NANJING, China, December 19, 2011 /PRNewswire/ --
China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that its Quasar modules had been awarded safety and reliability certificates by TUV Rheinland Group. The Company also announced the sale of 1.89MW in Quasar products to Bulgaria, under a contract signed with M1 Solar Plant, a special purpose vehicle company registered by Helios Power, a recognized player in the energy market.
TUV Rheinland Group provides neutral test reports and certificates to prove that PV modules safely and reliably deliver the guaranteed rated power in various kinds of environmental conditions. The TUV certificates for the Quasar modules are valid for 5 years through November 16, 2016. The certificate is widely recognized across Europe and will allow China Sunergy to ramp up its sales of Quasar modules across the continent.
China Sunergy believes that its module is well recognized in Eastern Europe. M1 Solar Plant will deploy China Sunergy's Quasar modules in the development of a commercial ground-mounted project in the Burgas region of Bulgaria known as Sredetz Solar Park. The project is expected to be completed in February 2012. The Company has started shipping in mid-December and will deliver the remainder before the end of January 2012.
"Sredetz Solar Park is one of our most important projects next year, and CSUN's efficient and high quality Quasar products enable us to build the project with reliable, cutting edge technology panels." Said Mr. Ivo Ivanov, CEO of Helios Power and Managing Director of M1 Solar Plant.
Robert Rice, Chief Sales, Marketing & Strategy Officer commented: "We are very pleased with these two positive developments. The TUV certificate is recognition of our Quasar product's quality and safety, and we expect this can pave the way for China Sunergy to step into the bigger European market. Specifically, the cooperation with M1 Solar Plant will expand our market share in Bulgaria, a good growth area for China Sunergy in the future."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and CSUN then assembles these solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas EPCs, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.
Investor and Media Contacts: China Sunergy Co., Ltd. Elaine Li Phone: +86-25-5276-6696 Email: Elaine.firstname.lastname@example.org Brunswick Group Hong Kong Hong Kong Ginny Wilmerding Xiaoxiao Nina Zhan Phone: +852-3512-5000 Phone: +852-3512-5000 Email: email@example.com Email: firstname.lastname@example.org
Safe Harbor Statement
This announcement contains 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 ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including the ultimate outcome of any decisions by the ITC and DOC 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, 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, they cannot assure you that their 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.