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Trina Solar Provides Osaka Sangyo University with its High Efficiency IBC Cells to Build a Solar Car (PRNewsFoto/Trina Solar Limited) The OSU-Model-S is fueled solely by solar power which is converted into electricity via 565 highly efficient solar cells, and has just finished its first test run in Shirahama Old Airport, Wakayama Prefecture, Japan. The IBC cells provided by Trina Solar have demonstrated efficiencies up to 24.4% in laboratory tests and 23.1% in pilot industrial production. The OSU-Model-S will compete in early August in the IFA Suzuka Solar Car Race, the largest international solar car race taking place in Japan. Prof. Hisakazu Fujita of Osaka Sangyo University commented, "We are extremely excited to have Trina Solar as our partner in the OSU-Model-S for the upcoming IFA Suzuka Solar Car Race. We believe Trina Solar's IBC cells, a similar technology of which that has already been successfully applied to Solar Impulse-2, a solar-powered aircraft flying around the world recently, will put us ahead of the competition in a race designed to favor the most energy efficient race cars. Furthermore, our cooperation with Trina Solar has not only inspired us to achieve our vision of promoting the most advanced future car technology, but has also given us the technological expertise to maintain our leading position in the race, as we look to build on our 3 consecutive championships since 2012." The OSU-Model-S Zhiguo Zhu, COO and President of Trina Solar Module Business Unit commented, "We are very happy that OSU has selected us to be its partner in such a prestigious competition, and this cooperation has broadened our outreach from solar power generation to technology and research applications. This marks a milestone for Trina Solar as we branch out our differentiated products to various projects beyond our existing portfolio. I believe our high-efficiency cutting-edge modules will help OSU outperform the overwhelmingly strong competition from other different university teams and again demonstrate Trina Solar's position as a technology leader with proven ability to continuously pursue excellence. With the best team and the best product, Trina Solar and OSU are looking forward to set new world records on the Suzuka Circuit." Trina Solar 2015 first quarter results were in line with the market expectations. Net revenues were $558.1 million, a decrease of 20.8% sequentially and an increase of 25.5% year-over-year. Total shipments were 1,026.2 MW, consisting of 891.7 MW of external shipments which were recognized in revenue, and 134.5 MW of shipments to the Company's downstream power projects. The OSU-Model-S This compares with total shipments of 1,098.8 MW, consisting of 1,070.5 MW of external shipments which were recognized in revenue and 28.3 MW of internal shipments in the fourth quarter of 2014 and total shipments of 558.0 MW, including 534.2 MW of external shipments which were recognized in revenue and 23.8 MW of internal shipments in the first quarter of 2014. The sequential decrease in revenues and shipments was primarily due to a seasonal slowdown in demand in China, partially offset by the increase in demand from Europe and Japan. The year-over-year increase in revenues and shipments was largely driven by growing demand from key geographical regions, particularly China, Japan and the U.S. The OSU-Model-S Gross profit was $100.3 million, compared with $111.0 million in the fourth quarter of 2014 and $91.5 million in the first quarter of 2014. Gross margin was 18.0%, compared with 15.7% in the fourth quarter of 2014 and 20.6% in the first quarter of 2014. The sequential increase in gross margin was mainly the result of the Company's reduced cost per watt, which more than offset the decline in average selling price ("ASP"), and a change in the sales mix in the quarter, reflecting higher shipments to the U.S., Japan and Europe, where the Company realizes relatively higher ASPs. The year-over-year decrease in gross margin was primarily because the ASP declined relatively faster than the Company's cost reductions in the first quarter of 2015 compared with a year ago.

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