AMG Subsidiary Announces Second Solar Grade Silicon Supply Agreement With Solar Power Industries, Inc.
Amsterdam, 8 May 2008
Source: Advanced Metallurgical Group N.V. press release
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AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) announced that its 50.5% subsidiary Timminco Limited (TSX: TIM), has announced that its wholly-owned subsidiary, Bécancour Silicon Inc. (“BSI”), has signed a second agreement to supply solar grade silicon to Solar Power Industries, Inc. In its press release, Timminco stated: Bécancour Silicon Inc. (“BSI”), has signed a second agreement to supply solar grade silicon to Solar Power Industries, Inc. (“SPI”) based in Belle Vernon near Pittsburgh, Pennsylvania. SPI was BSI’s first long-term solar grade silicon customer, having entered into its initial supply agreement with BSI in March 2007. SPI was BSI’s largest customer in 2007.
The initial supply agreement anticipates shipments of solar grade silicon in excess of 4,000 metric tons over its initial period of 5 years. Under this second supply agreement, SPI has committed to purchase an additional 3,000 metric tons per year from 2010 to 2015.
“We are very happy to have SPI as a strategic partner in the development of our solar silicon business and this second contract with SPI further corroborates the value proposition we bring to our customers.” said Mr. René Boisvert, President and CEO of BSI. “SPI has had extensive experience with our solar grade silicon, having shipped their products using our material for over one year.”
About AMG
AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG has two operating divisions of businesses, Advanced Materials and Engineering Systems, and owns a majority interest in publicly-listed Timminco Limited (TSX: “TIM”).