ReneSola Ltd, a leading global manufacturer of solar products, announced two major manufacturing updates:
ReneSola has commenced trial production of its in-house steel wire, which will be used for slicing the Company's solar wafers, with an expected capacity of 8,400 metric tons ("MT") by the end of 2011. The expected cost of the Company's in-house steel wires will be significantly less than the prices provided by ReneSola's current suppliers.
ReneSola has developed a new generation of G6 casting furnaces, each of which has a capacity of 650 kilograms and annual output of 8 megawatts ("MW") as compared to approximately 6 MW for the Company's current casting furnaces. In addition, ReneSola plans to upgrade some of its existing casting furnaces through proprietary techniques, which will increase output to approximately 7 MW. The new G6 casting and upgraded furnaces are expected to replace all current casting furnaces by as early as the end of 2011.
Mr. Xianshou Li, ReneSola's chief executive officer, commented, "These breakthroughs are indicative of the hard work and innovation of our R&D team, which is constantly looking to lower our costs and improve our efficiencies. I am proud to say that we have already mastered our steel wire production techniques and expect our wafer processing cost to decrease once full production of our in-house steel wire begins. Our wafer production will be further supported by our new G6 casting furnaces, which were developed in-house and customized for our solar products to improve our annual wafer production capacity. As we move forward with these developments, we will continue to utilize the expertise and innovation of our R&D team, and with the support of our strong balance sheet, lead the industry in cost-effective solar wafer manufacturing."
ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, low-cost production capabilities and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and processing services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's ADSs are traded on The New York Stock Exchange (NYSE:SOL - News). For more information about ReneSola, please visit http://www.renesola.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York