LDK Solar Signs Polysilicon Reactor Agreement With GT Solar for an Estimated Value of $32 Million
XINYU CITY, China and SUNNYVALE, Calif., Sept 04, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of solar wafers, today announced it has signed a new agreement with GT Solar International, Inc. (Nasdaq: SOLR) ("GT Solar") to purchase polysilicon CVD reactors for installation in LDK Solar's manufacturing facilities in Xinyu City, Peoples Republic of China. This equipment is used to make polysilicon. The estimated value of the contract is $32 million.
"We are pleased to have signed this new agreement with GT Solar, a valued provider with which we have a long-standing relationship," said Xiaofeng Peng, LDK Solar's chairman and chief executive officer. "As the demand for solar energy continues to grow, so does our need to increase and accelerate our manufacturing capacity. With GT Solar's reactor and DSS furnace technologies and expertise, we feel confident that we will be able to meet our rising production goals."
"During the more than five years that GT Solar has been conducting business in China, we've designed manufacturing processes and supplied equipment to some of the country's largest solar wafer and cell producers, including LDK Solar," said Tom Zarrella, president and chief executive officer for GT Solar. "We look forward to continuing our work with LDK Solar, and to helping this company further its position as a leader in low cost solar wafer manufacturing."
Polysilicon is a highly purified form of silicon that is used to make both semiconductor wafers for microelectronics applications and solar wafers. The chemical vapor deposition process involved in the production of polysilicon takes place in a specialized CVD reactor using a variety of complex chemical processes.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of solar wafers, which are the principal raw material used to produce solar cells. LDK Solar sells wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. Its office in the United States is located in Sunnyvale, California.
About GT Solar International, Inc.
GT Solar International, Inc., based in Merrimack, NH, USA (NASDAQ: SOLR) is a global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. GT Solar's principal products are directional solidification systems and chemical vapor deposition reactors and related equipment. For additional information about GT Solar, please visit http://www.gtsolar.com.
Safe Harbor/Forward Looking Statements
This announcement contains 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 fact in this announcement are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of its securities; the ability of LDK Solar to operate as a public company; the period of time for which its current liquidity will enable LDK Solar to fund its operations; its ability to protect its proprietary information; general economic and business conditions; the volatility of its operating results and financial condition; its ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about LDK Solar and the industry.
LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although LDK Solar believes that the expectations expressed in these forward-looking statements are reasonable, they cannot assure you that their 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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