- Engaging in further discussions for additional funding support
- On the back of recent RMB700 million funding for the 1st solar plant in An Yang City
Anwell Technologies Limited ('Anwell' or the 'Group'), announced that its wholly owned subsidiary, Dongguan Sungen Ltd. had secured long-term funding arrangement of RMB 500 million from the Municipal Government of Dongguan (the 'Dongguan Government')for the set-up of the Group's second thin film solar panel production plant, which is based in Dongguan.
With a target to start production in 2012, the new plant will be producing Anwell's latest proprietary products including tandem junction andadvanced multi-junction thin film solar panels. The Group aims to achieve 1.5GW annual production capacity within 5 years, with the continuing support from the Government.
'I am glad that we secured financial support from the Dongguan Governmentin addition to that from the An Yang Government as announced recently. With these long-term funding in place, we are able to strongly ramp up our production capacity in response to the growing global demand for thin film solar panels. The world-classsupply chain and logistic networks in Dongguan provide an excellent environment for our second production plant. With our in-house equipment and R&D capabilities, we are confident that this investment will further strengthen the Group's competitiveness in the global solar market,' says Franky Fan, Executive Chairman & CEO.
Besides this RMB 500 million support for the first phase of the production plant, the Company is engaging in further discussions with the Dongguan Government for a secondround of funding support. The Group will make a further announcement when the discussions are finalized.
According to the European Photovoltaic Industry Association (EPIA), the global photovoltaic ('PV') market has reached a cumulative installed capacity of some 40 GW at the end of 2010, with an added capacity of 16.6 GW during the year. The global PV markets continues to grow at a strong pace and PV now plays a key role as a viable energy alternative to conventional electricity sources in many countries, with projections reaching from 130GW to approximately 200GW of globally installed PV systems by 2015. Backed by supportive government policies, solar power is well on its way to becoming a fully competitive and increasingly important part of the global energy mix.
Anwell Technologies Ltd. (SES:G5X.SI or ANW:SP) ('Anwell') is a global leader in providing turnkey production solutions for optical media replication business. The Group's activities include manufacturing and sales of optical media production lines and media products. With the various proprietary technologies developed since the Group was founded in year 2000, Anwell has continued to study the opportunities to tap into other industries, including OLED, solar industries and etc. The Group officially announced its entry into the solar business in 2008. The Group began mass production with its own proprietary equipments at its thin film solar production plant in Henan, PRC in March 2010. For more information, please refer to www.anwell.com .
Investor Relations Contact Ken Wu, CFO Anwell Technologies Limited Tel: +852 2499 9178 Fax: +852 2499 9170 E-mail: email@example.com Gabriel Tan/ Edward Mai Financial PR Pte Ltd Tel: +65 6438 2990 Fax: +65 6438 0064 E-mail: firstname.lastname@example.org email@example.com
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