Solarfun Power Holdings Co., Ltd (NASDAQ:SOLF), a vertically-integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, has signed a letter-of-intent for a three-year supply agreement with Q-Cells International, a subsidiary of Q-Cells AG (QCE.DE) , the world’s largest manufacturer of solar cells.
Under the letter of intent, Q-Cells intends to purchase from Solarfun a minimum of 100 megawatts (MW) of PV modules per year using PV cells supplied by Q-Cells from 2009 through 2011. The modules will be used to serve Q-Cells International’s rapidly growing systems businesses’ requirements.
Financial terms of the deal were not disclosed.
Anton Milner, CEO of Q-Cells stated, "We are very pleased to establish this relationship with Solarfun which will support our growing needs for the rapidly expanding activities in Q-Cells International, in this case primarily outside of Europe."
Solarfun CEO Harold Hoskens commented, "Upon the expected entry into the contract, it will allow us to build additional scale, and leverage and enhance our corporate structure. We look forward to building further areas of cooperation and sharing process, product and application technology that could benefit both parties."
Last week Q-Cells signed a 5-year agreement with solar services provider SunEdison, to supply 800 MW of solar modules and begin joint development of solar power systems in North America.
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures ingots and PV cells and modules and supplies solar system integration services in China. The Company produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures the majority of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors and directly to system integrators. The Company was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of solar cells worldwide. In 2007, with some 1,800 employees, the company produced monocrystalline and multi-crystalline solar cells with a total performance of 389.2 megawatt peak and delivered them worldwide to manufacturers of solar modules. More than 200 scientists and engineers at Q-Cells are working on advancing the technology so as to achieve the objective of the company – reducing photovoltaic costs quickly and on a sustained basis and making them competitive. In addition to the activities in its core business, from 2008 onwards several Q-Cells AG subsidiaries will be producing photovoltaic modules on the basis of various thin-film technologies. Q-Cells AG has branches in Hong Kong, China and Japan.
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