LDK Solar Signs Wafer Supply Agreement with Solartech Energy Corp.
XINYU CITY, China and SUNNYVALE, Calif., Sept. 3
XINYU CITY, China and SUNNYVALE, Calif., Sept. 3 /PRNewswire-FirstCall/ -- LDK
Solar Co., Ltd ("LDK Solar") (NYSE: LDK), a leading manufacturer of solar
wafers, announced today that it has signed a five-year contract to supply
multicrystalline solar wafers to Taiwan-based Solartech Energy Corp.
Under terms of the agreement, LDK Solar will deliver approximately 550 MW of
multicrystalline silicon wafers to Solartech over a five-year period,
commencing in 2009 and extending through 2013. Solartech will make an advanced
payment representing a portion of the contract value to LDK Solar.
"We are pleased to expand our long-standing relationship with Solartech with
this additional contract," Xiaofeng Peng, Chairman and CEO of LDK Solar.
"Having worked with Solartech since the company became one of our early
customers; we look forward to continuing to support their expansion in the
"We are excited to strengthen our wafer supply pipeline with this additional
agreement with LDK Solar," stated Charles C. Chang, President of Solartech.
"LDK has been a valued partner to us as we have continued to expand our
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. is a leading manufacturer of solar wafers, which are the
principal raw material used to produce solar cells. LDK Solar sells wafers
globally to manufacturers of photovoltaic products, including solar cells and
solar modules. In addition, LDK Solar provides wafer processing services to
solar cell and module manufacturers. LDK Solar's headquarters and
manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City,
Jiangxi Province in the People's Republic of China. Its office in the United
States is located in Sunnyvale, California.
Founded in June 2005, Solartech Energy Corp. (Solartech) was established on
the premise of creating a sustainable business that also provided green energy
to the world. Solartech currently has 200 employees and R&D experts in solar
cell technologies who are involved in the business of research, development,
and manufacturing of high efficiency solar cells. Solartech has been equipped
with a fully automated production line which currently has an annual
production capacity of 60 MW but will be expanded from 60 MW to 180 MW in
2008. Solartech plans to reach its capacity beyond 1GW per year by 2014. With
enterprising and pioneering spirit, Solartech strives to provide clean power
to the world by expanding its services that facilitate the growth and
expansion of photovoltaic projects while ensuring high quality products and
developing cutting-edge technologies.
Safe Harbor/Forward Looking Statements
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 fact in this
announcement are forward-looking statements, including but not limited to, LDK
Solar's ability to raise additional capital to finance its activities; the
effectiveness, profitability, and marketability of its products; the future
trading of its securities; the ability of LDK Solar to operate as a public
company; the period of time for which its current liquidity will enable LDK
Solar to fund its operations; its ability to protect its proprietary
information; general economic and business conditions; the volatility of its
operating results and financial condition; its ability to attract or retain
qualified senior management personnel and research and development staff; and
other risks detailed in LDK Solar's filings with the Securities and Exchange
Commission. These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations, assumptions,
estimates and projections about LDK Solar and the industry.
LDK Solar 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 LDK Solar 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 LDK Solar Co., Ltd.
Contact: Jack Lai, Executive VP and CFO of LDK Solar Co., Ltd.,
+1-408-245-8801, IR@ldksolar.com; or Lisa Laukkanen of The Blueshirt Group,
+1-415-217-4967, email@example.com, for LDK Solar Co., Ltd.
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