Amtech Systems Announces New Solar Orders Totaling $17.4 Million
Includes follow-on order from Yingli Green Energy Holding Company Ltd.
TEMPE, Ariz.--(BUSINESS WIRE)--
Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of semiconductors, solar cells and wafers, today announced that its subsidiary, Tempress(R) Systems, Inc., has received an additional $17.4 million in orders for diffusion processing systems from the solar cell industry.
These new orders consist of one new Asian-based customer and follow-on orders from two existing customers, including a 200MW follow-on order from Yingli Green Energy Holding Company Ltd. (NYSE: YGE), a vertically integrated photovoltaic ("PV") product manufacturer in China. Amtech expects the $17.4 million in orders to ship in fiscal 2008, which began October 1, 2007. The diffusion furnaces will be manufactured by Tempress(R) in its newly acquired facility, which significantly increases its production capacity. For the entire 2007 fiscal year, Amtech's solar orders totaled $21.4 million (including $2.4 million of the $17.4 million in orders announced today), which compares to $8.1 million in fiscal 2006, an increase of 164 percent.
"These new solar orders reflect the continued strong momentum and interest for our products that we are generating with both current and potential new customers within the rapidly growing solar market," said J.S. Whang, President and Chief Executive Officer of Amtech. "We are very pleased with our success in 2007 and we remain very focused on the continued successful execution of our growth strategy in the solar segment. Yingli has been a valuable strategic partner since 2006 and we are looking forward to expanding our relationship."
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, added, "We have been very happy with Tempress(R) Systems' equipment. Their products have consistently met our high standards and have allowed us to continue to rapidly expand production of our solar cells and modules at a high level of quality. This has been especially important in such a competitive and fast changing environment."
About Amtech Systems, Inc.
Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal semiconductor processing equipment and related consumables used in fabricating semiconductor devices and solar cells. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company's semiconductor handling, thermal processing and consumable products currently address the diffusion, oxidation and deposition steps used in the fabrication of semiconductors, solar cells, MEMS and the polishing of newly sliced silicon wafers.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic ("PV") product manufacturers in China. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 megawatts by 2010. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
Statements contained in this press release that are not historical facts may be forward looking statements within the meaning of the Private Litigation Reform Act. Such statements may use words such as "proposed," "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to Amtech Systems, Inc. or our management. When we make forward-looking statements, we are basing them on our management's beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions including the risks discussed in our filings with the Securities and Exchange Commission. If one or more of these risks materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward looking statements contained in this press release reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Source: Amtech Systems, Inc.
Released October 17, 2007