June 10, 2008

Blaubeuren, Germany: Centrotherm Receives Solar Cell Manufacturing Equipment Order from Hyundai Heavy

Cell and Silicon equipment manufacturer, centrotherm photovoltaics AG, has received an order from Korea's Hyundai Heavy Industries Co. Ltd. centrotherm photovoltaics AG will deliver to Hyundai Heavy five turnkey production lines of 50 megawatt (MW) each to manufacture crystalline solar cells.

Robert Hartung, CEO of centrotherm photovoltaics commented: "It gives us great pleasure to enable a further company to make a successful, industrial entry into the photovoltaics market".

centrotherm photovoltaics AG, which is based in Swabia in Germany, regards itself as a pioneer in photovoltaics, and to this end is targeting its efforts at new markets and new customers. As is the case with Hyundai Heavy Industries, increasing numbers of customers are coming from other sectors.

"We are valued as a strategic partner, particularly by companies from traditional branches of industry, and our many years of experience – especially in the turnkey business – prove persuasive," Robert Hartung emphasized.

The order book position of centrotherm photovoltaics currently amounts to EUR 712.9 million. The five turnkey lines with an installed cell capacity totaling 250 MW are being set up in the South Korean City of Eumesong, a site of Hyundai Heavy in the Northwest of the country. They will be delivered in 2009.

This order represents an industrial entry into a new market for the world's largest shipbuilder. With the size of the turnkey plant Hyundai Heavy is following a business trend characterized by new players entering the market increasingly with large turnkey plants as opposed to small lines. The Koreans' decision demonstrates that an increasing number of groups identify potential in the solar sector, and that European companies such as centrotherm photovoltaics are the technology partners of choice.

South Korea is one of the largest photovoltaics growth markets. The country's government has decided to press ahead with the expansion of photovoltaics as one of the most important renewable energy sources. Research and development has been supported since 2004. An installed cell capacity of 500 MW is anticipated by the end of 2009.The focus is on process technologies that help to cut costs and achieve greater reliability.

This pleases Robert Hartung: "Crystalline solar cells remains our strongest area. We are constantly researching improvements in production processes and provide performance guarantees for our turnkey lines. This has also convinced our Korean customers."

All signs continue to point towards further growth at centrotherm photovoltaics. The business in Asia, in particular, is enjoying stellar growth, and meanwhile accounts for around 70% of total revenue.

Further details about: Centrotherm