Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce that it has entered into a memorandum of understanding (“MOU”) with Hanwha Solutions Corporation (“Hanwha”) concerning continued discussions between CPS and Hanwha with respect to a definitive commercial offtake agreement for patterned solar glass from the Company’s glass manufacturing facility being developed in Selkirk, Manitoba.
Hanwha, through its Qcells Division (“Qcells”), is the largest solar panel manufacturer in North America and is focused on establishing a comprehensive, fully domestic, low-carbon solar supply chain to support its solar energy growth strategy in North America. On May 11, 2022, Qcells announced its expansion plans to nearly double total production capacity of its operated 1.7-gigawatt module factory in Dalton, Georgia, to over 3 gigawatts. The expanded Qcells factory would represent approximately 35% of current North American solar module production.
“Following a tour of our planned facilities in Manitoba and meetings in Calgary with members of Hanwha’s management team in June of 2022, we are delighted to enter into an MOU with Hanwha regarding long-term supply of our low-carbon, patterned solar glass,” stated Company President, Glenn Leroux. “Hanwha’s North American solar glass demand requirements of over 3 gigawatts of module manufacturing represents over 80% of our planned Phase 1 production capacity.”
Hanwha comments, “We are excited to continue our discussion with CPS to form a future partnership with respect to long-term stable supply of patterned solar glass for our current and planned production capacity. As Qcells expands its manufacturing footprint in North America, we see tremendous value in securing supply from a trusted partner that is proximal to our operations. Additionally, the integrated nature of CPS’ operation with its wholly-owned sand resource and the use of renewable hydro-electricity in its manufacturing process offer excellent alignment with our low-carbon objectives.”
The Company continues to advance other development initiatives that will bring the solar glass project to a shovel-ready status, including permitting, silica sand resource upgrading and testing and ongoing negotiations to convert other existing expressions of interest to commercial offtake agreements.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol “CPS”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
