Solar and BP Alternative Energy Holdings Limited in November of last year.
Samuel Yang, CEO of JA Solar, said, "We believe this extended agreement with BP will positively affect our business in 2009 and the years beyond."
Additionally, JA Solar plans to announce the operating results for the fourth quarter of 2008 and the annual financial report of 2008 in the second week of March 2009.
The ultimate solar cell delivery may reach as much as 360 MW within 2009, according to the announcement.
This supply agreement is pursuant to the broader strategic cooperation agreement signed between JA Solar and BP Alternative Energy Holdings Limited in November of last year.
Samuel Yang, CEO of JA Solar, said, "We believe this extended agreement with BP will positively affect our business in 2009 and the years beyond."
Additionally, JA Solar plans to announce the operating results for the fourth quarter of 2008 and the annual financial report of 2008 in the second week of March 2009.
JA Solar lowers 2009 revenue expectations
Associated Press, 02.11.09
Chinese solar cell maker JA Solar Holdings Co. on Wednesday again lowered its revenue forecast for 2009, citing global financial weakness and tight credit markets.
Shares of the company tumbled on the news, dropping 25 cents, or 8.3 percent, to $2.76 in aftermarket trading, having closed the regular session at $3.01.
The company currently expects 2009 revenue of $830 million to $952 million. Analysts surveyed by Thomson Reuters, on average, expect 2009 revenue of $993.8 million.
In November, the company cut its revenue projection to between $1.43 billion and $1.66 billion from a prior forecast of $2 billion to $2.2 billion.
JA Solar (nasdaq: JASO - news - people )'s target for total production output is now 500 megawatts to 550 megawatts. The nameplate production capacity by year-end 2009 is now expected to be 875 megawatts.
Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial and utility-scale power generation.
Chinese solar cell maker JA Solar Holdings Co. on Wednesday again lowered its revenue forecast for 2009, citing global financial weakness and tight credit markets.
Shares of the company tumbled on the news, dropping 25 cents, or 8.3 percent, to $2.76 in aftermarket trading, having closed the regular session at $3.01.
The company currently expects 2009 revenue of $830 million to $952 million. Analysts surveyed by Thomson Reuters, on average, expect 2009 revenue of $993.8 million.
In November, the company cut its revenue projection to between $1.43 billion and $1.66 billion from a prior forecast of $2 billion to $2.2 billion.
JA Solar (nasdaq: JASO - news - people )'s target for total production output is now 500 megawatts to 550 megawatts. The nameplate production capacity by year-end 2009 is now expected to be 875 megawatts.
Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial and utility-scale power generation.
Friday, February 6, 2009
Yingli Green Energy Appoints New Chief Technology Officer
BAODING, China, Feb. 3 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) (''Yingli Green Energy'' or the ''Company''), one of the world's leading vertically integrated photovoltaic (''PV'') product manufacturers, today announced the appointment of Dr. Dengyuan Song to the position of Chief Technology Officer. Dr. Song will oversee Yingli Green Energy's research and development initiatives, particularly the development of state-of-the-art and cost-competitive PV products as an integral part of the Company's overall business strategies. Dr. Song will replace Dr. Guoxiao Yao, who has resigned to pursue other interests.
Dr. Song has more than 27 years of experience in the research and development of solar cells, silicon materials, and semiconductor PV devices in both Australia and China, including nearly 10 years of research and development in silicon-based solar cells, polycrystalline silicon thin-film solar cells and third-generation solar cells at the ARC Photovoltaics Centre of Excellence at the University of New South Wales in Sydney, Australia. Prior to joining UNSW, Dr. Song served as a professor at Hebei University in China, where his teaching and research covered a broad spectrum of topics, including solar cells, silicon materials, photoelectric devices and automation engineering. Dr. Song has published and presented over 150 papers in scientific and technical journals and at various PV industry conferences.
''I am very pleased to welcome Dr. Song to the Yingli team,'' said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. ''We believe Dr. Song's deep industry knowledge and extensive technical expertise will contribute to our leadership in the renewable energy sector. We have always recognized the importance of improving yield rates, increasing cost savings and enhancing cell conversion efficiencies. We look forward to having Dr. Song lead our efforts in these areas while strengthening our focus on innovation and the creation of superior technology throughout the Company.''
''We greatly appreciate the contributions Dr. Yao made during his tenure at Yingli and we wish him the best in his future endeavors,'' Mr. Miao concluded.
Dr. Song has more than 27 years of experience in the research and development of solar cells, silicon materials, and semiconductor PV devices in both Australia and China, including nearly 10 years of research and development in silicon-based solar cells, polycrystalline silicon thin-film solar cells and third-generation solar cells at the ARC Photovoltaics Centre of Excellence at the University of New South Wales in Sydney, Australia. Prior to joining UNSW, Dr. Song served as a professor at Hebei University in China, where his teaching and research covered a broad spectrum of topics, including solar cells, silicon materials, photoelectric devices and automation engineering. Dr. Song has published and presented over 150 papers in scientific and technical journals and at various PV industry conferences.
''I am very pleased to welcome Dr. Song to the Yingli team,'' said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. ''We believe Dr. Song's deep industry knowledge and extensive technical expertise will contribute to our leadership in the renewable energy sector. We have always recognized the importance of improving yield rates, increasing cost savings and enhancing cell conversion efficiencies. We look forward to having Dr. Song lead our efforts in these areas while strengthening our focus on innovation and the creation of superior technology throughout the Company.''
''We greatly appreciate the contributions Dr. Yao made during his tenure at Yingli and we wish him the best in his future endeavors,'' Mr. Miao concluded.
Sunday, January 18, 2009
China PV module sector sees departure of 70% of makers
Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Thursday 15 January 2009]
China's photovoltaic (PV) module sector, faced with fast decreasing global demand, saw a drastic reshuffling process in the fourth quarter of 2008 and as many as 250, or 70%, of its originally 350 makers have been forced out of the market because of relatively unhealthy corporate structure and poorer competitiveness, with about 100 large ones remaining, according to industry sources.
The surviving PV module makers are large makers with strong vertical integration, some of whom are invested by government organizations, the sources pointed out. Suntech Power is the largest China-based maker of both solar cells and PV modules with an annual PV module production capacity of 1GWp, followed by Yingli Green Energy with 800-1,000MWp, Trina Solar with 700-800MWp and Solarfun Power with 600MWp, the sources indicated.
Unlike China, Taiwan's PV module industry consists of about 100 independent makers with comparatively small annual production capacities of up to 300MWp, while main makers of solar cells such as Motech Industries and Gintech Energy are unwilling to step into making PV modules because they consider it conflict of interest with their clients from the PV module sector, the sources pointed out.
China's photovoltaic (PV) module sector, faced with fast decreasing global demand, saw a drastic reshuffling process in the fourth quarter of 2008 and as many as 250, or 70%, of its originally 350 makers have been forced out of the market because of relatively unhealthy corporate structure and poorer competitiveness, with about 100 large ones remaining, according to industry sources.
The surviving PV module makers are large makers with strong vertical integration, some of whom are invested by government organizations, the sources pointed out. Suntech Power is the largest China-based maker of both solar cells and PV modules with an annual PV module production capacity of 1GWp, followed by Yingli Green Energy with 800-1,000MWp, Trina Solar with 700-800MWp and Solarfun Power with 600MWp, the sources indicated.
Unlike China, Taiwan's PV module industry consists of about 100 independent makers with comparatively small annual production capacities of up to 300MWp, while main makers of solar cells such as Motech Industries and Gintech Energy are unwilling to step into making PV modules because they consider it conflict of interest with their clients from the PV module sector, the sources pointed out.
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