China Sunergy Signs Strategic Collaboration Agreement with the 48th Research Institute of China Electronics Technology Group Corporation
NANJING, China, July 7, 2014 /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 R&D subsidiary, China Sunergy (Nanjing) Power Science & Technology Co., Ltd. (the "R&D Innovation Plant"), has entered into a strategic collaboration agreement with the 48th Research Institute of China Electronics Technology Group Corporation ("The Research Institute"), to jointly accelerate research and development, deployment and marketing of photovoltaic technology and products.
The Research Institute is a leading research and production enterprise selected as a model organization among China's solar photovoltaic industry by the Ministry of Science and Technology and the People's Government of Beijing Municipality. As a state-owned-enterprise, the Research Institute employs the nation's top technical scientists and is one of the largest suppliers of photovoltaic equipment in China.
"We are excited to closely collaborate with the country's preeminent research institution," said Dr. Jianhua Zhao, Chief Technology Officer of China Sunergy. "For this strategic collaboration, we mainly aim to co-declare scientific research, co-research photovoltaic materials and equipment, and co-develop solar projects. We believe the combination of our leading technology and the Research Institute's expertise in photovoltaic equipment and large user base will accelerate the development and monetization of innovations."
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.
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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.