Parity Solar and China National Building Materials (CNBM) form Joint Venture

Under a broad cooperation agreement, the companies will expand Parity's existing PV module manufacturing facility in Zhenjiang, Jiangsu to 500MW of annual production, including thin film and poly crystalline products. The joint venture will also expand upon Parity Solar's global pipeline development efforts by securing new projects in China, Middle East, Africa and South America, where CNBM has a strong presence in glass and concrete manufacturing and engineering.

"CNBM is an ideal partner with its materials businesses and global EPC capabilities. Together, we can access new markets rapidly. There are also tremendous synergies in applying CNBM's solar glass, building material and raw materials strengths to create cost advantages both at the product, and system level" commented Scott Burton, Parity's CEO. He added that "Parity's production base in Zhenjiang is world class, but PV requires big investment and global market access over the long term. CNBM and Parity together have unlimited options and we will be aggressive in becoming a leader in several key areas such as large scale, low cost power stations, BIPV materials and global EPC and project development services".

Commenting on CNBM's behalf, CNBM Chairman Song Zhiping stated "CNBM has already invested in critical solar raw materials and other PV technology areas. Now, with Parity we have the capability to expand rapidly and apply our capabilities. We will be the leader in China and we will also pursue this goal on a global scale".

The companies completed the formal merger as of December 1, 2010 following several months of due diligence and government approvals.

Founded in 1953, CNBM is a China state owned industrial group with a broad range of business areas including cement, glass, related production equipment, mining, solar raw materials, carbon fiber and composite materials, other construction materials, and global EPC services related to the implementation of cement and glass production facilities. CNBM also operates several national level R&D centers for the development of basic technologies and commercialization.

Founded in 2008, Parity Solar is a global PV system solution company with regional design centers in Europe, Asia and America, and has designed, built and commissioned over 30 systems to date, and has an active development pipeline of over 500MWs. Parity operates manufacturing and supply chain activities in China and has approximately 400 employees worldwide.

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