Significant sale for GT Solar in polysilicon production chain
Merrimack, N.H. - (BUSINESS WIRE) -
GT Solar Incorporated, a key global provider of a comprehensive range of equipment, services and technology solutions to the solar power industry, announced today that it has entered into a contract to supply Trina Solar (Lianyungang) Co., Ltd., a subsidiary of Trina Solar, Ltd. (NYSE: TSL) 
with polysilicon reactors and converters worth $49 MM. The equipment will be used by Trina Solar in conjunction with the company's announced plans to build and operate a multi-phased polysilicon production facility in Lianyungang, located in China's Jiangsu Province.
The contract is subject to the approvals by the boards of both companies.
This $49 MM contract is for GT Solar's latest technology 48 rod chemical vapor deposition reactor and silicon tetrachloride (STC) hydrogenation conversion units, which convert STC to trichlrosilane (TCS).
GT Solar CEO, Thomas Zarrella, noted, "We are pleased to announce that this latest contract with Trina Solar reflects GT Solar's strategic role in meeting the global demand for polysilicon, which is a basic material for the manufacture of solar cells. Our technology and equipment continue to help the solar power industry meet the growth in product demand while helping the industry drive down the cost per kilowatt hour."
GT's VP for Polysilicon, David Keck, said: "Trina Solar is a recognized leader in manufacturing high quality monocrystalline and multicrystalline photovoltaic modules and is an important client to our team here at GT Solar. Trina Solar is focused on developing a strong brand in the marketplace, investing continuously in its technology platform and ensuring a low cost position, and we look forward to continuing to play a role in their success."
Jifan Gao, Chairman and CEO of Trina Solar, said: "As a customer of GT Solar, we have come to value GT's superior technology and equipment, and look forward to working together to continue to lower manufacturing costs as we increase our capacity and execute on our growth strategy."
About GT Solar Incorporated
GT Solar Incorporated is a wholly owned subsidiary of GT Solar International, Inc., and a key global provider of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, New Hampshire, (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules.
GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to www.gtsolar.com.
About Trina Solar
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufacturers with a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including Germany, Spain and Italy.
Trina Solar's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
Forward-Looking Statement This press release contains forward-looking statements that are subject to risks and uncertainties. These statements are indicated by words such as "expect,""estimate," or similar expressions. In particular, this press release contains forward-looking statements about the expected future sales from the contract executive with Trina Solar (Lianyungang) Co., Ltd. These statements are based upon information available to GT Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including, but not limited to, the failure by either party to fulfill its obligations under such contract. GT Solar undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
GT Solar Incorporated
Fred Kocher, 603-883-5200, Ext. 3812 kocher@gtsolar.com or
For GT Solar Incorporated
Hill & Knowlton
Jessica Anderson, 212-885-0492 jessica.anderson@hillandknowlton.com
Merrimack, N.H. - (BUSINESS WIRE) -
GT Solar Incorporated, a key global provider of a comprehensive range of equipment, services and technology solutions to the solar power industry, announced today that it has entered into a contract to supply Trina Solar (Lianyungang) Co., Ltd., a subsidiary of Trina Solar, Ltd. (NYSE: TSL) with polysilicon reactors and converters worth $49 MM. The equipment will be used by Trina Solar in conjunction with the company's announced plans to build and operate a multi-phased polysilicon production facility in Lianyungang, located in China's Jiangsu Province.The contract is subject to the approvals by the boards of both companies.
This $49 MM contract is for GT Solar's latest technology 48 rod chemical vapor deposition reactor and silicon tetrachloride (STC) hydrogenation conversion units, which convert STC to trichlrosilane (TCS).
GT Solar CEO, Thomas Zarrella, noted, "We are pleased to announce that this latest contract with Trina Solar reflects GT Solar's strategic role in meeting the global demand for polysilicon, which is a basic material for the manufacture of solar cells. Our technology and equipment continue to help the solar power industry meet the growth in product demand while helping the industry drive down the cost per kilowatt hour."
GT's VP for Polysilicon, David Keck, said: "Trina Solar is a recognized leader in manufacturing high quality monocrystalline and multicrystalline photovoltaic modules and is an important client to our team here at GT Solar. Trina Solar is focused on developing a strong brand in the marketplace, investing continuously in its technology platform and ensuring a low cost position, and we look forward to continuing to play a role in their success."
Jifan Gao, Chairman and CEO of Trina Solar, said: "As a customer of GT Solar, we have come to value GT's superior technology and equipment, and look forward to working together to continue to lower manufacturing costs as we increase our capacity and execute on our growth strategy."
About GT Solar Incorporated
GT Solar Incorporated is a wholly owned subsidiary of GT Solar International, Inc., and a key global provider of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, New Hampshire, (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules.
GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to www.gtsolar.com.
About Trina Solar
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufacturers with a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including Germany, Spain and Italy.
Trina Solar's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
Forward-Looking Statement This press release contains forward-looking statements that are subject to risks and uncertainties. These statements are indicated by words such as "expect,""estimate," or similar expressions. In particular, this press release contains forward-looking statements about the expected future sales from the contract executive with Trina Solar (Lianyungang) Co., Ltd. These statements are based upon information available to GT Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including, but not limited to, the failure by either party to fulfill its obligations under such contract. GT Solar undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
GT Solar Incorporated
Fred Kocher, 603-883-5200, Ext. 3812 kocher@gtsolar.com or
For GT Solar Incorporated
Hill & Knowlton
Jessica Anderson, 212-885-0492 jessica.anderson@hillandknowlton.com
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