Canadian Solar and SolarWorld Group Enter Into 180 Million Euro Supply Contract
JIANGSU, CHINA--(MARKET WIRE)--Jan 24, 2007 -- Canadian Solar Inc. ("the Company" or "CSI") (NASDAQ:CSIQ - News) today announces that it has signed a long term supply contract with Deutsche Solar, the wafer manufacturing subsidiary of Solar World Group of Germany. Under the contract, Deutsche Solar will supply to CSI approximately 180 million Euro worth of Solsix-Multi 6" wafers over a 12 year period. Initial deliveries will start immediately, with full annual quantity deliveries to commence in January of 2009. CSI and Solar World Group have worked together for the past two years, during which time CSI has been providing recycled silicon feedstock for Deutsche Solar to turn into wafer on toll manufacturing basis.
Dr. Shawn Qu, Chairman and CEO of CSI, said, "Deutsche Solar AG is one of the biggest solar wafer companies in the world. Being able to secure the wafer supply contract at a price substantially lower than the current spot market price will help enhance our ability to grow and to provide affordable, quality solar products to customers worldwide. This new contract further solidifies our long-term, mutually beneficial relationship."
Dipl. Ing. Frank Asbeck, CEO of SolarWorld AG commented, "CSI has established itself as a premier supplier of high quality and high yield solar modules. We are proud of our partnership and look forward to expanding our relationship as we leverage both of our operational strengths and expertise."
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information visit www.csisolar.com.
About SolarWorld AG
The SolarWorld AG Group is among the three largest solar power companies in the world. The group is dedicated exclusively to the core business of solar energy, combining all stages of the solar value chain, from the raw material silicon to turn-key solar power plants. The company operates production facilities in Germany, Sweden and the USA. In the United States, SolarWorld AG is also the leading producer and provider of solar power technology. In addition, sales offices operate in Spain, South Africa and Singapore, completing the international alignment of the group. The responsibilities of the two latter offices include the sale of rural solar power solutions that make an important contribution to the sustainable economic development of the southern hemisphere. In Freiberg, Saxony, the group operates the world's most advanced integrated solar production facilities where the SolarWorld Group turns solar grade silicon into high quality solar wafers, solar cells and solar modules. SolarWorld AG offers a diverse range of products from modules for grid-coupled and grid-independent power generation all the way to a whole class of complete solar power systems for decentralized and centralized electricity generation. After the IPO at the end of 1999, the company developed within a few years to a fully integrated solar technology group, increasing its workforce to more than 1,300 employees. SolarWorld AG is listed at the stock exchange in the technology index TecDAX, in the Dow Jones STOXX 600 as well as the international MSCI index, among others.
Safe Harbor / Forward-Looking Statements:
Certain statements in this press release including statements regarding expected future financial and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its registration statement on Form F-1 originally filed on October 23, 2006, as amended. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release and in the attachments is as of December 13, 2006, and CSI undertakes no duty to update such information, except as required under applicable law.
In Jiangsu P.R. China
Bing Zhu - Chief Financial Officer - Canadian Solar Inc.
phone: 86-512-62696755, firstname.lastname@example.org
In the U.S.
David Pasquale, The Ruth Group
phone: +1-646-536-7006, email@example.com
Source: Canadian Solar