LDK Solar Signs a 10-Year Agreement for the Supply of Wafers to Neo Solar Power
Xinyu City, China and Sunnyvale, CA, January 17, 2008 – LDK Solar Co., Ltd. (NYSE:LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a ten-year contract to supply multicrystalline solar wafers to rapidly growing Taiwan-based Neo Solar Power Corp. (NSP).
Under the terms of the agreement,LDK will receive a cash deposit from NSP and pricing will be fixed for the entire contract period. During this period, LDK Solar will deliver approximately 500 MW multicrystalline solar wafers to NSP with delivery commencing in 2009.
"We are very pleased to expand our partnership with NSP through this additional wafer supply contract," stated Xiaofeng Peng, Chairman and CEO.“As a key supplier to NSP, LDK Solar is proud to contribute to their manufacturing of high-quality solar cells.”
“We are excited to further develop our working relationship with LDK,” commented Dr. Quincy Lin, Vice Chairman and CEO of NSP.“As NSP continues to grow, establishing longer term silicon supply agreements is important to the company, and we are pleased to work with LDK Solar, an industry leader.”
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People’s Republic of China. The company’s office in the United States is located in Sunnyvale, California.
About Neo Solar Power Corporation
Neo Solar Power (NSP) is a Taiwan based company specializing in research, development, and manufacturing of high quality solar cells. NSP's solar cells are known for high efficiency and low lamination power loss. NSP’s revenue in 2007 was US$110M. NSP’s capacity is 90MW at this time and will expand to 210MW by 3Q08. NSP is a member of Powerchip Group, Taiwan. Key investors of NSP include Powerchip Semiconductor Company (largest DRAM company in Taiwan with US$ 3B in revenue in 2006), leading venture capital firms, and the management team. NSP's management team consists of inter-disciplinary experts in high-tech management, semiconductors, silicon materials, solar cell processing, and solar energy systems engineering.
Safe Harbor Statement
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, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; 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 financialcondition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company'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 the Company and the industry. Actual results may differ materially from the anticipated results because of certain risks and uncertainties. The press release also contains forward looking statements about the progress of LDK’s construction of its polysilicon plant. These statements are based on information available to LDK’s management today. Actual results may differ, including various factors which may delay or disrupt the plant’s construction and completion, including the risk of labor difficulties, construction difficulties or financing difficulties.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.