Canadian Solar and GCL Silicon Announce Supply Contracts
TORONTO, Sept. 3, 2008
Source: Canadian Solar Inc, press release
http://phx.corporate-ir.net/phoenix.zhtml?c=196781&p=irol-newsArticle&ID=1193056
Canadian Solar Inc. (“the Company”, “CSI” or “we”) and GCL Silicon Technology Holdings Inc. (“GCL Silicon”) today reported that on August 21, 2008 they signed new long-term supply agreements in which GCL will supply 510 MT of high-purity poly-silicon feedstock in 2008 and 2009 and approximately 1.8 GW of wafers to CSI from 2010 to 2015.
Dr. Shawn Qu, Chairman and CEO of CSI, commented, “GCL Silicon is among the fastest-growing poly-silicon companies and an emerging leader in poly- silicon manufacturing. We have witnessed their ability to ramp up their operations first-hand and we are very pleased to have GCL Silicon as a strategic supply partner. These two contracts help us to further secure our supply chain with strong suppliers at favorable long-term contract prices. The competitive pricing for these recently signed contracts demonstrates that our high growth and balanced supply strategy coupled with our strong supplier relationships are paying off with lower materials costs going forward. We expect this trend to continue with an improved supply environment in 2009 and beyond.
Mr. Hunter Jiang, CEO of GCL Silicon commented, “CSI is one of the world leaders in the solar cell and module producing space, with a strong reputation for superior quality and product innovation. We are very pleased to have become a poly-silicon and wafer supplier to CSI. We view CSI as an important strategic partner and look forward to developing a close relationship with them and are committed to expanding our poly-silicon and wafer production capacity to meet the growing demands of customers such as CSI.”
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .
About GCL Silicon
GCL Silicon Technology Holdings Inc. (GCL Silicon) supplies poly-silicon and wafers to companies operating in the solar industry. The company currently operates a poly-silicon production facility in Xuzhou, Jiangsu Province in China.