First Solar, Inc. (Nasdaq: FSLR), which operates factories located
in Wood County, Ohio, Kulim, Malaysia and Ho Chi Minh City,
Vietnam, today provided a manufacturing operations update in light
of recent developments related to the COVID-19 (Novel Coronavirus)
pandemic.
On Sunday, March 22, 2020, the State of Ohio,
where First Solar’s Perrysburg and Lake Township manufacturing
plants are located, issued a ‘Stay at Home’ order, exempting, among
other things, essential businesses and operations from its scope.
At this time, it is First Solar’s understanding that its
manufacturing facilities in these locations are permitted to
operate under the order.
Similarly, the government of Malaysia, where the
Company’s Kulim manufacturing plants are located, has implemented a
wide-ranging suspension of public activities. Since the
implementation of this suspension and at this time, First Solar’s
understanding is that these measures do not impact the continuity
of its manufacturing operations in the country.
First Solar’s manufacturing operations at its Ho
Chi Minh City, Vietnam facilities are not impacted by
government-mandated restrictions on movement at this time. The
Company is continuing to monitor the situation at all of its
facility locations.
The safety of First Solar’s employees is a top
priority, and the Company has already implemented a wide range of
measures intended to inhibit the spread of the COVID-19 virus at
its global manufacturing, administrative and other sites and
facilities, including those in the United States, Malaysia and
Vietnam.
First Solar cautions that the effects of the
COVID-19 outbreak, including governmental efforts to contain the
spread of the virus, are dynamic and subject to change at any time.
This press release reflects information available to First Solar as
of 0815hrs (Eastern Time), on March 26, 2020.
About First Solar, Inc.First
Solar is a leading global provider of comprehensive photovoltaic
(PV) solar solutions, which use its advanced module and system
technology. The company’s integrated power plant solutions deliver
an economically attractive alternative to fossil-fuel electricity
generation today. From raw material sourcing through end-of-life
module recycling, First Solar’s renewable energy solutions protect
and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.
For First Solar InvestorsThis
release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements in this release, other than
statements of historical fact, are forward-looking statements.
These forward-looking statements include, but are not limited to,
statements concerning the continuity of First Solar’s manufacturing
operations at its facilities located in Wood County, Ohio, Kulim,
Malaysia and Ho Chi Minh City, Vietnam. These forward-looking
statements are often characterized by the use of words such as
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“seek,” “believe,” “forecast,” “foresee,” “likely,” “may,”
“should,” “goal,” “target,” “might,” “will,” “could,” “predict,”
“continue” and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events and therefore speak only as of the date of this
release. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason, whether as
a result of new information, future developments or otherwise.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to: the length and
severity of the recent COVID-19 (Novel Coronavirus) outbreak,
including its impacts across our businesses on demand,
manufacturing, project development, construction, operations and
maintenance, financing and our global supply chains, actions that
may be taken by governmental authorities to contain the COVID-19
(Novel Coronavirus) outbreak or to treat its impact, and the
ability of our customers, suppliers, equipment vendors and other
counterparties to fulfill their contractual obligations to us;
structural imbalances in global supply and demand for PV solar
modules; the market for renewable energy, including solar energy;
our competitive position and other key competitive factors;
reduction, elimination, or expiration of government subsidies,
policies, and support programs for solar energy projects; the
impact of public policies, such as tariffs or other trade remedies
imposed on solar cells and modules; our ability to execute on our
long-term strategic plans; our ability to execute on our solar
module technology and cost reduction roadmaps; our ability to
improve the wattage of our solar modules; interest rate
fluctuations and both our and our customers’ ability to secure
financing; the creditworthiness of our offtake counterparties and
the ability of our offtake counterparties to fulfill their
contractual obligations to us; the ability of our customers and
counterparties to perform under their contracts with us; the
satisfaction of conditions precedent in our project sales
agreements; our ability to attract new customers and to develop and
maintain existing customer and supplier relationships; our ability
to successfully develop and complete our systems business projects;
our ability to convert existing production facilities to support
new product lines, such as Series 6 module manufacturing; general
economic and business conditions, including those influenced by
U.S., international, and geopolitical events; environmental
responsibility, including with respect to cadmium telluride
(“CdTe”) and other semiconductor materials; claims under our
limited warranty obligations; changes in, or the failure to comply
with, government regulations and environmental, health, and safety
requirements; effects resulting from pending litigation, including
the opt-out action against us; future collection and recycling
costs for solar modules covered by our module collection and
recycling program; our ability to protect our intellectual
property; our ability to prevent and/or minimize the impact of
cyber-attacks or other breaches of our information systems; our
continued investment in research and development; the supply and
price of components and raw materials, including CdTe; our ability
to attract and retain key executive officers and associates; and
the matters discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Conditions and
Results of Operations” of our most recent Annual Report on Form
10-K, as supplemented by our other filings with the Securities and
Exchange Commission.
Media Reuven
ProençaFirst Solar Mediareuven.proenca@firstsolar.com |
Investors Mitchell
EnnisFirst Solar Investor
Relationsmitchell.ennis@firstsolar.com |
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