NANJING, China, Dec. 1, 2010 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar manufacturer based in Nanjing, China, and Pythagoras Solar, a provider of breakthrough building integrated photovoltaic (BIPV) products, today announced the signing of an agreement to co-market and advance the development and scale manufacturing of BIPV products from 2010-2015 in China. The agreement positions both companies to capitalize on opportunities in the growing BIPV market through the use of Pythagoras Solar's transparent, high power photovoltaic glass units (PVGU). Research firm NanoMarkets estimated the BIPV market in Asia in 2009 at over U.S. $600 million in installation revenues and forecasts the global BIPV market to exceed U.S. $8 billion by 2015.
"Pythagoras Solar's BIPV products are a foundation for progress in areas of critical importance for our company as we work to broaden our technology portfolio," said Mr. Stephen Zhifang Cai CEO, China Sunergy. "We look forward to supplying an important partner with our market leading solar concentrator cells and believe that both companies will benefit from our joint efforts."
According to the agreement, China Sunergy will work with Pythagoras Solar to rapidly advance the proliferation of PVGU products by supplying up to 75 MW of high-efficiency solar concentrator cells within 5 years. Pythagoras Solar's PVGU products combine the modularity and insulating benefits of the standard insulating glass unit (IGU) with solar power generation and architectural adaptability. Other areas of cooperation between the companies may include the reselling and production of Pythagoras Solar's PVGU products by China Sunergy; and the development and supply of new solar concentrator cells to further enhance BIPV systems. This exemplifies Pythagoras Solar's fab-less manufacturing model to build a relationship with China Sunergy, one of the market leaders to deliver capital efficiency, reliability and scale to meet global demand.
"This is an exciting time to be expanding our business in China and we feel that China Sunergy will be a strong partner to help us take advantage of the burgeoning demand for BIPV products and the high-growth Asian markets," said Gonen Fink, Founder and CEO, Pythagoras Solar. "China Sunergy provides us with the opportunity to quickly scale manufacturing capacity in a joint effort that will maximize the potential of our respective technologies and strengths. We believe that the triple value benefits of our PVGU products will help transform the green building industry and help in making energy efficiency a reality for the mass commercial market."
About Pythagoras Solar
Founded in 2007, Pythagoras Solar is uniquely positioned at the intersection of energy efficient building materials and photovoltaics (PV). The company provides building integrated photovoltaic (BIPV) products that enable the architecture, engineering and construction sectors to design buildings with increased energy efficiency, renewable power generation and appealing aesthetics, thereby increasing real estate value. Pythagoras Solar will advance distributed power generation, help achieve Net Zero Energy Buildings (ZEB) and have a lasting impact on green building and urban planning. Pythagoras Solar is a privately held company with operations in the United States, Israel and China. For more information on Pythagoras Solar and its 'triple value' BIPV, please visit www.pythagoras-solar.com.
About China Sunergy Co. Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a wellknown solar company in China. China Sunergy manufactures solar product utilizing crystalline silicon solar technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar products to Chinese and overseas customers, who develop solar projects worldwide. For more information please visit http://www.chinasunergy.com.
Any forward-looking statements are based on current expectations and projections about the company and the industry, and involve known and unknown risks and uncertainties. The company undertakes no obligation to update these statements to reflect subsequent occurring events or circumstances except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, they cannot assure of any results.
SOURCE Pythagoras Solar