BOVIET SOLAR INTRODUCES NEW BRAND, LOGO AND MISSION

Part of a repositioning to reflect company's ongoing growth and expansion

SAN JOSÉ, Calif. , March 28, 2022 /PRNewswire/ -- Boviet Solar, a leading global solar energy technology company specializing in the manufacturing of Monocrystalline PERC PV cells, Monofacial and Bifacial PV Modules, has introduced a new brand and logo that position the company as "Boviet Solar" instead of "Boviet Solar USA" and "Boviet". 

"Since our founding nine years ago, Boviet Solar has generated healthy financial growth, expanded our manufacturing capacity, entered new markets, adopted new technologies, and grown our customer base considerably. It was time to update our brand, mission, and logo to reflect that growth and expansion," said Jimmy Xie, Boviet Solar CEO.

As part of a five-month re-branding project, the company decided to remove "USA" from the brand to better reflect the company's global reach. Boviet Solar is headquartered in Vietnam and has additional offices in the U.S., Germany, and China.

The Boviet brand name reflects the company's corporate structure and its heritage and operations. It combines elements from the parent company's name - Boway Alloy, and of Vietnam, where the company was founded and from where it conducts a large portion of its operations.

The logo represents the sun rising above Boviet Solar.

"Boviet Solar has been a Tier 1 module manufacturer since 2017, but our visibility and name-recognition in the industry are not keeping pace with our track record. Our new vision and brand aim to convey that Boviet Solar is a long-term Tier 1, bankable, reliable, and long-term partner for solar developers and contractors, EPCs and IPPs," said Xie.

New Mission, Vision and Motto

The comprehensive review and re-launch of the brand also included the following.

• New Mission Statement: The company mission is to make the earth a better place for all living beings utilizing the power of the sun.
• New Vision Statement: Continue to be a Tier 1 global brand and preferred partner in the solar energy industry.
• New Company Motto: Clean Energy, Sustainable Future.

The following descriptions of what the Boviet Solar brand stands for have also been updated.

About Boviet Solar

Founded in 2013 in Vietnam, Boviet Solar is part of Boway Alloy and a global Tier 1 solar technology company that specializes in the manufacturing of Monocrystalline PERC cells, Monofacial and Bifacial PV modules, as well as solar project development. The company works with IPPs, EPCs, project developers, solar installers, and contractors to deliver top-performing PV modules for utility-scale, commercial, industrial, and residential solar projects. With a proven track record of success working with many of the industry's leading players, Boviet Solar has maintained its position as a BloombergNEF Tier 1 solar module manufacturer and supplier since 2017. The company offers financial stability, technology know-how, manufacturing excellence and supply chain transparency. Its PV Modules are known for their power, performance and quality and have been rated as top performers on the PVEL/DNV-GL module reliability scorecard since 2019. Boviet Solar's USA headquarters are in San José, California and its global headquarters are located in Vietnam. For more information, please visit www.bovietsolar.com.

Manufacturing & Sales Capacity

Boviet Solar has 1.5 GW PERC PV Cell manufacturing capacity and 1.5 GW Monocrystalline Monofacial and Bifacial PV Module capacity. Since its inception, the company has delivered 3.122 GW of modules worldwide. In addition to Vietnam and the U.S., Boviet Solar has offices in Germany and China.  

Financial and Business Stability

As part of Boway Alloy, Boviet Solar has the resources and support of a global holding company with billions of dollars in annual revenue and financial stability. Boviet Solar is well positioned in the solar industry due to a smart business strategy that focuses on stable and profitable business growth and expansion.

Boviet Solar has maintained BloombergNEF Tier 1 status since 2017. Despite changing market conditions, as the industry transitions to a demand driven market, large installers, project developers, banks and investors increasingly recognize the importance of partnering with a PV Module supplier that has the scale, exceptional product portfolio, and financial stability to back up its product warranty. Every quarter, BloombergNEF evaluates manufacturers on their actual projects over the previous quarter and publishes a list of Tier 1 PV Module Manufacturers. In addition to the real-world performance and customers' feedback on products, the consistency in heavy investments in R&D, after-sales service and utility grade projects are also considered as an indirect measure of the panel products reliability.

Top Performing PV Modules

Boviet Solar's PV modules have been ranked Top Performers by PV Evolution Labs (PVEL) since 2019. The brand is synonymous with quality. Every year PVEL publishes the PV Module Reliability Scorecard, which provides independent, long-term reliability and performance data that developers, investors, and asset owners refer to when choosing modules for their projects.

That ranking, and the strength of the Boviet Solar brand, is maintained through stringent supplier and manufacturing processes and tailoring products to customers' needs. The company's production equipment is sourced from internationally recognized manufacturers; combined with high-quality silicon and other materials, Boviet Solar's products are built to last. All production processes are accredited with the ISO 9001 Quality Management Standard, and dozens of control experts conduct tests at every step of the production process, ensuring that products meet or exceed performance requirements.

Technology Driven

Adapting best-of-class technology has been a key driver behind Boviet Solar's success and is central to its future. Through internal product development and collaboration with industry partners, Boviet Solar has assembled a suite of solar energy products that give customers flexibility, enabling them to choose the best product for their needs. The company specializes in advanced Monocrystalline technology combined with PERC cell, monofacial and bifacial PV modules. Boviet Solar is developing high-efficiency N-Topcon battery technology, high-power PV modules of 600+ W, and HJT heterojunction high-efficiency technology.

Outreach

Boviet Solar is a member of the Solar Energy Industries Association (SEIA) and the American Solar Energy Society (ASES), and supports many non-profit organizations such as Vote Solar, Solar Living Institute and Solar United Neighbors, which are working to advance solar energy in the United States.

Safe Harbor Statement

This press release has been prepared by Boviet Solar (the "Company") solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this press release has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this press release or its contents or otherwise arising in connection with the press release, and you are advised to conduct an independent analysis with respect to any matters contained herein. This press release contains forward-looking statements and management may make additional forward-looking statements in response to your questions. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified using words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from expectations implied by these forward-looking statements because of various factors and assumptions. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized. In addition, these forward-looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law.

SOURCE Boviet Solar