Q-Cells and LDK Solar Announce Formation of Joint Venture for Development of
PV Systems in Europe and China
XINYU CITY, China and SUNNYVALE, Calif., April 8
XINYU CITY, China and SUNNYVALE, Calif., April 8 /PRNewswire-FirstCall/ --
Q-Cells SE and LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK) today announced
the formation of a joint venture focusing on PV systems and market development
in Europe and China. Given their complementary core business models and
regional market expertise, the two companies intend to take advantage of value
chain optimization and integrated cost reduction.
A joint project pipeline is already in place and the first 40MW project has
commenced. The projects of the joint venture will utilize solar wafers from
LDK Solar and solar cells from Q-Cells, and will not require additional
working capital financing or other funding from the two companies. The joint
venture is already in discussions with potential buyers of the first turn-key
project, which will be in Europe, and is in the planning stages for future
joint projects in the emerging Chinese market.
The partnership between the two companies in the area of PV systems is not
intended to be exclusive, but rather to focus on developing specific projects
of mutual benefit, with the shared goal of accelerating the move to grid
"We are very pleased to announce this joint venture and further expand our
relationship with LDK Solar," commented Anton Milner, CEO of Q-Cells SE. "This
joint venture will strengthen our position in the crucial business area of
large-scale PV power plants."
"We look forward to the many new opportunities that will emerge as a result of
our partnership with Q-Cells," stated Xiaofeng Peng, Chairman and CEO of LDK
Solar. "As leaders of the solar industry, we are excited to announce this
joint venture for exploring and developing new business."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
Solar sells multicrystalline wafers globally to manufacturers of photovoltaic
products, including solar cells and solar modules. In addition, LDK Solar
provides wafer processing services to monocrystalline and multicrystalline
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. LDK Solar's office in the
United States is located in Sunnyvale, California.
About Q-Cells SE
Founded in 1999, Q-Cells SE is today the largest manufacturer of solar cells
worldwide. In 2008, with some 2,500 employees, the company produced solar
cells and thin-film modules with a total output of 574 megawatt peak. More
than 250 scientists and engineers at Q-Cells are working on the enhancement of
the technology so as to achieve the company's objective - reducing the costs
of photovoltaic quickly and on a sustained basis and making them competitive.
In addition to the activities in the core business, several Q-Cells SE
subsidiaries produce photovoltaic modules since mid 2008 using various
thin-film technologies. Furthermore the company is engaged in the planning,
development and construction of large Photovoltaic systems via its subsidiary
Q-Cells International. Q-Cells SE is building a production facility in
Malaysia and has branches in Hong Kong, China und Japan. The company is listed
at the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and included in the
TecDAX, the German technology index.
This press release 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 press
release are forward-looking statements, including but not limited to, LDK
Solar's ability to raise additional capital to finance its operating
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 during which its current
liquidity will enable LDK Solar to fund its operations, its ability to protect
its proprietary information, the general economic and business environment and
conditions, the volatility of LDK Solar's operating results and financial
condition, its ability to attract and retain qualified senior management
personnel and research and development staff, its ability to timely and
efficiently complete its ongoing construction projects, including its
polysilicon plants, and other risks and uncertainties disclosed 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
information available to LDK Solar's management as of the date hereof and on
its current expectations, assumptions, estimates and projections about LDK
Solar and the solar industry. Actual results may differ materially from the
anticipated results because of such and other risks and uncertainties. LDK
Solar undertakes no obligation to update forward-looking statements to reflect
subsequent events or circumstances, or changes in its expectations,
assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.
Contact: Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967,
email@example.com, for LDK Solar; or Jack Lai, Executive VP and CFO of
LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com
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