Suniva Deal is Named Ex-Im Bank Green Transaction of the Year
WASHINGTON, D.C. - Suniva, Inc., a manufacturer of high-efficiency solar cells and modules headquartered in Norcross, Ga., is to receive the 2010 Green Transaction of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's annual conference in Washington, D.C., on Thursday, March 11.
Suniva used a $2 million Ex-Im Bank short-term multi-buyer insurance policy to offer a $500,000 credit line to a customer in India to buy its solar equipment, and has a number of potential export deals in the pipeline. The company plans to expand its U.S. facilities and add U.S. jobs to meet growing demand.
Suniva exemplifies the innovative spirit behind the development of America's leading-edge green technology, and its export to the global marketplace, said Ex-Im Bank Chairman and President Fred P. Hochberg. This company is growing global business and U.S. jobs at a time when many small companies are wary of exporting. We hope Sunivia's receipt of this award will inspire other U.S. small businesses to increase sales through exporting, with the support of Ex-Im Bank.
Suniva grew out of the Department of Energy-funded University Center of Excellence in Photovoltaics at the Georgia Institute of Technology, a key site for silicon photovoltaics research in the U.S. Export sales represent 90 percent of the company's business. Seventy of its 130 employees were hired in the past year in an area that has been hard-hit by manufacturing plant closures. New Suniva employees were hired from closed auto company plants in Atlanta as well as other shuttered companies. Approximately 23 percent of its employees are military veterans.
Having the backing of Ex-Im Bank is of tremendous value in selling even more U.S.-made products in the global marketplace, said Suniva Chief Marketing Officer Bryan Ashley. There are many situations where Ex-Im Bank availability can make the difference between whether we are short-listed or not. We now have five potential deals in the pipeline where Ex-Im Bank availability is critical to winning the sale. We're currently expanding our facilities in Georgia, and will be hiring additional employees to support that expansion.
Ex-Im Bank's Annual Conference on March 11-12 will be held at the Omni Shoreham Hotel in Washington, D.C.The award ceremony will take place at 5 p.m. on March 11.
Ex-Im Bank, an independent, self-sustaining federal government agency, exists to fill gaps in export financing, to strengthen U.S. export competitiveness and create and maintain U.S. jobs. The Bank provides a variety of financing mechanisms including working capital guarantees to help small and medium-sized U.S. businesses, export credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
In fiscal 2009, overall Ex-Im Bank financings came to $21 billion, while authorizations for small business exporters totaled $4.36 billion, both historic highs. In the first four months of fiscal 2010, the Bank authorized a record $10.9 billion in loans, guarantees, and insurance - more than three times the amount authorized in the same period of fiscal 2009. For more information on Ex-Im Bank and the annual conference, visit www.exim.gov. To get color photos of the award winners with President Obama, please call 202-565-3200.