5N Plus renews its exclusive agreements covering First Solar Compound Semiconductor needs until 2019
Friday, May 30, 2014
MONTREAL, May 27, 2014 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of specialty metal and chemical products, announces that it has entered into new supply agreements with First Solar, Inc., the world's leading thin-film solar module manufacturer, covering First Solar's compound semiconductor needs until March 31st, 2019.
The Company has renewed its existing cadmium telluride (CdTe) supply agreement and CdTe by-products recycling agreement with First Solar up to March 31, 2019. In addition, a new supply agreement broadly covering all of First Solar's other compound semiconductor needs up to March 31, 2019, has also been concluded.
Under the new agreements, First Solar has agreed to exclusively purchase from 5N Plus all the CdTe required by First Solar on a worldwide basis for the manufacturing of solar photovoltaic modules.
"We are very pleased to have extended our agreements with First Solar until 2019, enabling us to bring our relationship with this important customer to another level," said Jacques L'Ecuyer, President and Chief Executive Officer of 5N Plus. "While we conceded competitive pricing, we believe that this will be largely compensated over the course of the next quarters by the increase of sales volume providing us with a solid and predictable revenue stream for the next five years. First Solar remains committed to reducing solar module cost and improving efficiency, and we intend to be their preferred solution for doing so through our close technical and commercial relationship. We strongly believe that these new supply agreements will allow 5N Plus to benefit from continued growth associated with First Solar's leading position in the solar market."
"5N Plus has been and continues to be a critical supplier to First Solar. These agreements support our plans to increase the competiveness of CdTe based solar modules and are in line with our corresponding roadmap aimed at achieving this," said Tymen de Jong, Senior Vice President of Global Operations of First Solar, Inc.
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical products. Fully integrated with closed-loop recycling facilities, the Company is headquartered in Montreal, Québec, Canada and operates manufacturing facilities and sales offices in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used in a number of advanced pharmaceutical, electronic and industrial applications. Typical products include purified metals such as bismuth, gallium, germanium, indium, selenium and tellurium, inorganic chemicals based on such metals and
compound semiconductor wafers. Many of these are critical precursors and key enablers in markets such as solar, light-emitting diodes and eco-friendly materials.
For more information, please visit: 5N Plus Inc.