NANJING, China, and INCHEON, South Korea, Oct. 15,
2015 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq:
CSUN) ("China Sunergy" or the "Company"), a specialized solar cell
and module manufacturer, today announced that the Company's solar
cell factory in Incheon, Korea has started formal
operation.
Located in INCHEON-SI, KOREA, the factory covers an area of
approximately 5000 m2 , and has annual production
capacity of 200MW. The factory started trial production in
May 2015, and turned into formal
operation recently. According to current plan, once the capacity
utilization rate at Korea plant reaches 80% or higher, China
Sunergy will consider expanding the total production capacity of
solar cells in the Korea plant to 500MW by building additional
solar cell production lines . In addition, the Korea plant has
begun the cooperation with local solar module manufacturers to
produce CSUN-branded solar modules in order to vertically integrate
its supply chain.
Mr. Tingxiu Lu, Chairman and CEO of China
Sunergy commented, "We are delighted to see our facilities
in Korea start formal operation. As another major step forward
in CSUN's global operations strategy, the Korea plant is able to
efficiently serve customers across Eastern Asia and even
Asia-Pacific region, where
represent growing demands for alternative energy consumption."
"Since the inception of our first oversea plant - Turkey plant, our efforts to diversify CSUN's
manufacturing base never stop. The move helps to enhance our global
supply chain, gain access to local customers and minimize potential
negative impacts from anti-dumping cases in the US, EU, or
elsewhere. Looking ahead, we will continue to improve our cost
competitiveness and strengthen our global footprint by the
combination of moving our existing facilities in mainland
China and building new facilities
in the countries which have cost and geographic advantages." Mr. Lu
added.
For more information, please visit
http://www.csun-solar.com.
Contact Information:
China Sunergy Co.,
Ltd.
Wang
Zhuo
Phone: + 86 25 5276
6696
Email: ir@chinasunergy.com
Safe Harbor Statement
This announcement may contain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts in this announcement are forward-looking
statements. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the
Company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the Company's failure
to maintain its listing qualification due to, among other things,
volatility in the Company's ADS price; the Company's ability to
raise additional capital or renew existing bank borrowings as they
become due to finance the Company's activities; the Company's
customers' financial condition and creditworthiness, and their
ability to settle accounts receivables; the effectiveness,
profitability, and the marketability of its products; litigations
and other legal proceedings, including any decisions by the US
International Trade Committee and Department of Commerce on the
petitions filed; the economic slowdown in China and elsewhere and its impact on the
Company's operations; demand for and selling prices of the
Company's products, execution of our strategy to expand into
downstream solar power businesses, the future trading of the common
stock of the Company; the ability of the Company to operate as a
public company; the Company's ability in maintaining its liquidity;
the period of time for which its current liquidity will enable the
Company to fund its operations; the Company's ability to protect
its proprietary information; general economic and business
conditions; the volatility of the Company's operating results and
financial condition; the Company's ability to attract or retain
qualified senior management personnel and research and development
staff; future shortage or availability of the supply of raw
materials; impact on cost-competitiveness as a result of entering
into long-term arrangements with raw material suppliers and other
risks detailed in the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Although the Company believes that the
expectations expressed in these forward looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
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SOURCE China Sunergy Co., Ltd.