DONGYING, China, January 6, 2010 /PRNewswire-Asia/-- CNPV Solar Power SA, a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules that designs, manufactures and supplies highly efficient and cost effective crystalline solar photovoltaic modules, today announced that it has entered into a long-term strategic partnership sales agreement with Futech BvBa, a well-known Belgium Project development and distribution company.
Under the terms of this strategic agreement, CNPV will supply Futech with a total of 60MWp of PV Modules from 2010 to 2012, which includes 10MWp of scheduled delivery during 2010. The remaining 20MWp and 30MWp are scheduled for delivery in 2011 and 2012 respectively. However the price will be reviewed mutually on a quarterly basis if the market price falls or rises with reference to the fixed prices.
"We are very pleased to announce this new strategic partnership with Futech, to further strengthen the existing well established partnership with Futech. Our strategic partnership with Futech is a significant success for us in aligning ourselves with a proven multiregional energy developer with growing opportunities in established and emerging photovoltaic markets. This new contract will significantly help to grow new projects in markets such as the Belgium, Netherlands and Luxembourg solar markets," jointly stated Mr. Zhang Shunfu, CNPV's CEO and B. Veerraju Chaudary, CNPV's COO, CTO & Member of the Board. "We look forward to continuing to expand our relationship with one of our loyal strategic partners, Futech, by providing high quality modules, premium service and a low cost industry leading platform."
"Futech BvBa is proud of this new strategic sales agreement with CNPV. We consider this as a continuation of our good relationship with CNPV to bring their high quality modules and premium service to our customers across the Benelux," jointly commented Mr. Ismael Ben-Al-Lal and Pieter Vangeel, Futech's Managing Directors.
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Photovoltaic Power Company Limited, is a leading multi-product solar company that produces ingots, wafers, cells & solar modules, and has strong presence in the solar photovoltaic space that designs, manufactures and supplies highly efficient and cost effective terrestrial crystalline solar photovoltaic modules. Reliability & longevity are built into our world-class crystalline solar photovoltaic modules, which undergo rigorous internal tests and external certifications (IEC61215, IEC61730, UL, and CE) to ensure peak performance and safety. For further information, please visit CNPV's website at http://www.cnpv-power.com
About Futech BvBa
Futech is a Belgium well known company and has been active in the solar photovoltaic industry more than 5 years. Futech offers the end user services of design, project development and installation of PV Systems, using high-quality Photovoltaic Modules from the well-recognized manufacturer CNPV Solar Power SA. For further information, please visit Futech BvBa's website at: http://www.futech.be
Safe Harbor Statement
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, CNPV's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities 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; and other risks detailed in the Company's filings with the Euronext in Paris. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. 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, 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.
For more information, please contact:
COO, CTO & Member of the Board
Direct Land Line: +86-546-7795053,
Jane Liu, Senior Manager- Investor Relations & Financing
Direct Land Line: +86-546-7795078
SOURCE: CNPV Dongying Photovoltaic Power Company Limited