Suntech and Petra Solar Form Alliance to Market Utility Pole Mounted Intelligent Solar Systems
San Francisco, CA & South Plainfield, NJ - June 9, 2009 - Suntech Power Holdings Co., Ltd. (NYSE: STP), The world's largest manufacturer of crystalline silicon photovoltaic (PV) modules and Petra Solar, Inc., a designer and manufacturer of intelligent utility grade solar energy and smart grid systems, today announced an alliance that will focus on marketing utility-grade, pole mounted solar AC Systems as well as ongoing development of AC module products. The alliance will target unique pole mounted applications for utilities in the United States and the rest of the world.
Dr. Zhengrong Shi, Suntech's Founder, Chairman and CEO said, "We recognize that Petra Solar is the leader in the development of innovative utility grade, pole-mounted distributed PV systems. Their vision to create a market for intelligent solar energy systems attached to utility poles and street lights, which combines distributed solar generation and smart grid technology, has great potential for Suntech. We are excited about the value that we can bring to utility customers as a result of working with Petra Solar."
"Suntech's global reach and well deserved reputation for market leading products provide compelling value to the utility market in the United States and around the globe," said Dr. Shihab Kuran, Founder, President and CEO of Petra Solar. "Suntech has the world's largest crystalline silicon module manufacturing capacity and we look forward to expanding our market coverage to address all segments of the global utility market as a result of this alliance." Dr. Kuran continued, "We applaud Suntech's decision to establish manufacturing capabilities in the United States and are confident that this will contribute to the rapid deployment of our products in the U.S.. We are confident that the Suntech-Petra Solar collaboration will lead to the creation of many green jobs."
Petra Solar's SunWave(TM) utility grade solar AC systems are designed to mount quickly and safely to utility distribution and streetlight poles and deliver power directly to the grid. The systems consist of a high efficiency PV module and integral line voltage inverter with comprehensive communications and smart grid capabilities. Petra Solar's AC Module has received CSA Certification according to UL standards. In addition, Petra Solar received CSA Qualification for Witness Testing for its manufacturing facility in South Plainfield, NJ, where AC modules and systems will be manufactured.
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of crystalline silicon photovoltaic (PV) 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. 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
About Petra Solar, Inc.
Petra Solar designs and manufactures intelligent utility grade SunWave™ solar energy solutions that combine distributed solar generation with Smart Grid technology. These systems allow utilities to deploy significant solar generation faster, utilizing existing assets and time tested deployment strategies. Petra Solar's products are backed by a strong and exclusive IP portfolio of over 15 granted and pending patents. In addition to providing reliable, cost effective solar infrastructure, Petra Solar also works with lawmakers and regulators to help utilities rapidly realize the benefits of bringing solar generation online. The Petra Solar team is uniquely equipped to provide Utility ROI analysis and greatly accelerate deployment of utility grade solar systems. Please visit www.petrasolar.com for more information.
Safe Harbor Statement:
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes the ability of the alliance to market utility grade, pole mounted solar AC systems and develop AC module products, the market opportunity Petra Solar's distributed solar generation and smart grid technology presents to Suntech, and the ability to create jobs in the U.S. as a result of the alliance. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.