Tokyo, November 15, 2013 - First Solar, Inc. (Nasdaq: FSLR), and JX Nippon Oil & Energy Corporation today announced that they have signed an agreement for the distribution of First Solar's high efficiency solar photovoltaic modules in Japan through April 2015. As part of the agreement First Solar, the leading global provider of comprehensive photovoltaic (PV) solar energy solutions, will develop and manufacture the new technology obtained through the acquisition of TetraSun. JX Nippon, Japan's leading distributor of oil and other energy solutions will distribute the technology. Partnered together, JX Nippon and First Solar will provide solar energy solutions to meet Japan's unique power needs.
Developed with a unique and revolutionary PV cell architecture, and an innovative manufacturing process combining the consistency of conventional crystalline Silicon technology with the high performance of high-end mono-crystalline technologies, the First Solar offering allows discerning Japanese consumers' access to technology that is high on efficiency, performance & quality.
James Hughes, CEO, First Solar, said, "We are very pleased to partner with the leading energy company JX Nippon in Japan. JX's far-reaching distribution and our technology expertise will combine to deliver high quality solar power solutions to Japan. This agreement reinforces First Solar's commitment to deliver safe, clean, and sustainable solutions to meet Japan's unique energy needs and energy security goals."
JX Nippon is the market leader in Japan in refining and marketing of oil through its ENEOS brand, and is also engaged in
new energy business in order to strive to become an integrated energy company. Hiroya Nishijima, SVP, JX Nippon, said "TetraSun, manufactured by First Solar, is a unique technology that can deliver high performance and high quality solar energy solutions. The agreement will provide a new and valuable option for our customers.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems ("BoS") cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic ("PV") solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: "Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the "Prospectus"), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.
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