LDK Solar Signs Polysilicon Agreement with BYD Co. Ltd.
Xinyu City, China and Sunnyvale, California, October 25, 2010- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of polysilicon, multicrystalline solar wafers and PV products, today announced that it has signed a two-year polysilicon sales agreement valued at approximately $300 million with BYD Company Limited ("BYD"). BYD is a China-based enterprise specializing in IT, automobiles and green energy that is 10% owned by Berkshire Hathaway. Under terms of the agreement, LDK Solar will supply polysilicon with monthly shipments expected to commence in January 2011 and extend through the end of 2012. A deposit for this two-year contract has already been received.
"We are very excited to add BYD, a leading high-tech enterprise that has a strong commitment to the green energy sector, as a key customer," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "This agreement is a testament to the success of LDK's polysilicon facilities and our ability to provide customers with quality PV products that can help them achieve their business goals."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE:LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. 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. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit www.ldksolar.com.
About BYD Company Limited (SEHK: 1211)
Established in February 1995, BYD Company Limited is a Hong Kong listed company with private enterprise background (SEHK: 1211). It is a key high-tech enterprise in China specializing in IT, automobile and new energy, with integrated research, development, manufacturing and sales. By the end of 2008, the company's total assets approached RMB32.9 billion with its net assets surpassing RMB13.3 billion.
Safe Harbor Statement
This press release 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 press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating 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 during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed 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 information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
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