Suniva Selected for Loan Guarantee Program by the U.S. Department of Energy
Suniva to Use Funds to Begin Construction of its Second Manufacturing Plant in Michigan, Creating More than 500 New Cleantech Jobs
Norcross, Ga. – April 1, 2010 – Suniva, Inc., a U.S. manufacturer of high-efficiency monocrystalline silicon solar cells and modules, today announced that the company has been selected for the U.S. Department of Energy Loan Guarantee Program under the DOE’s Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies Solicitation. Upon the completion of the DOE’s due diligence and subject to the successful negotiation of the terms of a loan for approximately $141M, Suniva plans to start the construction of a new manufacturing plant in Saginaw County, Michigan.
Building such a manufacturing plant could create approximately 500 direct jobs at Suniva, while creating an additional 2,000 indirect jobs for the Michigan economy according to the Michigan Economic Development Corporation. Suniva currently employs a diverse workforce—approximately a quarter of its employees are military veterans and many others were hired from shuttered automotive plants.
“The DOE’s acceptance of Suniva into the Loan Guarantee Program is very timely and supports the shared vision of President Obama and Suniva in significantly increasing the level of exports over the next five years,” said John Baumstark, chairman and chief executive officer of Suniva. “The loan guarantee is essential to our efforts in building a second manufacturing plant in Michigan as quickly as possible, creating new cleantech jobs for Americans and supporting the economy by substantially increasing the number of solar cells and modules available for export.”
The loan guarantee will enable Suniva to more than triple exports over the next five years. Last year, Suniva exported more than 90 percent of its products to Asia and Europe.
“Suniva exemplifies the innovative force behind the development of America’s leading-edge green technology, and it exports to the global marketplace,” said Fred P. Hochberg, Ex-Im Bank's chairman and president. “Suniva exports products, not jobs. America will lead in exports when its businesses deliver value and innovation, which will also drive job growth.”
With its expanding and skilled workforce, Suniva is producing world-class technology and generating record setting solar cell efficiencies in development and production. For more information about Suniva and its products, please visit www.suniva.com.
Saginaw Future President, JoAnn Crary stated, “We’re thrilled that the DOE has selected Suniva for the Loan Guarantee Program. They understand that speed to market is critical and everyone is driving towards a goal of having a shovel in the ground as quickly as possible.”
Saginaw Future, the Governor’s office, the MEDC and Suniva are working with the DOE to provide all the necessary information to move the project forward. “We’ve taken all the steps on a local and state level to prepare for the investment and we are ready to go”, said Crary.
Established in 1992, Saginaw Future (SF) is a public-private alliance of local businesses, the County of Saginaw, City of Saginaw, 16 local municipalities and the Saginaw County Chamber of Commerce. SF’s strategic partners also include education, labor and government. Since its beginning, SF has remained dedicated to fostering quality job creation through expansion of local industry and attraction of new business projects to the community.
For more information, please contact:
Media Contact:
Keith Watson
fama PR (for Suniva)
617-758-4142
suniva@famapr.com
Saginaw Future
Greg LaMarr
Saginaw Future
989 754-8222 ext 231
glamarr@SaginawFuture.com