Statement from ET Solar Hong Kong
—— Taitong has nothing to do with solar module business
Dear Customers and Partners,
On February 3rd, 2020, there was an article “ET Solar main shareholder files for bankruptcy” (hereinafter “the Article”) released by PV Magazine. Hereunder we would like to clarify the structure and operation situation of new ET Solar.
First of all, the company filing bankruptcy in the Article, Taitong Industry Ltd. (Chinese name known as “泰通（泰州）工业有限公司”, hereinafter called “Taitong”), is the main shareholder of Zhongsheng Energy (Chinese name known as “中盛光电能源股份有限公司”，hereinafter called “Zhongsheng”) who is mainly focused on the development and construction of power plant as an EPC company in China. And Zhongsheng is not engaged in module manufacturing business.
Second, we, ET Solar Power Hong Kong Limited (hereinafter called “ET Hong Kong”), have taken over the module manufacturing business of ET Solar and are nowadays known as new ET. ET Solar brand, high quality, technology and core stuffs are maintained and inherited by new ET. In order to soon recover from the past difficulties and expand business worldwide, we acquired ET Solar Inc. as new ET’s business platform and relaunched in the US market on February 11th, 2019. Then we built up a new global supply chain in Southeast Asia to meet worldwide customer’s needs. The newly built manufacturing capacities in Southeast Asia are located at Vietnam and Cambodia. Our Vietnam factory has solar cell production capacity of 2GW per year, while the Cambodian plant is equipped with an annual production capacity of 600MW for solar cells and 1GW for solar modules.
Third, all the overseas business and the brand rights worldwide excluding mainland China were transferred to ET Hong Kong and its associated companies. The entities in domestic China who still use the name of ET Solar belong to other business units and have no relationship with new ET.
As above explained, Taitong has nothing to do with new ET and it could not represent module manufacturing sector of ET Solar. We have been contacting PV Magazine and requesting corrections to avoid misunderstandings from more customers, and we sincerely apologize for the negative impacts caused by this Article.
Based on the new layout and measures of new ET, we are full of optimism and confidence for the future development. We will always dedicate ourselves to the improvement of production technology, and also the R&D technology to ensure the most reliable and highest quality to our customers.
ET Solar Power Hong Kong Limited
February 6th, 2020
