NANJING, China, April 19, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company has entered into another solar module supply agreement, this time for 31 MW, with Renewable Energy, a subsidiary of renowned European solar distributor and project developer SUNfarming Group.
In October 2011, China Sunergy supplied 23 MW of CSUN modules to SUNfarming Group. All those modules have been successfully installed and are now functioning well as part of several solar projects. The new 31 MW in solar modules will be used in rooftop and ground-mounted solar projects in Germany. China Sunergy expects to deliver the modules between late April and mid May 2012.
Mr. Martin Tauschke, CEO of SUNfarming Group, commented, "Our previous cooperation with China Sunergy was very successful. The product quality and services were reliable and satisfied our requirements. We treasure this partnership with China Sunergy, which will enable us to confidently expand our investments in solar projects."
Mr. Stephen Cai, China Sunergy's CEO commented, "This new deal with SUNfarmig Group marks the continuation of a long-time partnership and is evidence of their confidence in our products and trust in our company. Despite the looming subsidy cuts in Germany and uncertainty in the industry, we will continue to nurture our existing markets such as Germany, one of the most important solar markets worldwide."
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 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.