Suntech Displays Leading Solar Products at Inter Solar 2007 Germany
First Quarter Results Highlight Strong Sales Growth in Europe
Suntech also recently announced their first quarter 2007 earnings. The results far exceeded revenue expectations with total net revenues growing 174.5% year-over-year to $246.7 million, and total production output growing 138.2% year-over-year to 64.7MW.
In its key sales geographies, Suntech's sales continue to outpace market growth. In particular, sales volumes have grown measurably in Spain, where the Company shipped 27MW in the first quarter of 2007, similar to shipment volumes in Germany. Commenting on the first quarter results, Dr. Zhengrong Shi, Suntech's Chairman and CEO, said, "We experienced exceptionally strong demand for our PV modules due to high customer satisfaction and a strong reputation for reliably delivering large volumes of superior quality and performance products on schedule. The demand for our products has never been stronger."
Suntech Your Essential Solar Partner
Suntech's ability to rapidly expand production capacity whilst maintaining a commitment to quality is another reason why Suntech is an essential solar partner. To meet the surplus demand for solar products, Suntech accelerated capacity expansion in the first quarter adding another three 30MW production lines and taking Suntech's annual production outpu to 325MW.
In addition, Suntech is on track with a key step in its move towards multi-gigawatt manufacturing with the construction of its new facility in Wuxi, China. The 540,000 square foot, 1GW capacity plant is scheduled to begin installation of new PV cell production lines in June 2007. With the acceleration of these initiatives Suntech has raised target 2007 year-end production capacity a second time to 480MW.
This capacity expansion is integral to Suntech's ability to deliver large orders of reliable solar products to meet tight customer schedules. "We cater to the diverse needs of our customers by ensuring that our products meet deadlines as well as performance specifications," said Dr. Zhengrong Shi.
Other Business Highlights
- Suntech has increased its BIPV sales and marketing activities especially in North America demonstrated by its letter of intent with Open Energy Corp. in May. Suntech intends to provide cost effective and high quality production of their SolarSave® PV Tiles and explore broad initiatives to expand BIPV product sales within the North American market.
- Suntech's innovative 20% conversion efficiency PV cell, based on its new low cost "Pluto" technology platform, is ahead of schedule achieving over 18% conversion efficiency in pilot production successfully, validating the commercial feasibility of this technology in comparison to conventional PV cell technology.
- To address the growing market for thin film and BIPV products, Suntech recently began construction on a thin film R&D and manufacturing facility in Shanghai. The initial phase with 50MW of capacity is expected to begin operation by the middle of 2008. Suntech projects the conversion efficiency of 6% to 9%. The thin film modules will be nearly 6 square meters in size contributing to a balance of system installation cost for that Suntech believes will be measurably lower than other thin film PV solutions.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of either Open Energy or Suntech to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, customer demand for its products, the execution of definitive agreements related to the transactions described within this release, the ability of either or both party's to perform under such definitive agreements, either company's ability to scale up manufacturing to meet demand, and other factors over which either Open Energy or Suntech has little or no control. Neither Open Energy nor Suntech undertakes any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Suntech Power Holdings Co., Ltd.
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com.
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