COVID-19: First Solar Manufacturing Operations Update

TEMPE, Ariz., March 26, 2020 (GLOBE NEWSWIRE) — First Solar, Inc. (Nasdaq: FSLR), which operates factories located in Wood County, Ohio, Kulim, Malaysia and Ho Chi Minh City, Vietnam, today provided a manufacturing operations update in light of recent developments related to the COVID-19 (Novel Coronavirus) pandemic.On Sunday, March 22, 2020, the State of Ohio, where First Solar’s Perrysburg and Lake Township manufacturing plants are located, issued a ‘Stay at Home’ order, exempting, among other things, essential businesses and operations from its scope. At this time, it is First Solar’s understanding that its manufacturing facilities in these locations are permitted to operate under the order.Similarly, the government of Malaysia, where the Company’s Kulim manufacturing plants are located, has implemented a wide-ranging suspension of public activities. Since the implementation of this suspension and at this time, First Solar’s understanding is that these measures do not impact the continuity of its manufacturing operations in the country.First Solar’s manufacturing operations at its Ho Chi Minh City, Vietnam facilities are not impacted by government-mandated restrictions on movement at this time. The Company is continuing to monitor the situation at all of its facility locations.The safety of First Solar’s employees is a top priority, and the Company has already implemented a wide range of measures intended to inhibit the spread of the COVID-19 virus at its global manufacturing, administrative and other sites and facilities, including those in the United States, Malaysia and Vietnam.First Solar cautions that the effects of the COVID-19 outbreak, including governmental efforts to contain the spread of the virus, are dynamic and subject to change at any time. This press release reflects information available to First Solar as of 0815hrs (Eastern Time), on March 26, 2020.About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the continuity of First Solar’s manufacturing operations at its facilities located in Wood County, Ohio, Kulim, Malaysia and Ho Chi Minh City, Vietnam. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to: the length and severity of the recent COVID-19 (Novel Coronavirus) outbreak, including its impacts across our businesses on demand, manufacturing, project development, construction, operations and maintenance, financing and our global supply chains, actions that may be taken by governmental authorities to contain the COVID-19 (Novel Coronavirus) outbreak or to treat its impact, and the ability of our customers, suppliers, equipment vendors and other counterparties to fulfill their contractual obligations to us; structural imbalances in global supply and demand for PV solar modules; the market for renewable energy, including solar energy; our competitive position and other key competitive factors; reduction, elimination, or expiration of government subsidies, policies, and support programs for solar energy projects; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; our ability to execute on our long-term strategic plans; our ability to execute on our solar module technology and cost reduction roadmaps; our ability to improve the wattage of our solar modules; interest rate fluctuations and both our and our customers’ ability to secure financing; the creditworthiness of our offtake counterparties and the ability of our offtake counterparties to fulfill their contractual obligations to us; the ability of our customers and counterparties to perform under their contracts with us; the satisfaction of conditions precedent in our project sales agreements; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; our ability to successfully develop and complete our systems business projects; our ability to convert existing production facilities to support new product lines, such as Series 6 module manufacturing; general economic and business conditions, including those influenced by U.S., international, and geopolitical events; environmental responsibility, including with respect to cadmium telluride (“CdTe”) and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects resulting from pending litigation, including the opt-out action against us; future collection and recycling costs for solar modules covered by our module collection and recycling program; our ability to protect our intellectual property; our ability to prevent and/or minimize the impact of cyber-attacks or other breaches of our information systems; our continued investment in research and development; the supply and price of components and raw materials, including CdTe; our ability to attract and retain key executive officers and associates; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.