Signs Strategic Alliance to Develop
Microgrids
Basic human needs―including access to clean water, health care
and education―rely on one critical element: energy. However, today,
more than 1.3 billion people lack access to electricity and
billions more need access to a reliable grid. Caterpillar’s
Electric Power Division is working to resolve these issues by
providing a variety of advanced power solutions.
Caterpillar (NYSE: CAT) and First Solar, Inc. (Nasdaq: FSLR)
today announced a strategic alliance to develop an integrated
photovoltaic (PV) solar solution for microgrid applications. Under
the agreement, First Solar will design and manufacture a
pre-engineered turnkey package for use in remote microgrid
applications, such as small communities and mine sites. The package
will feature Cat-branded solar panels manufactured by First Solar
and will include a balance of system components.
Caterpillar will exclusively sell and support the integrated
solution featuring Cat-branded solar panels through its worldwide
Cat dealer network, along with its current offerings of generator
sets and energy storage. Acting as a central source, Cat dealers
will be uniquely positioned to provide customers with this fully
integrated and supported single solution in the large and rapidly
growing microgrid market today.
Microgrids provide value to prime power diesel and gas customers
by integrating renewable energy, such as solar power, with
generator sets. With these solutions, Caterpillar can help deliver
reliable, cost-effective and sustainable energy for customers.
“We are excited to announce this alliance, underpinned by First
Solar’s 10 gigawatts of global experience in solar energy, and
coupled with Caterpillar’s knowledge of generator sets and
distributed power, and the strength of our unmatched dealer
network,” said Steve Niehaus, Caterpillar Vice President with
responsibility for the Electric Power Division. “By working with
First Solar, we will optimize the efficiency and integration of
solar power with our offerings.”
“This strategic alliance provides yet more evidence of a global
energy transition, where solar energy’s reliability and cost
competitiveness with traditional fuels effectively allows it to
complement conventional generation. It is also evidence of the role
that solar can play in enabling the local generation and
distribution of energy to address specific needs,” said Marc van
Gerven, First Solar’s Vice President for Global Marketing. “By
entering into this alliance with Caterpillar, with its extensive
experience and reach, we’re establishing an important new precedent
for the commercialization and scaling of microgrid-based
distributed generation solutions.”
Caterpillar expects to first market the new microgrid solution
in the Asia Pacific, Africa, and Latin America regions, with the
integrated PV solution, including Cat-branded solar panels,
available for customers in that region in the second half of 2015.
This new alliance supports Caterpillar’s belief that sustainable
progress is made possible by developing solutions to help improve
the quality of life, while also minimizing economic, social and
environmental costs.
About Caterpillar:
For 90 years, Caterpillar Inc. has been making sustainable
progress possible and driving positive change on every continent.
Customers turn to Caterpillar to help them develop infrastructure,
energy and natural resource assets. With 2014 sales and revenues of
$55.184 billion, Caterpillar is the world’s leading manufacturer of
construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives. The
company principally operates through its three product segments -
Construction Industries, Resource Industries and Energy &
Transportation - and also provides financing and related services
through its Financial Products segment. For more information, visit
caterpillar.com. To connect with us on social media, visit
caterpillar.com/social-media.
About First Solar:
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced thin-film
modules. The company’s integrated power plant solutions deliver an
economically attractive alternative to fossil-fuel electricity
generation today. From raw material sourcing through end-of-life
module recycling, First Solar’s renewable energy systems protect
and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.
Forward-looking
Statements:
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “believe,” “estimate,” “will be,” “will,” “would,”
“expect,” “anticipate,” “plan,” “project,” “intend,” “could,”
“should” or other similar words or expressions often identify
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements, including, without
limitation, statements regarding our outlook, projections,
forecasts or trend descriptions. These statements do not guarantee
future performance, and we do not undertake to update our
forward-looking statements.
Caterpillar’s actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) government monetary or fiscal policies
and infrastructure spending; (iii) commodity price changes,
component price increases, fluctuations in demand for our products
or significant shortages of component products; (iv) disruptions or
volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(v) political and economic risks, commercial instability and events
beyond our control in the countries in which we operate; (vi)
failure to maintain our credit ratings and potential resulting
increases to our cost of borrowing and adverse effects on our cost
of funds, liquidity, competitive position and access to capital
markets; (vii) our Financial Products segment’s risks associated
with the financial services industry; (viii) changes in interest
rates or market liquidity conditions; (ix) an increase in
delinquencies, repossessions or net losses of Cat Financial’s
customers; (x) new regulations or changes in financial services
regulations; (xi) a failure to realize, or a delay in realizing,
all of the anticipated benefits of our acquisitions, joint ventures
or divestitures; (xii) international trade policies and their
impact on demand for our products and our competitive position;
(xiii) our ability to develop, produce and market quality products
that meet our customers’ needs; (xiv) the impact of the highly
competitive environment in which we operate on our sales and
pricing; (xv) failure to realize all of the anticipated benefits
from initiatives to increase our productivity, efficiency and cash
flow and to reduce costs; (xvi) additional restructuring costs or a
failure to realize anticipated savings or benefits from past or
future cost reduction actions; (xvii) inventory management
decisions and sourcing practices of our dealers and our OEM
customers; (xviii) compliance with environmental laws and
regulations; (xix) alleged or actual violations of trade or
anti-corruption laws and regulations; (xx) additional tax expense
or exposure; (xxi) currency fluctuations; (xxii) our or Cat
Financial’s compliance with financial covenants; (xxiii) increased
pension plan funding obligations; (xxiv) union disputes or other
employee relations issues; (xxv) significant legal proceedings,
claims, lawsuits or government investigations; (xxvi) changes in
accounting standards; (xxvii) failure or breach of IT security;
(xxviii) adverse effects of unexpected events including natural
disasters; and (xxix) other factors described in more detail under
“Item 1A. Risk Factors” in our Form 10-K filed with the SEC on
February 17, 2015, for the year ended December 31, 2014.
For First Solar
Investors:
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: our business
strategy, including anticipated trends and developments in and
management plans for our business and the markets in which we
operate; future financial results, operating results, revenues,
gross margin, operating expenses, products, projected costs,
warranties, solar module efficiency and balance of systems ("BoS")
cost reduction roadmaps, restructuring, product reliability and
capital expenditures; our ability to continue to reduce the cost
per watt of our solar modules; our ability to reduce the costs to
construct photovoltaic ("PV") solar power systems; research and
development programs and our ability to improve the conversion
efficiency of our solar modules; sales and marketing initiatives;
and competition. These forward-looking statements are often
characterized by the use of words such as "estimate," "expect,"
"anticipate," "project," "plan," "intend," "believe," "forecast,"
"foresee," "likely," "may," "should," "goal," "target," "might,"
"will," "could," "predict," "continue" and the negative or plural
of these words and other comparable terminology. Forward-looking
statements are only predictions based on our current expectations
and our projections about future events. You should not place undue
reliance on these forward-looking statements. We undertake no
obligation to update any of these forward-looking statements for
any reason. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause our
actual results, levels of activity, performance, or achievements to
differ materially from those expressed or implied by these
statements. These factors include, but are not limited to, the
matters discussed in Item 1A: "Risk Factors," of our Annual Report
on Form 10-K for the year ended December 31, 2014, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other reports
filed with the SEC.
Caterpillar contact:Barbara CoxGlobal Government &
Corporate AffairsOffice: 309-494-4607Mobile:
256-202-2516Cox_Barbara_I@cat.comorFirst Solar
contact:Reuven ProençaFirst Solar Marketing
CommunicationsOffice: +971 (0)4 4559
410reuven.proenca@firstsolar.com
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