Canadian Solar Announces Supply Contract with Timminco and e-Module Product Launch
Jiangsu, China, June 2. 2008
Source: Canadian Solar Inc, press release
http://phx.corporate-ir.net/phoenix.zhtml?c=196781&p=irol-newsArticle&ID=1161235
Canadian Solar Inc (Nasdaq: CSIQ) today announced that CSI and Becancour Silicon Inc. (“BSI”), a wholly-owned subsidiary of Timminco Limited (“Timminco”)(TSX: TIM), have confirmed that, in connection with the long term supply contract originally signed on April 4, 2007, the companies have together achieved certain milestones for delivery, consistency and quality of BSI’s solar grade UMG silicon. These achievements enable CSI to formally launch its e-Module product at the Intersolar Trade Show in Munich June 12-14th. CSI will deliver technical presentations at the conference on select technical results and tests with the product to date.
As one of BSI’s first customers and a R&D partner, CSI is expected to receive up to 5000 metric tons of solar grade UMG silicon until 2011 at a price that is substantially less than the current contract prices for polysilicon. BSI has delivered 16 tons of UMG silicon in 2007 and expects to deliver 450-500 metric tons to CSI in 2008.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: “BSI is a leading silicon producer and we are pleased to have collaborated with them on solar grade silicon since early 2007. In making this announcement we have together achieved a technical landmark in the PV industry. Our e-Module program rollout makes CSI the first company to market with a low-cost, medium power PV panel manufactured with 100% UMG Silicon. We have recommended this product to our customers for ground-mounted applications where we are pleased to report that it has already achieved significant acceptance by customers. By lowering the cost per kWh of electricity produced, the attractive pricing of this product increases the return on investment for our customers and enables CSI to gain an early foothold into emerging solar markets such as commercial rooftops in Germany and the US. It may also re-stimulate demand in market segments such as the ground-mounted segment in Spain, where the feed-in tariffs are soon expected to be lower.”
“We are very happy to announce our relationship with CSI as a strategic partner in the development of our solar grade silicon,” said Mr. Rene Boisvert, President and CEO of BSI. “We are pleased to have achieved the necessary milestones to permit commercialization by CSI of their use of our product.” The manufacturing process for UMG silicon is less capital intensive and consumes much less energy than that of polysilicon and therefore leaves the least impact on the environment. Dr. Qu added, ”CSI is one of the leading manufacturers of both silicon solar cells and modules with the technical ability to validate the complete solar manufacturing process and the suitability of UMG solar modules in the field. We are pleased that our collaboration with BSI has resulted in the first solar module product produced with 100% UMG silicon and we look forward to working together with BSI to bring reliable and affordable solar modules to market.”