CAMARILLO, Calif., April 16, 2013 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading global manufacturer of renewable energy, energy-efficient power conversion and management solutions and Phono Solar, a global renewable energy solutions manufacturer, today announced the beginning of an Exchange Testing Program.
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The program was finalized at Phono Solar's "Discovery 2013" annual meeting earlier this year, and will involve both parties exchanging products for review and inspection in their respective testing facilities. Last November, Power-One signed a 'Global Strategic Cooperation Agreement' with Phono Solar for the development of new photovoltaic (PV) systems worldwide using Power-One inverters and monitoring systems exclusively. The agreement ensures cooperation between the two brands in their product lines, sales and marketing channels, research and development capabilities and project resources.
Power-One will exchange three types of inverters in the program and Phono Solar will exchange its 5kW PV modules. The two parties will test each other's products in their own indoor labs and outdoor testing facilities. The program is expected to help improve product reliability, compatibility and performance.
Mr. Alex Levran, President of Power-One's Renewable Energy Solutions Division, said: "This program is designed to ensure our products work together to optimize their compatibility, quality and performance. Having established our strategic alliance last year, this exchange testing program is the next step in the evolution of our partnership to ensure we provide our customers with the best performing products in the industry."
Mr. Jibo Cai, Chairman of Phono Solar, said: "This new program is an evolution of our agreement with Power-One, demonstrating our mutual trust and desire to work together. Our package solution, including Phono Solar modules and Power-One inverters, has been welcomed by our customers. We are confident of the future of this cooperation and through the Exchange Testing Program we expect to continue ensuring our commitment to the market as a key component supplier."
About Power-One
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">www.Power-One.com.
About Phono Solar
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.
