Cencorp - Company Announcement

SUUR-SAVON ENERGIASÄÄTIÖ (THE SUUR-SAVO ENERGY FUND) PROVIDES CENCORP WITH A EUR 0.6 MILLION GRANT TO DEVELOP PHOTOVOLTAIC MODULE BUSINESS

Cencorp Corporation              Stock Exchange Realease 20 February 2013 at
17.30 Finnish time 





SUUR-SAVON ENERGIASÄÄTIÖ (THE SUUR-SAVO ENERGY FUND) PROVIDES CENCORP WITH A
EUR 0.6 MILLION GRANT TO DEVELOP PHOTOVOLTAIC MODULE BUSINESS 



Suur-Savon Energiasäätiö (the Suur-Savo Energy Fund) has decided to provide
Cencorp with a EUR 0.6 million grant to develop photovoltaic module business
accordant with the company's strategy. 



Iikka Savisalo, Cencorp's CEO:”Cencorp's transition into a technology company
specializing in Cleantech applications proceeds as planned. I am very pleased
that an investor like Suur-Savon Energiasäätiö who understands energy
technologies and their potential has decided to give funding for Cencorp's
solar module business.” 



Cencorp will use the grant to build a fully automated photovoltaic module
manufacturing unit that is based on Cencorp's own engineering and automation
know-how. Cencorp is planning to build a module factory with an estimated
production capacity of close to 0.5 million modules per year. Additionally,
Cencorp is planning to demonstrate automation applications to Chinese solar
module manufacturers, among others, in order to secure production line orders. 



In terms of engineering, the next generation photovoltaic modules will be
totally different compared to today's modules. Assembly of modules requires a
lot of automation as the accuracy required in the assembly process cannot be
achieved by hand. Low cost labor will clearly have less and less influence in
the production of new Conductive Back Sheet modules. Cencorp views that low
cost automated production technology enables solar modules to be manufactured
again geographically in broader areas. 



Photovoltaic modules and components as well as related production automation
applications are expected to generate major part of Cencorp's net sales in the
future. According to the long-term objectives set for Cencorp's CEO on 21
August 2012 by the Board of Directors, Cencorp is expected to reach annual net
sales of more than EUR 200 million by the end of 2016 provided the company has
sufficient capital. Growth will come mainly from Cleantech operations,
particularly from solar photovoltaic and fuel cell applications. The company
believes that part of its net sales originates from new markets already during
2013. “Considering the current market outlook, I find the objectives ambitious,
but possible to reach”, says Iikka Savisalo, Cencorp's CEO. 



The long-term objectives set for the CEO involve risks and the long-term
objectives should not be considered as the company's financial guidance. Even
though the objectives are based on market knowledge and technical surveys, the
risks are significant and it is not certain if the CEO reaches all or part of
the targets set for him. 



Cencorp's transition from a company manufacturing only production automation
applications and special components into a company, having a special edge in
laser and automation technology, that develops and provides Cleantech solutions
possessing a strong market position as a provider of locally produced,
high-quality photovoltaic modules, involves risks. Even though Cencorp's
strategy and objectives are based on market knowledge and technical surveys,
the risks are significant and it is not certain if the company reaches all or
part of the targets set for it. Cencorp's future outlook will be highly
dependent on the company's ability to reach the targeted market position in the
global photovoltaic module market as well as on the company's long-term
financing. 



In Mikkeli, 20 February 2013



Cencorp Corporation

Board of Directors



For more information:

Iikka Savisalo, President and CEO, tel. +358 40 521 6082,

iikka.savisalo@cencorp.com





Distribution:

NASDAQ OMX, Helsinki

Main media

www.cencorp.com



Cencorp Corporation is a leading provider of industrial automation solutions.
The equipment included in the product portfolio designed for depaneling,
odd-form assembly, testing and laser materials processing substantially
improves the efficiency of customers' production. The product range also
includes EMI shielding solutions, RFID antennas, other flexible circuits
including for example conductive back sheets used in photovoltaic modules and
mobile phone antennas. Cencorp's customers are manufacturers of automotive
electronics, mobile phone antennas and photovoltaic modules as well as
manufacturers operating in telecommunications and in industrial automation.
Cencorp's head office is located in Mikkeli, Finland. The company is part  of
the Finnish Savcor Group.