ET Solar has a broad sales channel and network in U.S. solar market and has been a Bloomberg Tier 1 Solar Manufacturer since 2012. Due to U.S. solar trade tariffs, ET Solar, Inc. filled chapter 11 bankruptcy in Dec. 2017. Based on the positive outlook for the U.S. PV market demand, the excellent reputation of the ET brand in the U.S. market (still Bloomberg Tier 1 Solar Manufacturer in 2019 Q1), the U.S. Bankruptcy Court approved the plan of reorganization of ET Solar, Inc. on February 11, 2019. After the restructuring, Yuanfar and Wuxi Bardon Company (BD) are now standing behind the ET Solar brand in the U.S. and its U.S. Operations team.
Yuanfar was founded in 2001 and is a subsidiary of the China Aerospace Science and Technology Group, a sizable government-owned enterprise. The company takes on the critical task of contributing international revenue to the Group through supply chain financial services and acts as the purchasing agent and guarantor. Yuanfar has been devoted to financial supply chain business, achieving great success as an "Excellent Partner" of Softbank Energy by providing 435MW Poly modules in 2018.
Wuxi Bardon company used to be committed to solar cell marketing and module manufacturing. With deep cooperation with Yuanfar in 2018, BD already set up mature financial supply chain business pattern, serving for several oversea markets such as India, Israel, etc.
Yuanfar and BD have committed to support ET Solar in the United States which includes taking advantage of Yuanfar's muscular financial strength on behalf of ET Solar, Inc.'s module orders in the United States and will provide an average monthly supply chain financial support of $50 million to ensure the delivery of orders.
Yuanfar and BD will use the supply chain management channel to assist ET Solar, Inc. to set up a global OEM and supply chain capabilities (Vietnam, Thailand, Cambodia and Turkey factory). Moreover, ET Solar and its new shareholder will continuously invest in R & D to guarantee the future stability and reliability of the product which includes Poly, Mono perc, bifacial, half-cut and HJT module.
Customer service is a vital focus of the new ET in the United States. They were communicating with one of a largest solar developer about a warranty claim before chapter 11 and will provide panel replacement and financial compensation to the customer after reorganization.