China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today that 20% of the solar cells to be supplied to aleo solar AG under a previous agreement will be high-efficiency selective emitter (SE) cells, as outlined in a new supplemental agreement.
aleo solar, a leading German solar module manufacturer, signed an initial solar cell supply agreement with China Sunergy in October 2007. The total shipment volume under the new agreement will remain at 30 megawatts (MW) for 2008 but will now comprise of 7MW supplied in the form of SE cells. 2MW of the 10MW to be supplied during the first half of this year will now be in the form of SE cells. The remainder of the cells will be shipped by the end of 2008, according to a release.
Commenting on the agreement, Allen Wang, CEO of China Sunergy, said, "SE cells represent a growing proportion of our total production and shipment levels, and we are very pleased with the response our customers have shown towards these products. As we continue to increase the overall ratio of SE cells shipped, and expand our SE production capacity, we expect to see an improvement in our 2008 gross margin as overall conversion efficiencies improve and our usage of polysilicon is reduced."
Commenting further, Jakobus Smit, CEO of aleo solar, added, "The efficiency levels China Sunergy is achieving with its SE cells are some of the best in the industry so we decided that these cells should form a greater proportion of our overall supply. Going forward we look forward to building closer ties with China Sunergy and view them as an important long-term supplier."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.
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