NANJING, China, Feb 4, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its wholly-owned subsidiary, China Sunergy (Nanjing) Co., Ltd. ("China Sunergy Nanjing") has entered into a solar cells supply agreement with Solar Park Korea ("Solar Park").
Under the terms of the agreement, China Sunergy Nanjing will provide up to 81MW of the Company's poly-silicon cells for Solar Park's modules production and downstream applications.
Hyunwoo Park, Chairman and CEO of Solar Park, said, "We are pleased to partner with China Sunergy, a proven technology innovator in the solar industry. After significant due diligence and evaluation of solar cells providers, we concluded that China Sunergy, with its ability to deliver the highest quality solar cells at competitive prices, is the best choice for our needs. We look forward to closely working with China Sunergy in our global expansion."
Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are delighted to be selected as a solar cells supplier to Solar Park, a leading high-tech enterprise committed to delivering quality solar modules and related services. We believe that the combination of our diversified product offerings, continual conversion efficiency improvements, and worldwide distribution reach provides a strong platform for both parties' global business development. We are confident that our collaboration with Solar Park will prove mutually beneficial."
About Solar Park Korea
Established in 2008, Solar Park Korea specializes in producing and delivering highest-quality solar modules, and its products have been certified and reviewed by numerous bodies, including UL, TUV, VDE, JET, and OST Energy. The company currently has total production capacity of 600MW and, having secured additional land for expansion, intends to ramp up capacity to 1.2GW in Korea. Solar Park Korea's customer portfolio comprises a number of high-profile solar projects in South Korea, including Yeongwol Solar Power Plant, Yeongam F1 Race Track, and Gochang Solar Park.
For more information, please visit the Company's website: http://www.solarpark-korea.com.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ: CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
Investor and Media Contacts:
China Sunergy Co., Ltd. Investor Relations Phone: + 86 25 5276 6666 Email: IR@chinasunergy.com
Asia Bridge Group Limited Wendy Sun Phone: + 86 10 8556 9033 Email: firstname.lastname@example.org
Safe Harbor Statement
This announcement may contain 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 failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; the Company's ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce 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, execution of our strategy to expand into downstream solar power businesses, 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, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
SOURCE China Sunergy Co., Ltd.