World's largest shipbuilder brings centrotherm photovoltaics on board:Hyundai Heavy Industries starts mass production in photovoltaics business

DJ World's largest shipbuilder brings centrotherm photovoltaics on board:Hyundai Heavy Industries starts mass production in photovoltaics business

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Blaubeuren, June 10, 2008 - centrotherm photovoltaics AG, the internationally 
leading supplier of technology and services for the manufacturing of solar cells 
and solar silicon, books a further business success in the promising future 
market of Korea: Hyundai Heavy Industries Co. Ltd. has ordered five turnkey 
production lines of 50 megawatt (MW) each to manufacture crystalline solar 
cells. Robert Hartung, CEO of centrotherm photovoltaics commented: "It gives us 
great pleasure to enable a further company to make a successful, industrial 
entry into the photovoltaics market". The centrotherm photovoltaics AG, which is 
based in Swabia in Germany, regards itself as a pioneer in photovoltaics, and to 
this end is targeting its efforts at new markets and new customers. As is the 
case with Hyundai Heavy Industries, increasing numbers of customers are coming 
from other sectors." We are valued as a strategic partner, particularly by 
companies from traditional branches of industry, and our many years of 
experience - especially in the turnkey business - prove persuasive," Robert 
Hartung emphasized. The order book position of centrotherm photovoltaics 
currently amounts to EUR 712.9 million. 
 
The five turnkey lines with an installed cell capacity totaling 250 MW are being 
set up in the South Korean City of Eumesong, a site of Hyundai Heavy in the 
Northwest of the country. They will be delivered in 2009. This order represents 
an industrial entry into a new market for the world's largest shipbuilder. With 
the size of the turnkey plant Hyundai Heavy is following a business trend 
characterized by new players entering the market increasingly with large turnkey 
plants as opposed to small lines. The Koreans' decision demonstrates that an 
increasing number of groups identify potential in the solar sector, and that 
European companies such as centrotherm photovoltaics are the technology partners 
of choice. 
 
South Korea is one of the largest photovoltaics growth markets. The country's 
government has decided to press ahead with the expansion of photovoltaics as one 
of the most important renewable energy sources. Research and development has 
been supported since 2004. An installed cell capacity of 500 MW is anticipated 
by the end of 2009.The focus is on process technologies that help to cut costs 
and achieve greater reliability. This pleases Robert Hartung: "Crystalline solar 
cells remains our strongest area. We are constantly researching improvements in 
production processes and provide performance guarantees for our turnkey lines. 
This has also convinced our Korean customers." All signs continue to point 
towards further growth at centrotherm photovoltaics. The business in Asia, in 
particular, is enjoying stellar growth, and meanwhile accounts for around 70% of 
total revenue. 
 
 
 
About centrotherm photovoltaics AG 
centrotherm photovoltaics AG is an internationally leading provider of 
technology and services for the production of solar cells and solar silicon. The 
broad product spectrum comprises key equipment and turnkey production lines for 
crystalline and thin-film solar cells. The product range is supplemented by 
reactors and converters for the manufacturing of solar silicon. centrotherm 
photovoltaics guarantees its customers important performance parameters such as 
production capacity, degree of efficacy, and completion deadlines for turnkey 
lines. The centrotherm photovoltaics Group currently employs 330 staff members 
at its locations in Blaubeuren, Burghausen, Constance, and Dresden, and operates 
globally in Europe, Asia, and the USA. The company achieved revenue in the last 
financial year of EUR 166.2 million, EBIT of EUR 21.1 million, and is listed in 
the TecDax of the Frankfurt Securities Exchange. 
 
 
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(END) Dow Jones Newswires

June 10, 2008 05:00 ET (09:00 GMT)