Suntech Enters New Solar Research Partnership with Silex Solar and the University of New South Wales

WUXI, China and SYDNEY, May 11 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading producer of crystalline silicon solar panels, the University of New South Wales (UNSW) and Silex Solar will together research advanced technology to further improve the power conversion efficiencies of crystalline silicon solar cells. The three-year collaborative research project today received an AUD5 million grant from the Australian Solar Institute (ASI), the largest award given to any of the 87 grant applicants in the ASI's first competitive funding call.

"The ASI, through funding from the Australian Commonwealth Government, invests in Australian research innovation that aims to reduce the costs of solar energy. We are pleased to support the world-renowned team at UNSW in collaboration with its industry partners Suntech and Silex Solar through this ground-breaking project," said the ASI's Executive Director Mark Twidell.

In addition to the AUD5 million research grant from the ASI, both Silex Solar and Suntech will contribute more than AUD6 million in direct funding and in-kind research resources over the next three years to support research operations.

"Silex Solar and UNSW are ideal partners for this solar research project, made possible by the vision and leadership of the Australian Solar Institute. Our long-term research collaborations with Australian organizations are central to driving solar innovation," said Dr. Zhengrong Shi, Chairman and CEO of Suntech, a graduate of UNSW, as well as a fellow at the Australian Academy of Technological Sciences and Engineering (ATSE). "As our earth suffers under the strains of fossil fuel energy production, we are empowering individuals and communities in Australia and around the world to look up and harness nature's cleanest and most abundant energy resource."

The research project -- another chapter in Suntech's long-standing collaboration with UNSW -- will focus on the development of advanced solar cell device designs and innovative high volume cell manufacturing processes to achieve significant performance improvements and cost reduction breakthroughs. The research is expected to complement Suntech's development of high- efficiency Pluto technology.

"This promising research collaboration will hopefully generate additional enhancements to our industry-leading photovoltaic cells," said Dr. Stuart Wenham, Chief Technology Officer for Suntech and Director of the Centre of Excellence for Advanced Silicon Photovoltaics and Photonics at UNSW. "Our goal, by the end of this project, is to drive solar electricity generation past grid parity against retail electricity prices in more than 50% of the world's markets."

Suntech nearly doubled its R&D investments in 2009 to US$29 million, up from US$15 million in 2008. Globally, Suntech employs 380 full-time solar R&D engineers and professionals who work across China, Japan, Germany, the United States, and Australia. The company expects further R&D investment growth in the coming years, creating cutting-edge technology to advance the use of solar power everywhere under the sun.

About Suntech Power

Suntech Power Holdings Co., Ltd. (NYSE: STP) is one of the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including its patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, its Reliathon(TM) module and platform, the industry's first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.

Suntech designs and delivers residential, commercial and utility-scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .

About the Australian Solar Institute

The Australian Solar Institute is a $100 million commitment by the Australian Government to support solar thermal and solar photovoltaic research and development. This commitment will foster greater collaboration between solar researchers in universities, research institutions and industry and help forge strong links with peak overseas solar research organisations.

The ASI aims to drive collaborative, focused research and development that will have a major impact on the efficiency and cost-effectiveness of solar technologies. It will also disseminate the results and learnings from solar research for the benefit of the Australian and global solar communities and the Australian public and will act as a catalyst and champion for Australia's leadership strengths in solar research and development. Further information about the ASI is available at http://www.australiansolarinstitute.com.au .

About Silex Solar

SilexSolar is a wholly-owned subsidiary of Silex Systems Limited, an ASX-listed public company which has several cutting edge technologies under development (http://www.silex.com.au ). Silex's solar division comprises SilexSolar and Solar Systems. SilexSolar was established in July 2009 following Silex's acquisition of the Sydney Olympic Park (SOP) solar manufacturing facility from BP Solar. SilexSolar is now the largest integrated photovoltaic (PV) cell and solar panel manufacturing facility in the southern hemisphere, and the only commercial manufacturer of solar cells and panels in Australia. For further information on SilexSolar, please visit: http://www.silexsolar.com

In March 2010, Silex acquired the assets and business of Melbourne-based Solar Systems Pty Ltd (SSPL). In contrast to SilexSolar's conventional panel business which also serves the residential and commercial rooftop solar panel market, SSPL's technology is specifically applicable to large utility-scale solar power generation using its patented "Dense Array" concentrating photovoltaic (CPV) solar conversion technology. This technology utilises ultra-high efficiency PV cells (initially developed for space applications) and is ideally suited to the burgeoning utility scale solar power station market. SSPL's technology is in the final stages of development and is expected to be available for commercial deployment in 2011, starting with a ~150MW solar power project planned for Mildura, Victoria -- potentially the largest single solar power station in the world. For additional information on Solar Systems Pty Ltd, please visit: http://www.solarsystems.com.au

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes the ability of such research to develop advanced solar cell device designs and innovative high volume cell manufacturing processes to achieve significant performance improvements and cost reduction breakthroughs, and Suntech's ability to drive solar electricity generation past grid parity against retail electricity prices in more than 50% of the world's markets. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

    For further information, please contact:

    Suntech Power Holdings Co., Ltd.
     Rory Macpherson
     Investor Relations Director
     Tel:   +86-21-6288-5574
     Email: [email protected]

     Walker E. Frost
     Senior Supervisor
     Marketing & Communications
     Tel:   +86-21-6288-5574
     Email: [email protected]

    Australian Solar Institute
     Mark Twidell
     Executive Director
     Tel:   +61-2-4960-6306
     Email: [email protected]

SOURCE Suntech Power Holdings Co., Ltd.