Solar cell maker Suniva picked for DOE loan guarantee of $141 million

Norcross, Ga, April 1, 2010 – The U.S. Department of Energy picked Suniva, Inc. for a loan guarantee under the DOE’s Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies Solicitation.

Suniva is a U.S. manufacturer of high-efficiency monocrystalline silicon solar power cells and modules.

Upon the completion of the DOE‘s due diligence and subject to the successful negotiation of the terms of a loan for about $141 million, Suniva plans to start the construction of a new manufacturing plant in Saginaw County, Michigan.

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Building such a manufacturing plant could create about 500 direct jobs at Suniva, while creating an additional 2,000 indirect jobs for the Michigan economy according to the Michigan Economic Development Corporation.

Suniva currently employs a diverse workforce – about a quarter of its employees are military veterans and many others were hired from shuttered automotive plants.

“The DOE’s acceptance of Suniva into the Loan Guarantee Program is very timely and supports the shared vision of President Obama and Suniva in significantly increasing the level of exports over the next five years,” said John Baumstark, chairman and chief executive officer of Suniva. “The loan guarantee is essential to our efforts in building a second manufacturing plant in Michigan as quickly as possible, creating new cleantech jobs for Americans and supporting the economy by substantially increasing the number of solar cells and modules available for export.”

The loan guarantee will enable Suniva to more than triple exports over the next five years. Last year, Suniva exported more than 90 percent of its products to Asia and Europe.

Based in Norcross, Ga., Suniva manufactures high-efficiency monocrystalline silicon solar cells and high power solar modules with low-cost techniques to make solar-generated electricity cost-competitive with fossil fuels. Suniva leverages exclusive licenses to critical patents and patent-pending intellectual property developed by Suniva founder and CTO, Dr. Ajeet Rohatgi.

 

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