SAN DIEGO and SAN FRANCISCO, Jan. 12 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of
photovoltaic (PV) modules, and Open Energy Corporation (OTC Bulletin Board:
OEGY), a developer of innovative and elegant building integrated PV (BIPV)
products, energy management applications and solar energy solutions, announced
that they have entered into an exclusive agreement to license Open Energy's
building integrated solar roof membrane product. Under the terms of this
license, Suntech will undertake the worldwide manufacture, distribution, sales
and marketing of Open Energy's lightweight, easily-installable solar membrane
product. This agreement complements Suntech's industry-leading solar products
with Open Energy's innovative BIPV applications to provide a complete set of
product offerings to the residential and commercial market.
The frameless flat roof membrane will be marketed by Suntech under the
SolarEze(TM) brand that highlights its ease of installation even over existing
roofs with no structural reinforcement typically required. It is light weight
yet provides a water proof, hail and wind resistant solar roof with no
penetrations. It will be manufactured by Suntech meeting the highest quality
standards. Suntech is currently evaluating distribution alternatives and
evaluating sales channels in every region of the world.
"This strategic decision will allow us to focus on the core competencies
of our business -- our award-winning and innovative product and applications
design for next generation products. We chose to work with Suntech because
they have world class, high quality manufacturing and a worldwide sales
capability and distribution network. They also offer a solid foundation of
resources and customers. They provide unmatched scope, scale and global reach
in the growing solar industry," said David Field, president & chief executive
officer of Open Energy.
"Open Energy's product fits well within our line of solar roofing products
adding an excellent easy to install solar roof membrane that is ideal for
commercial flat roofs, said Leonard May, Suntech's Managing Director of BIPV
Products. "By combining Open Energy's innovative designs with Suntech's
leadership in quality manufacturing, marketing and sales, we are confident
that we will consistently deliver innovative products, the highest quality and
outstanding value to our customers capitalizing on the strengths of both
companies."
About Open Energy
Open Energy Corporation is a next-generation solar energy company that
develops clean energy solutions, innovative solar products and energy
management applications. Open Energy's award-winning products include
proprietary, cost-competitive and attractive BIPV solar tiles, membranes and
asphalt/composition products. In addition, the EcoTouch(TM) Energy Management
System gives consumers control over their energy usage while saving money.
Open Energy's portfolio of products and services are coupled with innovative
financing to enable green Solar Communities to provide low-cost power with
little to no upfront cost to the consumer. Open Energy is headquartered in
Solana Beach, California. For more information, visit
http://www.openenergycorp.com .
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar
energy company as measured by production output of solar modules. Suntech
designs, develops, manufactures, and markets premium-quality, high-output,
cost-effective and environmentally friendly solar products for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech's patent-pending Pluto technology for crystalline silicon
solar cells improves power output by up to 12% compared to conventional
production methods.
Suntech also offers one of the broadest ranges of building-integrated
solar products under the MSK Solar Design Line(TM). Suntech designs and
delivers commercial and utility scale solar power systems through its wholly
owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and
will own and operate projects greater than 10 megawatts in the United States
through Gemini Solar Development Company, a joint venture with MMA Renewable
Ventures. With regional headquarters in China, Switzerland and San Francisco
and sales offices worldwide, Suntech is passionate about improving the
environment we live in and dedicated to developing advanced solar solutions
that enable sustainable development. For more information, please visit
http://www.suntech-power.com .
Safe Harbor for Forward Looking Statements
Except for statements of historical fact, the information presented in
this filing constitutes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance, achievements or
financial condition of the Company to be materially different from any future
results, performance, achievements or financial condition expressed or implied
by such forward-looking statements. These statements are based on the
Company's current expectations, estimates and projections. Words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "may," "would," or "will" or variations of such words and similar
expressions may identify such forward-looking statements. You can also
identify forward-looking statements by discussions of strategy, plans or
intentions. These statements are not guarantees of future performance.
Factors which may impact them include, but are not limited to, general
economic and business conditions, customer demand for the Company's products,
the Company's ability to protect its intellectual property, the Company's
ability to execute on its business plan, the downturn in the real estate
market in the United States, the Company's need for additional financing and
its ability to continue as a going concern, the Company's ability to
commercialize its Solar Communities(TM) initiative and new products under
development or recently introduced, the performance of the Company's licensing
partners and other factors over which the Company has little or no control.
All such statements are therefore qualified in their entirety by reference to
the factors specifically addressed in the sections entitled "Risk Factors" in
the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-
Q and Suntech's Annual Report on Form 20-F. New risks can arise and it is not
possible for management to predict all such risks, nor can management assess
the impact of all such risks to the Company's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given
these risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. All forward-
looking statements speak only as of the date thereof. The Company undertakes
no obligation to revise or update publicly any forward-looking statements in
order to reflect any event or circumstance that may arise after the date
hereof, other than as required by law.
For more information about Open Energy, please contact:
Investor Relations:
Integrated Corporate Relations
John Mills
Tel: +1-310-954-1100
Email: jmills@icrinc.com
Media Relations:
Integrated Corporate Relations
James McCusker
Tel: +1-203-682-8200
Email: jmccusker@icrinc.com
For further information about Suntech, please contact:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings Co., Ltd.
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
