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Jul 13, 2011
ReneSola Rolls Out Shipments of Its New Multicrystalline Virtus Wafer and Module Lines
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Company ships 54.8 MW of Virtus wafers and 20 MW of Virtus modules in June 2011 Achieves 900 MW of annual Virtus wafer production capacity JIASHAN, China, July 13, 2011 /PRNewswire via COMTEX/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar products, today announced that it began shipments of its Virtus wafers and modules in June, shipping an aggregate total of approximately 54.8 megawatts ("MW") of Virtus wafers and 20 MW of Virtus modules, which are manufactured using Virtus wafers, to a number of the Company's top customers in Europe. Virtus wafer production is now operating at an annual capacity of 900 MW with a target to reach 1.8 gigawatts ("GW") by the end of 2011. (Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030) The Virtus wafer was introduced in January 2011 and is regarded as one of the most efficient wafers in the industry. The Company offers a higher grade V-Grade Virtus wafer, which achieves cell conversion efficiency rates of 17.5% to 18.2%, as well as a lower grade M-Grade Virtus wafer, which achieves cell conversion efficiency rates of 16.7% to 17.0%. These high rates of efficiency are established at the wafer level prior to the cell manufacturing process, which can further increase the efficiency rate. ReneSola's Virtus modules can generate up to 250 watts ("W") of power. The 54.8 MW of Virtus wafer shipments comprised approximately 22.7 MW of V-Grade Virtus wafers and 32.1 MW of M-Grade Virtus wafers, while the 20 MW of Virtus Module shipments fully comprised of V-Grade Virtus wafers. ReneSola is currently in the process of applying for 10 patents related to the Virtus wafer and module, and is also applying for trademark protection in several countries. Mr. Xianshou Li, ReneSola's chief executive officer, commented, "The dedicated work of our sales and manufacturing teams has allowed us to lead the industry as the first solar company to mass produce this advanced multicrystalline wafer technology. The Virtus wafer's high conversion efficiency and relatively low cost has attracted a wealth of interest among cell manufacturing companies. Our V-Grade Virtus wafer, which achieves a conversion efficiency rate more than 1% higher than the industry standard, has proved a worthy substitute for monocrystalline wafers with its low cost, while our M-Grade Virtus wafer's conversion efficiency is superior to the average multicrystalline wafer by up to 0.5%." Mr. Li continued, "We've started initial shipments to our top European customers, some of whom have already requested additional shipments, and we have received excellent feedback. As we continue to experience strong demand from customers, we plan to purchase additional manufacturing equipment to increase our Virtus wafer capacity towards 1.8 GW by the end of 2011, at which time we expect the Virtus wafer to have replaced all our other multicrystalline wafers. We will also discontinue approximately 200 MW of monocrystalline wafer production, increasing our focus on multicrystalline wafers and boosting our core wafer business and growing module business." About ReneSola 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). 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.
SOURCE ReneSola Ltd. |
