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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.
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