JinkoSolar and Andalay Solar Sign MOU for Andalay Compatible Panels
Modules to be showcased in JinkoSolar's booth at Intersolar North America
Jun 16, 2015, 09:00 ET
SHANGHAI and FREMONT, Calif., June 16, 2015 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it has entered into a Memorandum of Understanding with Andalay Solar, Inc. ("Andalay") (OTCQB: WEST), whereby JinkoSolar intends to license and manufacture solar modules using Andalay's Instant Connect® frame technology. With existing residential market demand for the Andalay compatible solution, this new offering will be a valuable addition to JinkoSolar's current module line up offering. JinkoSolar is targeting to offer the new Jinko-branded modules in the second half of the year.
JinkoSolar will be offering a 60 cell polycrystalline solution equipped with a black Andalay frame, which has passed the UL1703 Type 1 Fire Classification. This high efficiency module will be made available specifically for the residential market, supporting JinkoSolar's strong development in this sector.
"We have been rapidly expanding our sales in the U.S. residential market this year, and we are very optimistic that the differentiated solution presented by the Andalay compatible modules will support our growth," said Nigel Cockroft, General Manager of JinkoSolar (U.S.) Inc. "With the current trend and success of rail-less mounting hardware in the residential segment, we are pleased to provide our customers with more options, such as the Andalay compatible solution, for mounting JinkoSolar modules on their roofs."
"It is a huge step forward for Andalay to have JinkoSolar agree to produce Andalay compatible modules and showcase it at Intersolar North America. We believe that this will accelerate the adoption of Andalay mounting hardware as an industry standard within the U.S. residential solar market, as more of Jinko's residential solar customers sign on to the benefits of the Andalay system: faster, easier and simpler installations," commented Andalay Solar's President & CEO, Steven Chan. "We are excited to be a strong part of Jinko's rapidly expanding market share within the rooftop solar market here in the U.S."
JinkoSolar will exhibit the new modules with Andalay's Instant Connect® frame technology at Booth #7321, Intersolar North America, taking place at the Moscone Center in San Francisco, California, July 14-16.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 2.5 GW for silicon ingots and wafers, 2.0 GW for solar cells, and 3.2 GW for solar modules, as of December 31, 2014. JinkoSolar also sells electricity in China, and has connected approximately 500 MW of solar power projects to the grid, as of December 31, 2014.
JinkoSolar has over 13,000 employees across its 4 productions facilities in Jiangxi and Zhejiang Provinces, China, Portugal and South Africa, 12 global sales offices in China, Spain, the United Kingdom, the United Arab Emirates, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Brazil, Costa Rica and Mexico and 11 oversea subsidiaries in Germany, Italy, Switzerland, the United States, Canada, Australia, Singapore, Japan, India, South Africa and Chile.
To find out more, please see: www.jinkosolar.com
About Andalay Solar: (OTCQB:WEST)
Founded in 2001, the Company is a designer and manufacturer of integrated solar power systems. The Company has been a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel. The Company's AC solar panel reduces the number of components for a rooftop solar installation by approximately 80% and lowers labor costs by approximately 50%. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. The Company currently sells its new generation "Instant Connect®" products in both AC and DC format which provide the best combination of safety, performance and reliability. For more information on the Company, visit www.andalaysolar.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from Andalay Solar and JinkoSolar management in this press release and their respective operations and business outlooks, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F, and Andalay Solar's filings with the SEC including its annual report on Form 10-K. Except as required by law, Andalay Solar and JinkoSolar do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Andalay Solar, Inc.
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