Greentech Media reports on China Sunergy's deal to buy about 106 metric tons of solar-grade polysilicon from Chinese manufacturer Luoyang Zhonggui High-tech. Can this be the tipping point for China in the solar market?
"The deal is especially welcome to China Sunergy, which has become emblematic of the silicon shortage plaguing the solar industry (see Could China Steal the Solar Throne?).
"On Monday, China Sunergy's stock tumbled 9.52 percent, to close at $10.08 per share, after shareholders filed a class-action lawsuit against the Chinese company (see China Sunergy Troubles Continue).
"And Wall Street jitters have been shaking up some Chinese solar companies' stocks as investors react to allegations surrounding inconsistencies in LDK Solar's inventory of solar-grade silicon (see LDK Says Inventory Discrepancy Allegations Have 'No Merit' and New Details Surface as LDK's Stock Continues to Plunge).
"News of the silicon deal helped push the China Sunergy's stock back up 20.7 percent to close at $12.17 per share Tuesday.
"China Sunergy (NSDQ: CSUN) said the contracted amount will support the production of about 13 megawatts of solar cells from September 2007 to March 2008. But the company kept a tight lip on how much it paid for the goods, stating only that it garnered a fixed price for the length of the contract."
Read the complete Greentech Media article: China Sunergy
China Sunergy will announce its 2007 Q3 earnings on November 19th. A conference call will be arranged for 8:00 a.m. EST, details of which will be circulated nearer the time and be available on China Sunergy's website http://www.chinasunergy.com .
China Sunergy Co., Ltd. is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.