Significant Capacity Expansion for Fast Growing Off-grid Market
Hong Kong, May 10, 2011 – (ACN Newswire) – Trony Solar Holdings Company Limited (“Trony” or the “Company”, stock code: 2468.HK), China’s largest and the world’s leading manufacturer of thin film photovoltaic (“PV”) cells and modules, is pleased to announce that Trony is ranked 3rd as measured by thin film module production volume among 15 worldwide thin film leading producers in 2010, ranking behind a U.S. company and a Japanese company, and climbing from 4th spot in 2009, according to the latest study by Photon consulting LLC.
Trony’s improved ranking in thin film production is attributable to its continuous and substantial capacity expansion and robust market demand. Currently, Trony’s annual manufacturing capacity is 205 MW, and will expand to 265 MW per annum in the third quarter of 2011, and further expand to 325 MW in the first quarter of 2012.
Among the top 3 thin film producers, Trony highly focuses on off-grid solar market, which is expected to grow at a CAGR of 41%, and has large and diverse addressable end markets with less intense price competition and more stable ASPs compared to on-grid.
Moreover, Trony has cost advantages among peers. With continual effort to improve technology and manufacturing process as well as supply chain management initiatives, the Company has been successful in achieving its manufacturing cost at RMB6.66 per watt. It will further enhance the Company’s profit margin.
Trony also spares no effect in increasing conversion rate. It has commenced producing tandem junction panels at greater than 6.5% efficiency, and has achieved 7.3% efficiency at production stage last year. The Company aims to rollout 9% efficiency with microcrystalline technology in 2011.
Mr. Li Yi, Chairman and CEO of Trony, said, “It is a great pleasure to know that we are now among top 3 in thin film module production, which urges us to continue to focus on expanding our capacity to meet the strong market demand for our products. As developed nations push to adopt renewable energy for a cleaner environment and energy independence, while rural area and emerging markets look to off-grid solutions for basic needs such as lighting and water pumps, off-grid market has large demand and substantial potential growth around the word. Trony, as an established leader in the fast growing off-grid market, will continuingly expand its capacity to capture the multi-decade growth opportunities ahead.”
About Trony Solar
Trony Solar was listed on the Main Board of the Stock Exchange of Hong Kong Limited on 7 October, 2010. Trony is one of the leading thin film photovoltaic module producers in the world. It commenced operations in 1993, became a manufacturer of thin film solar embedded modules in 1995 and began commercial production in 1998. It expanded its annual manufacturing capacity to 5 MW and began manufacturing standard PV modules for solar home systems and other solar off-grid applications in 2006, and gradually increased our annual manufacturing capacity to 45 MW by October 2008. In July 2009, it completed construction of 70 MW fully-automated manufacturing line, which commenced commercial production in August 2009, bringing its annual manufacturing capacity to 115 MW. By March 31, 2010, its annual manufacturing capacity was 145 MW as a result of the further expansion of its existing 70 MW manufacturing line. Currently, Trony’s annual manufacturing capacity is 205 MW, and will expand to 265 MW per annum in the third quarter of 2011, and further expand to 325 MW in the first quarter of 2012.
Trony was ranked number four globally as measured by thin film module production volume in 2009, according to a report commissioned by Trony and prepared by Photon Consulting, a solar energy research firm and consultancy. According to this report, Trony was China’s only thin film PV module producer ranked in the top ten globally by module production volume in 2009.
According to a 2009 report commissioned by Trony and prepared by Frost & Sullivan, an independent research and consulting firm, Trony was the top off-grid PV product producer among all solar companies in China, which include thin film, multi-crystalline and monocrystalline module producers, with 14.8% of the market share in terms of total shipments for 2009. Trony uses semiconductor technology to deposit silicon-based thin film onto a substrate to manufacture PV modules that are significantly thinner than conventional crystalline silicon PV modules.
In the course of its research and development work on solar power, Trony has obtained more than 120 patents on solar power application technology. The Company was granted “China Outstanding Patent Award” by the State Intellectual Property Office in the “11th China Patent Awards” in 2009. The Group also participated in a number of state-funded research projects, including the National High-tech R&D Program 863.
In 2008, the PRC Ministry of Housing Construction for Urban and Rural Areas selected Trony as the preferred provider of BIPV products as part of their initiative to support the development of green energy. In 2007, some members of our management team were selected to serve on China’s national BIPV technical standard committee. Since our inception in 1993, Trony has accumulated substantial intellectual property in the thin film PV industry.
The Group has been cooperating with many famous universities and institutions in mainland China and Hong Kong in research and development on solar power technology, including Jinan University, Guangzhou Institute of Energy Conversion of Chinese Academy of Sciences, Hong Kong Polytechnic University and Hong Kong University of Science and Technology. In particular, Trony started its cooperation in research and development with Shenzhen University in 2003. The Company also cooperated with Hong Kong Polytechnic University in 2008. And Trony have also cooperate with the Tokyo Institute of Technology to develop high performance solar cells and next generation PV technology.
Trony also cooperates with the universities in Hong Kong in research and development on such fields as the production of a-Si/uc-Si tandem solar cells, the photovoltaic power model project and the application of solar cells. Such cooperations have lasted more than one year. For more information, please visit www.trony.com.