BOVIET SOLAR RANKS IN TOP 10 OF SINOVOLTAICS' PV MODULE FINANCIAL STABILITY REPORT

SAN JOSE, Calif., Aug. 2, 2024 /PRNewswire/ -- Boviet Solar Technology Co. Ltd. (the "Company" or "Boviet Solar"), a solar energy technology company specializing in manufacturing monocrystalline PV cells, Gamma Series™ Monofacial, and Vega Series™ Bifacial PV Modules, announced today that it has been ranked as a top 10 PV module manufacturer by Sinovoltaics in its latest PV Module Manufacturer Ranking Report, which measures financial stability.

Sinovoltaics specializes in technical compliance and quality assurance services for solar photovoltaics and battery energy storage systems. Edition 3 of Sinovoltaics' PV Module Manufacturer Ranking report includes the financial stability scores of 65 publicly listed Asian, European, and American solar PV module manufacturers.

Since 2021, Sinovoltaics has collected publicly available financial data to rank companies based on the Altman Z-Score, a widely recognized financial assessment tool that assesses the financial stability of manufacturers, identifying which companies are financially secure and which are at risk of going bankrupt within the next two years. The main factors affecting the Sinovoltaics' rankings include:

• Working Capital
• Total Assets
• Retained Earnings
• Earnings Before Interest & Tax
• Market Value of Equity
• Total Liabilities
• Sales

For stakeholders in solar projects, the financial strength of the manufacturer is vital. PV modules from financially stable manufacturers help mitigate the risk of a collapsing return on investment (ROI) in any PV project. A PV module manufacturer's financial stability impacts the validity and enforceability of its warranty policies. Being ranked in the top 10 of Sinovoltaics' PV Module Manufacturer Ranking Report is an important indicator of Boviet Solar's reliability as a long-term industry partner that clients and financial institutions can trust.

"We are thrilled to be in the Top 10 of Sinovoltaics' ranking of PV module manufacturers," said Scott Chen, VP of Global Sales and Marketing. "This recognition underscores our dedication to financial stability in the solar industry. By consistently prioritizing innovation and rigorous financial management, we ensure that our PV modules remain reliable and trustworthy. Our inclusion in this prestigious ranking reflects our commitment to providing high-quality products and services that support our clients' success."

"We are pleased to see that Boviet Solar has ranked well in our latest ranking report," said Dricus de Rooij, co-founder and CEO of Sinovoltaics. "Given the current market dynamics, it's essential for renewable energy developers to have a clear view of a manufacturer's financial trajectory and a perspective that extends beyond quarterly fluctuations."

"This recognition underscores our financial stability and commitment to quality. As a trusted solar industry partner, we remain dedicated to ensuring the long-term success of our clients and advancing sustainable energy solutions globally," said Sienna Cen, President of Boviet Solar USA.

Boviet Solar has consistently demonstrated strong bankability, as evidenced by its inclusion in several prestigious industry rankings and assessments. Boviet Solar has been named one of the top 10 Global bankable PV module manufacturers by Wood Mackenzie. Boviet Solar's PV Modules are known for their power, performance, and quality and have been rated as top performers in other notable reliability scorecards since 2019. Black & Veatch successfully completed an independent assessment of Boviet Solar's manufacturing facilities in 2022. These accolades collectively affirm Boviet Solar's commitment to excellence and its role as a dependable partner in the renewable energy sector.

ABOUT BOVIET SOLAR

Founded in 2013 in Vietnam, Boviet Solar is a leading solar technology company that specializes in the manufacturing of Monocrystalline PERC, TOPCon PV cells and Gamma Series™ Monofacial, Vega Series™ Bifacial PV modules, as well as solar project development. The company offers business, financial stability, technological know-how, manufacturing excellence, top-performing PV modules, supply chain transparency and strong environmental, social, corporate governance protocol and client relations based on mutual partnership. As of January 2024, Boviet Solar's annual PV cell and PV module manufacturing capacity is 3.0 GW, it has delivered a total of 6.2 GW since inception and mainly focuses on the U.S.A market.

The company works with EPCs, developers, installers, and contractors to deliver top-performing PV modules for utility-scale, commercial, industrial, and residential solar projects. With a proven track record of successfully working with many of the industry's leading players, Boviet Solar has been named a top 10 global bankable PV module manufacturer by Wood Mackenzie. Boviet Solar's PV Modules are known for their power, performance, and quality and have been rated as top performers in notable PV module reliability scorecards since 2019. Black & Veatch successfully completed an independent assessment of Boviet Solar's manufacturing facilities in 2022. Boviet Solar's manufacturing facilities are located in Vietnam and the U.S., and it has offices in the United States, Germany, and China, with its global headquarters in Vietnam. For more information about our company and products, please visit www.bovietsolar.com

SOURCE Boviet Solar