China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, announced that it has signed a 50 MW framework agreement with KosiFrankensolar for their Turkish projects.
The two companies have already started to explore the Turkish market together. "Now our partnership has reached a new level," states Bulent Yildiz, General Manager of KosiFrankensolar in Istanbul. "We appreciate China Sunergy's close cooperation with us and their commitment to local production."
KosiFrankensolar is a subsidiary of Germany's Frankensolar group, a leading distributor for grid-connected solar installations in the Western Hemisphere with more than 20 years of experience in the international PV business.
The agreement foresees delivery of the Company's high efficient polycrystalline modules within 2014, which will be used in the projects that are not required to obtain license, primarily. The main focus will be on ground mounted applications as well as some roof-top installations all over Turkey.
"From early on, we have been working with KosiFrankensolar in Turkey and consider them as an ideal partner for mutually taking advantage of the opportunities in the solar market within the vicinity of the European pioneer markets," confirms China Sunergy's CEO Stephen Cai.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ: CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
The Nuremberg-based system provider of complete energy management systems Frankensolar is one of the leading service providers in the field of decentralised renewable energy. Frankensolar was established in 1990 as an "Energy Saving Shop". Today, it is a globally operating company represented by subsidiaries in five other countries. The Frankensolar Group trains its own specialists. The company is characterised by advanced technologies, comprehensive services enabled by the proven expertise of all employees and highest product quality standards. Individual advice, competent support and successful product development are an integral part of the corporate philosophy. Frankensolar offers its customers tailor-made solutions from project implementation to financing models - all from one source.
KosiFrankensolar, one of Frankensolar Group's subsidiaries located in Turkey, started operations in April 2013 based on the same philosophy and principals of personal support.
Safe Harbor Statement
This announcement may contain 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 failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; the Company's ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; 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 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, 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.