NANJING, China, July 24, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, announced today that it had signed a 7.8MW solar module sales contract with Urban Group Energy, the energy arm of Urban Group Australia, one of the top conglomerate companies in Australia. Delivery of the solar modules was scheduled to be completed by the end of August 2012.
Urban Group Energy's services include the wholesaling and distribution of solar PV panels and grid tied inverters throughout Australia.
With its high solar irradiation and government support policies, the Australian solar market is one of the most promising markets in the world. Australia has always been an important market for China Sunergy and accounted for 18% of its total shipments in the first quarter of 2012. In 2011, China Sunergy's shipments to Australia ranked No.4 among Chinese solar panel suppliers, according to the export data of solar modules from China Customs. In the first half 2012, China Sunergy has shipped about 28MW to Australia and aims to ship more in the second half of the year.
Mr. Adam Pearse, Executive Director and CEO of Urban Group Australia said, "We have had a business relationship with China Sunergy since 2010 and the company has consistently provided us with high quality and efficient solar modules. The Australia solar market is growing and ripe with opportunity. The nation's total solar installation reached around 753MW in 2011 according to Solarbuzz data, and we are expecting to grow that number this year with more power purchase agreements (PPAs), projects and large scale power plants. By cooperating with China Sunergy, we believe we can both expand market share in this promising market, resulting in a win-win situation for both of us."
Mr. Stephen Cai, CEO of China Sunergy commented, "We are happy to work with Urban Group Australia again and we value this long-term partnership. Australia is undoubtedly a very important market for us, where we commenced our solar business in 2008. The small residential segment dominates more than 90% of the Australia solar market, where clients are seeking higher efficiency products. We are confident that our high efficiency solar modules and all-around after-sale service will help customers achieve higher investment returns. We like working with distributors such as Urban Group Australia to reach out to as many customers as possible."
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 utilizes crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators and solar power systems for use in China and many other markets. For additional information, please visit http://www.chinasunergy.com.
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 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 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.