China Sunergy and KosiFrankensolar Signed 50 MW Framework Agreement
NANJING, China, June 4, 2014
NANJING, China, June 4, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ:
CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module
manufacturer, today 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
"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.
For more information please visit: www.kosifrankensolar.com or
Investor and Media Contacts:
China Sunergy Co., Ltd.
Company IR contact
Phone: + 86 25 5276 6666 ext. 6579
Asia Bridge Group Limited
Phone: + 86 10 8556 9033
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.
SOURCE China Sunergy Co., Ltd.
Press spacebar to pause and continue. Press esc to stop.