CaliSolar

Calisolar Acquires Ontario, Canada-Based 6N Silicon; Raises Additional $22.5 Million

US-Based Solar Cell Manufacturer Streamlines Supply Chain

SUNNYVALE, CA - Calisolar Inc. today announced the acquisition of 6N Silicon Inc., an Ontario-based silicon supplier to Calisolar and the solar industry. The acquisition was completed through a stock-for-stock transaction between the two privately held companies. In addition, $22.5 million in funding was raised from existing Calisolar and 6N investors. The new funds will be used to increase capacity at the Sunnyvale, California cell manufacturing facility and expand silicon purification operations in Vaughan, Ontario. 6N Silicon will operate as a wholly-owned subsidiary of Calisolar.

Calisolar will tightly integrate 6N Silicon’s innovative, low-cost, silicon purification techniques into its manufacturing process to deliver high-quality, high-performance solar cells. By optimizing silicon for wafering and cell manufacturing, Calisolar will significantly lower manufacturing and energy costs, improve silicon yield and enable scrap silicon recycling.

The United States and Canada are expected to be the highest growth markets in solar over the next five years and Calisolar will now be able to meet domestic content requirements. Additionally, solar cells made from Ontario produced silicon are in high demand from module manufacturers worldwide who need to meet the feed-in tariff requirements.

“This is a major step towards our mission to reduce the cost of solar,” said Roy Johnson, CEO of Calisolar. “With this acquisition of a world-class operation, talented people and new funding, Calisolar will rapidly grow in the US, Canada and around the world.”

In January 2010, Calisolar began commercial shipments of solar cells, the critical components in solar panels that convert sunlight into electricity and are in the final stages of qualification at multiple global panel manufacturers.

“We are excited to join forces with Calisolar and expand our capacity in Ontario,” said Paolo Maccario, CEO of 6N Silicon. “Calisolar is a recognized innovator and both companies have benefited from collaboration. Together we will accelerate product development and trigger significant cost reductions for the solar market.”

About 6N Silicon

6N Silicon has developed a low-temperature process that leverages the use of aluminum as a metal solvent for the cost-effective production of high purity solar grade silicon. The unique 6N Silicon approach satisfies two fundamental solar PV industry requirements; fast capacity growth and lower overall cost. Headquartered in the Greater Toronto Area, 6N Silicon is in the heart of Canada’s metal processing industry. More information is available at http://www.6nsilicon.com.

About Calisolar

Calisolar designs and manufactures high-performance solar cells using its unique technology that uses lower cost silicon feedstock. The privately held company is incorporated in the U.S. with manufacturing operations and headquarters in Sunnyvale, California and a state-of-the-art research and development center in Berlin, Germany. In January 2010, Calisolar was awarded a clean energy manufacturing tax credit of $51.6 million as part of the American Recovery and Reinvestment Act. Total funding to date is $116 million with an additional US$50 million previously raised by 6N Silicon. Investors include Advanced Technology Ventures, Globespan Capital Partners, Good Energies, Hudson Clean Energy, Ventures West and Yaletown Ventures. More information is available at http://www.calisolar.com.

Media Contacts:
Bret Adams for Calisolar
+1-408-962-3144
Media@Calisolar.com