FRANKTURT: ARISE Technologies Corp.'s wholly owned subsidiary ARISE Technologies Deutschland GmbH (ARISE Germany) signed a six-year agreement with Zhejiang Yuhui Energy Source Co. Ltd., a wholly owned subsidiary of ReneSola Ltd., to supply ARISE with 203.5 MW of silicon wafers. ReneSola Ltd. is a solar wafer manufacturer based in China.
The agreement with Zhejiang Yuhui Energy Source commences on July 1, 2008 and extends through June 30, 2014. Shipments are expected to consist of 203.5 MW of silicon wafers over the six-year term. Pricing and payment terms are consistent with current standard industry practices.
ARISE President and CEO Bart Tichelman said, "With this agreement, ARISE now has supply contracts for 100 percent of the solar wafers that we require in 2008 and approximately 60 percent of our needs for 2009 for our PV (photovoltaic) cell production plans at our new German manufacturing plant. ReneSola is the seventh, high-quality silicon wafer manufacturer with which ARISE now has developed a supply relationship that we believe will enable us to meet our longer-term requirements."
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We are heading into the Chinese market next month in a six year contract, Things are looking very promising for arise in the short and long term. I expect to see some profit taking over the next week or two as there had been some inflated volumes and interest in the share above average, however I think we have built enough support to push this share to over $2 some where down the line
