AE Polysilicon Corporation
Alternative Energy Technologies for a Sustainable Future
For Immediate Release
AE Polysilicon Successfully Concludes Equity Investment by Subsidiary of Total S.A.
Fairless Hills, Pennsylvania, USA, June 7, 2010.
AE Polysilicon Corporation ("AEP") announced today that it has closed a stock purchase agreement under which Total Gas & Power USA (SAS) ("Total"), a subsidiary of Total S.A., will acquire a 25.4% interest in AEP. Following this transaction, the interest in AEP owned by Motech Industries, Inc. will be reduced to 33.3%.
AEP and Total have also entered into a technical cooperation agreement encompassing joint development of projects with Total using AE Polysilicon’s technology, the assignment of Total personnel, and the creation of a joint research center. AEP and Total have also signed a long term agreement for AEP to supply high purity granular polysilicon, guaranteeing cost-competitive supply for Total’s solar energy subsidiaries.
"We are pleased to join forces with Total," said York Tsuo, President, AEP. "This partnership will accelerate our global presence. Our technical cooperation agreement will help us to develop our proprietary polysilicon platform and optimize the value added benefits of granular polysilicon."
"This transaction reflects Total’s commitment to becoming a significant photovoltaic solar operator," said Philippe Boisseau, President, Total Gas & Power. "We will be able to leverage a new technology to develop capabilities in yet another link in the photovoltaic solar chain, in addition to our current activities."
"With its leading expertise in Petrochemical industry, we feel positive and optimistic about the benefit of the strategic partnership between Total and AEP," said Simon Tsuo, Chairman of Motech. "This transaction not only brings in capital for AEP’s future development, but also confirms its self-developed polysilicon technology."
The initial phase of AEP’s state-of-the art polysilicon production facility is currently in the commissioning phase and is scheduled to begin commercial production this year. When operating at full capacity, the initial phase will produce up to 1,800 metric tons per year of granular polysilicon.
***About AE Polysilicon
AE Polysilicon Corporation has developed an advanced polysilicon production technology with significant process and product differentiation which positions the company to become one of the lowest‐cost producers of granular polysilicon. AEP’s advanced polysilicon manufacturing technology features a fully integrated, closed loop process utilizing fluidized bed reactors. The company has successfully demonstrated the technological viability of the advanced technology in commercial scale reactors. AEP’s strategy is to become the world’s leading supplier of high‐purity granular polysilicon by driving innovation and enabling cost reductions in crystalline-silicon-based solar cell manufacturing with high‐purity granular polysilicon. For more information, please visit www.aepolysilicon.com.
About Total and Solar Energy
Total has been active in solar energy since 1983 through its interests in two companies, Photovoltech and Tenesol. Photovoltech, in which Total holds a 50% interest alongside GDF-Suez, produces photovoltaic cells based on a crystalline silicon technology. Tenesol, in which Total holds a 50% stake alongside EDF, specializes in designing, manufacturing, marketing and operating photovoltaic solar energy systems. In December 2008, Total became the largest shareholder in U.S. start‐up Konarka, which develops products based on organic solar technologies. Total’s stake is now nearly 25%. Total is also conducting significant R&D; through partnerships with world‐class laboratories in France, such as the Laboratoire de Physique des Interfaces et des Couches Minces (LPICM - Interface and Thin Film Physics Laboratory) at the Ecole Polytechnique engineering school and the Toulouse-based Laboratory for Analysis and Architecture of Systems (LAAS), as well as in the United States, Switzerland, Belgium and Germany.
About Motech
Motech Industries Inc, was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999, and is a pioneer in the manufacturing and marketing of high-quality single and multi-crystalline silicon solar cells in Taiwan. Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output. Motech is a publicly traded company on Taiwan’s Over‐the‐Counter (OTC) marketing with the trading code 6244.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to AE Polysilicon Corporation’s ability to successfully ramp up production to make and ship commercial-quality polysilicon in 2010, if at all; AE Polysilicon Corporation’s future financial performance; AE Polysilicon Corporation's business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward‐looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause AE Polysilicon Corporation's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Except as required by law, AE Polysilicon Corporation does not assume any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Media Contact
Leo Tsuo
215‐337‐9000 Ext. 1005
[email protected]
