NANJING, China, Sept. 3, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its new generation of high-efficient mono-crystalline solar cells have reached 20.26% conversion efficiency in the pilot research and development ("R&D") line, and have received certification recently from the Fraunhofer Institute for Solar Energy Systems ISE ("Fraunhofer ISE"), the largest solar energy research institute in Europe.
The new generation of high-efficient mono-crystalline solar cells combines the Company's Waratah and QSAR cell technology in a new design structure that enables it to achieve high conversion efficiency using normal wafers. The new conversion efficiency record of 20.26% was confirmed by Fraunhofer ISE as the leading level among all photovoltaic enterprises in China and has surpassed the benchmark of 20% mono-crystalline cells conversion efficiency set by the eight development guidelines issued by the State Council for China's photovoltaic industry in July 2013.
The high-efficient mono-crystalline solar cells offer outstanding cost advantage and space reduction, making them ideal for rooftop applications. China Sunergy has installed high-efficient mono-crystalline solar cell production lines with the capacity of 70MW, and a corresponding module production line with the capacity of 15MW in its newly completed R&D center. The company plans to start commercial mass production by the end of this year.
Dr. Jianhua Zhao, Chief Technology Officer of China Sunergy, said, "As one of the key members for China's 863 program in developing and commercializing high-efficient and low-cost crystalline silicon solar cells, we are committed to developing cutting-edge and strategic solar technologies. We are proud of our record achievement, and aim to promptly deploy this new breakthrough for large-scale commercial application. Our success validates the hard work and diligence of our dedicated R&D team, and we remain determined to further advance the state of the art and to foster healthy and sustainable development for solar energy."
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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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.