JIASHAN, China, July 1, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced the Company restarted production at its Sichuan polysilicon plant on July 1, 2013, following upgrades to its furnaces and hydrochlorination technology.
The Company had halted polysilicon production in November of last year in order to complete the upgrades, as well as to integrate its Phase II production facilities with those of Phase I for a combined polysilicon production capacity of 10,000 metric tons ("MT"). Among the upgrades were new proprietary reduction furnaces and improved, proprietary hydrochlorination technology, which reduces energy consumption to less than 100 kilowatt-hour ("kWh") per kilogram ("kg"), compared to 145 kWh/kg before the upgrades.
ReneSola began trial production at its newly integrated 10,000-MT polysilicon plant in the first quarter of 2013 and commenced full production on July 1. In the third quarter of 2013, the Company expects to produce approximately 1,800 to 2,000 MT of polysilicon with a production cost of approximately $18/kg, compared to approximately 1,176 MT of polysilicon with a production cost of approximately $24/kg in the third quarter of 2012.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "Our polysilicon plant upgrades are key to reducing our overall wafer and module production costs, as well as shielding us from volatility in the polysilicon market. We're confident our expanded, internal polysilicon production will continue to lower our production costs, which will give us an advantage over our competitors and help us deliver positive results to our shareholders."
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit www.renesola.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Investor Relations ReneSola Ltd Tel: +86-573-8473-9011 E-mail: email@example.com
Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-3073 E-mail: firstname.lastname@example.org
In the United States:
Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 E-mail: email@example.com
SOURCE ReneSola Ltd.