2008-05-19 15:12:38 - Signed contract with Hyundai Heavy Industries a take or pay six-year contract of high quality solar-grade wafers supply for € 270 Million of total amount.

Padova, May 15th, 2008 - Silfab S.p.A., the first Italian manufacturer of high quality (9N-) solar-grade polysilicon and wafers, today announced that it has signed a six-year ‘take or pay' contract to supply multi-crystalline wafers with high quality to Hyundai Heavy Industries Co., Ltd.(HHI). Under the terms and conditions of this Contract, Silfab will provide wafers over six-year commencing in

Q4, 2009 through 2015.

Franco Traverso, Chairman and CEO of Silfab, stated: 'Silfab is pleased of partnering with HHI that will be one of leading companies in photovoltaic business and produce the solar power generation systems having a high performance in accordance with the grid-parity goals.'

Kwon-Tae Kim, Executive Vice President of HHI, commented: 'I am confident that this new contract enables us increase of the efficiency of our products through high quality wafers from Silfab, and confirms our commitment to offers turnkey solutions for high performance photovoltaic systems'.

Silfab S.p.A.
SILFAB Spa is a newly established company which aims to entry into the high-quality polysilicon production industry and to become a major player in this market segment by producing solar-grade polysilicon and wafers in Italy: 2,500 tons/year ('1st Phase'), 5,000 tons/year ('2nd Phase). SILFAB's entry into the polysilicon production industry is instrumental to its ultimate strategic objective: becoming one of the major, integrated international player in the photovoltaic industry. SILFAB project starts with Franco Traverso's well consolidated experience in the PV market and in the manufacturing process for silicon ingots and wafers (more than 25 years), especially due to his work and constant success at Helios Technology.


Hyundai Heavy Industries Co., Ltd.
Hyundai Heavy Industries (HHI), founded by the late Chung Ju-Yung on March 23, 1972, is an integrated heavy industries company listed on Fortune Global 500 Largest Corporations in 2007, and especially has been ranked at the top of shipbuilding business in the world for a long time. Recently, HHI combines all of his interests in renewable energies like solar, wind, electric vehicles for low carbon transport, combined gas-fired power generation, and distributed energy for emerging markets. HHI's solar business office and factory are located in Eumseong, Korea, and headquarters and the most of facilities in Ulsan city, Korea.