China Sunergy, China Electric Equipment Group and DuPont China Holdings Announce Strategic Collaboration
NANJING, China, March 23, 2012 /PRNewswire/ --
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China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, is pleased to announce that the Company, together with China Electric Equipment Group ("CEEG") have signed a Letter of Intent with DuPont China Holdings (DuPont) for strategic collaboration relating to photovoltaic (solar) technologies & materials, power transformer, insulation and aircraft composite materials over a three-year period.
DuPont has been well recognized as bringing world-class science and engineering to the global marketplace by providing high quality products, materials, and inclusive innovative capabilities since 1802. This strategic collaboration among the parties includes photovoltaic, power transformer, as well as insulation and aviation composite materials. It is anticipated that the strategic collaboration will help improve product quality, enhance the collaboration and development of new products, new applications and new markets.
The strategic collaboration offers long-term benefits to the three companies. As part of this collaboration, China Sunergy has agreed to increase its purchase of photovoltaic materials from DuPont, including DuPont? Solamet? photovoltaic metallizations used in solar cells to achieve higher cell efficiency and DuPont? Tedlar? polyvinyl fluoride film based backsheet for solar module protection. It is hoped that the collaboration will help advance the development of new and improved technologies and product quality improvements, further increasing efficiency and overall system cost reductions, to help reach grid parity faster.
"Collaborating with our local partners to address the need to reduce global dependence on fossil fuels is critical to China's sustainable development," said DuPont Greater China President Tony Su. "This Letter of Intent will expand the strategic relationship between DuPont, CEEG and China Sunergy with long-term benefit not only to the parties, but also to the local industry and community. DuPont China is committed to leverage its strong technological capabilities across the company and work with our partners to support their rapid growth."
Chairman of China Sunergy and CEEG, Mr. Tingxing Lu, added: "CEEG has maintained a strategic commercial relationship with DuPont for over 15 years. I'm happy to see that this collaboration has been extended to involve China Sunergy. DuPont is one of the world's leading, first-class enterprises, and this strategic collaboration will benefit China Sunergy to continue improving its technology, product reliability and customer satisfaction. China Sunergy's CEO Mr. Stephen Cai and CTO Dr. Jianhua Zhao really look forward to strengthening this alliance and exploring innovations with DuPont."
About DuPont
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com
About China Electric Equipment Group
CEEG (China Electric Equipment Group),headquartered in Nanjing, was founded in 1990, with the core values of "foresight, innovation and responsibility", insisting on the responsibility of "output the great power to the world", and has devoted to manufacture for more than twenty years, forming four main industries of power transformer, solar industry, power electronics and honeycomb material. CEEG has 15 subsidiaries, more than 300 sales & service networks across China, selling into 22 countries and territories in the world. CEEG has received many awarded such as "Top 500 China's Private Enterprises", "Chinese Well-known Trademark", "National Environmentally Friendly Enterprise", "National Innovative Enterprise" etc. To know more, please visit the official website: http://www.ceeg.cn
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilizes crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators and solar power systems for use in China and many other markets. For additional information, please visit http://www.chinasunergy.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including the ultimate outcome of any decisions by the ITC and DOC on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, the future trading of the common stock of the Company; the ability of the Company to operate as a public Company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Media Contacts:
China Sunergy Co., Ltd. DuPont China Holding Co., Ltd. Elaine Li Jamie Mo Phone: +86-25-5276-6696 Phone: +86-20-3839-0222 ext.8088 Email: Elaine.li@chinasunergy.com Email: Jamie-jing-mei.mo@chn.dupont.com
Brunswick Group
Hong Kong Hong Kong Ginny Wilmerding Xiaoxiao Nina Zhan Phone: +852-3512-5000 Phone: +852-3512-5000 Email: csun@brunswickgroup.com Email: csun@brunswickgroup.com
Distributed by PR Newswire on behalf of China Sunergy Co., Ltd.
Source: http://www.prnewswire.co.uk/cgi/news/release?id=352831
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