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Power-One Enters Into Global Strategic Alliance With Phono Solar(November 15, 2012)
CAMARILLO, Calif., Nov. 15, 2012 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER),a leading global manufacturer of renewable energy and energy-efficient power conversion and management solutions, and Phono Solar, a division of the SUMEC Group and a leading solar panel manufacturer and system developer, announced today that they have entered into a strategic alliance to market and sell photovoltaic systems worldwide using Power-One inverters and monitoring systems.
As part of the agreement, the companies will utilize their research and development resources for joint product development targeted to specific market needs. The companies will also work together as a preferred key equipment supplier for current and future large scale projects. Lastly, the agreement will allow the two companies, with their complementary product offerings, to strengthen key aspects of their businesses including research and development and marketing.
"This is a powerful partnership between two leading solar companies, with similar cultures and shared strengths in technology and innovation," said Dr. Alex Levran, President, Renewable Energy Solutions at Power-One. "We are excited to be aligned with a quality organization like Phono Solar in our ongoing efforts to grow our global market share, particularly in the Asia-Pacific region."
Mr. Cai Jibo, President of Phono Solar, said, "We are very happy to forge this partnership with Power-One, a world leader in renewable energy. Innovation is one of Phono Solar's core brand values, and this strategic alliance will not only reinforce our product development initiatives, but it also reflects our desire to remain true to our horizontal supply chain integration strategy."
Phono Solar's parent company, the SUMEC Group, will provide access to large PV projects in China. In addition to China, the companies will focus on Japan, Australia and other APAC countries with strong developing PV markets.
Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Data Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.
The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338
About Phono Solar
Phono Solar was founded by the SUMEC Group Corporation, a member of the China National Machinery Industry Corporation (SINOMACH). Phono Solar Inc. is a global renewable energy solutions manufacturer. Phono Solar designs, manufactures and delivers solar and wind products for both on and off-grid use. With operations in North America, Asia Pacific and Europe, Phono Solar provides its partners with high-quality, competitively priced PV modules that are among the industry leaders in terms of efficiency and warranty. www.phonosolar.com
Safe Harbor Statement
Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company's control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company's ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations; the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company's equity securities; the results of pending legal proceedings; the Company's ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company's ability to increase working capital. Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company's Website at www.power-one.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.
CONTACT: For Press Inquiries, please contact
Chris Lawson, Global Director, Marketing Communications
Tel.: +1 480-643-1758
For Investor Relations, please contact
Larry Clark - Investor Relations for Power-One
Tel.: +1 (310) 478-2700 ext. 29
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