Hanwha SolarOne Co., Ltd. ("Hanwha SolarOne" or the "Company") (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, announced that it has extended its relationship with CNBM International Corporation ("CNBM International") by entering into a framework supply agreement for 50MW of PV modules, to be delivered to CNBM International in 2011.
This agreement extends an existing business relationship between the two companies. In September 2010, Hanwha SolarOne entered a contract to supply CNBM International with 10MW of PV modules during that year.
CNBM International is a leading steel manufacturer and exporter, specialized in hot dipped galvanized steel. The company supports the PRC government's initiative on Energy-Saving Building Material Subsidies for Rural Areas, and is engaged in various renewable energy building projects. CNBM International is a subsidiary of China National Building Materials Group Corporation ("CNBM"), one of China's largest industrial conglomerates for building materials.
Dr. Peter Xie, President and CEO of Hanwha SolarOne, commented, "We are pleased CNBM International has again chosen our high-quality PV modules for their projects. We are encouraged by the uptake of our brand of products by many prominent developers and businesses worldwide, and we believe this framework agreement marks a positive start to the 2011 fiscal year. We expect our current visibility in China to remain high, as the country's adoption of renewable energy technologies, especially solar, increases in the near term."