ARISE Technologies Signs Six-Year Agreement for Supply of Silicon Wafers From ReneSola
09:35 EDT Wednesday, June 11, 2008
§ WATERLOO, ON, June 11 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, cost-effective solar technology, today announced that its wholly owned subsidiary, ARISE Technologies Deutschland GmbH (ARISE Germany) has signed a six-year agreement with a wholly owned subsidiary of ReneSola Ltd (NYSE: SOL and AIM: SOLA.L) to supply ARISE with 203.5 MW of silicon wafers. ReneSola Ltd is a leading solar wafer manufacturer based in China.
The agreement with Zhejiang Yuhui Energy Source Co., Ltd. commences July 1, 2008 and extends through June 30, 2014. Shipments are expected to consist of 203.5 MW of silicon wafers over the 6-year term. Pricing and payment terms are consistent with current standard industry practices.
"With this agreement, ARISE now has supply contracts for 100 percent of the solar wafers that we require in 2008 and approximately 60 percent of our needs for 2009 for our PV (photovoltaic) cell production plans at our new German manufacturing plant," said Bart Tichelman, President and Chief Executive Officer. "ReneSola is the seventh, high-quality silicon wafer manufacturer with which ARISE now has developed a supply relationship that we believe will enable us to meet our longer-term requirements."
About ReneSola
ReneSola Ltd is a leading solar wafer manufacturer based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola manufactures monocrystalline and multicrystalline solar wafers. In addition, ReneSola strives to enhance its competitiveness through upstream integration into virgin polysilicon manufacturing. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of theLondon Stock Exchange (AIM: SOLA.L). For more information about ReneSola, please visit http://www.renesola.com.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened inApril 2008 in Bischofswerda, Germany . The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20 percent. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999 percent purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division provides complete turnkey PV solutions for solar farms and rooftop installations under the Ontario standard offer program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
%SEDAR: 00017494E
For further information: ARISE Technologies Corporation: 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com
|