MONTRÉAL, June 4, 2024
/CNW/ - 5N Plus Inc. (TSX: VNP) ("5N+" or the
"Company"), a leading global producer of specialty semiconductors
and performance materials, today announced that it has renewed its
supply agreement (the "Agreement") with First Solar, Inc. ("First
Solar") (NASDAQ: FSLR), a leading American solar technology company
and global provider of responsibly produced, eco-efficient solar
modules. Under the Agreement, 5N+ will increase its supply of
cadmium telluride (CdTe) semiconductor materials to First Solar for
the manufacturing of thin-film photovoltaic (PV) solar modules.
This is aligned with 5N+'s announced plans to increase capacity to
serve high‐value, high‐growth end markets.
"We are pleased to have once again successfully extended our
longstanding partnership under favourable terms, and proud to
support First Solar as they deliver responsibly produced PV modules
for the global transition to a sustainable energy future. We are
committed to partnering with strategic customers operating in
critical industries as a strong, reliable and trusted provider of
advanced specialty semiconductors," said Gervais Jacques, President and CEO of 5N+.
Mr. Jacques added, "This Agreement with First Solar represents a
50% increase in volume over the next two calendar years compared to
our previous agreement, an increase which we will meet as a result
of the investments made over the last few years in Montréal and
Eisenhüttenstadt, Germany, to
increase our semiconductor compound production capacity and
recycling capabilities. This will also allow us to expand our
semiconductor product portfolio in support of First
Solar."
"With its semiconductor material production facilities in
Canada and Germany, 5N+ is a key part of our supply
chain," said Mike Koralewski, Chief
Supply Chain Officer, First Solar. "We are pleased to extend our
longstanding partnership with 5N+ as we continue to our journey to
growth and expand our global manufacturing footprint to reach an
expected 25 gigawatts of nameplate capacity by 2026."
5N+'s advanced specialty semiconductor materials are imbedded in
First Solar's Series 6 and 7 PV modules in a specialty
semiconductor stack. First Solar's advanced thin-film PV modules
set the industry benchmark for quality, durability, reliability,
design and environmental performance. As part of the agreement, 5N+
and First Solar also continue to collaborate on the development and
supply of other renewable energy products to support the growth and
improvement of cadmium telluride thin-film technology.
About 5N+
5N+ is a leading global producer of
specialty semiconductors and performance materials. The Company's
ultra‐pure materials often form the core element of its customers'
products. These customers rely on 5N+'s products to enable
performance and sustainability in their own products. 5N+ deploys a
range of proprietary and proven technologies to develop and
manufacture its products. The Company's products enable various
applications in several key industries, including renewable energy,
security, space, pharmaceutical, medical imaging and industrial.
Headquartered in Montréal, Quebec,
5N+ operates R&D, manufacturing and commercial centers in
strategically located facilities around the world including
Europe, North America and Asia.
Forward‐Looking Statements
Certain statements in this
press release may be forward‐looking within the meaning of
applicable securities laws. Such forward‐looking statements are
based on a number of estimates and assumptions that the Company
believes are reasonable when made, including that 5N+ will be able
to retain and hire key personnel and maintain relationships with
customers, suppliers and other business partners, that 5N+ will
continue to operate its business in the normal course, that 5N+
will be able to implement its growth strategy, that 5N+ will be
able to successfully and timely complete the realization of its
backlog, that 5N+ will not suffer any supply chain challenges or
any material disruption in the supply of raw materials on
competitive terms, that 5N+ will be able to generate new sales,
produce, deliver, and sell its expected product volumes at the
expected prices and control its costs, as well as other factors
believed to be appropriate and reasonable in the circumstances.
However, there can be no assurance that such estimates and
assumptions will prove to be correct. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict and may cause the
Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward‐looking
statements. A description of the risks affecting the Company's
business and activities appears under the heading "Risk and
Uncertainties" of the Company's 2023 MD&A dated
February 27, 2024, and note 10 of the unaudited condensed
interim consolidated financial statements for the three-month
periods ended March 31, 2024 and
March 31, 2023 available on
www.sedarplus.ca.
Forward‐looking statements can generally be identified by the
use of terms such as "may", "should", "would", "believe", "expect",
the negative of these terms, variations of them or any similar
terms. No assurance can be given that any events anticipated by the
forward‐looking statements in this press release will transpire or
occur, or if any of them do so, what benefits that 5N+ will derive
therefrom. In particular, no assurance can be given as to the
future financial performance of 5N+. The forward‐looking statements
contained in this press release is made as of the date hereof and
the Company has no obligation to publicly update such
forward‐looking information to reflect new information, subsequent
or otherwise, unless required by applicable securities laws. The
reader is warned against placing undue reliance on these
forward‐looking statements.
SOURCE 5N Plus Inc.