News Article
Cencorp signs Chinese backsheet order
Cencorp Corporation (Cencorp) has signed a Memorandum of Understanding on delivering Conductive Back Sheets (CBS) to one of the leading Chinese PV module manufacturer. The value of the Memorandum of Understanding is expected to be at its minimum ca. EUR 20 million over the course of next three years. The Memorandum of Understanding is non-binding.
Cencorp's systematic strategic transition from a company manufacturing automation applications into a company that provides Cleantech applications has reached a remarkable milestone. Cencorp's new partner, with whom the Memorandum of Understanding has now been signed, has completed the evaluation of Cencorp's production plant in Beijing and of the components produced at the plant, says Iikka Savisalo, Cencorp's CEO. Cencorp is also negotiating with several other major PV module manufacturers.
CBS deliveries, based on the Memorandum of Understanding, and relating cash flow is expected to start during the first quarter of 2013.
The final terms of an agreement are still under negotiations, thus execution of the agreement is not yet guaranteed. Additionally, the agreement is subject to Cencorp's short and long term financing which is still under negotiation. Thus, Cencorp is not yet able to estimate the agreement's possible execution, effective date neither the agreement's impact in Cencorp nor the risks relating to it. Cencorp will announce further information as soon as the negotiations have been finished, which is expected to take place before the end of 2012.
