Fidelis Energy Signs Final Contract for $18.4 Million Solar Commercial Projects in Greece
February 03 2010 - 4:00PM
Marketwired
Fidelis Energy Inc. (PINKSHEETS: FDEI) ("Fidelis" or the "Company")
announces today that it has completed the formal signing of a
contract with several Greek multi-national corporations to install
and operate approximately 10 megawatts (MW) of photovoltaic (PV)
systems on all of their large-scale manufacturing facilities
located throughout Greece.
The company will provide all solar equipment for the
installation on the sites, as well as sell the newly generated
solar energy to the buildings at a discounted rate compared to the
previous electricity provider.
"Due to robust government tax incentives, Greece has emerged as
a leading market for solar power energy, and for Fidelis as we
continue to launch on our aggressive international expansion
program," said James Poole, President and CEO of Fidelis. "Their
current environment of available grants and favorable feed-in
tariffs presents a great opportunity for the Company, and we fully
expect to see an increase in projects within the region."
"We are encouraged with the recent influx of projects that the
company is being offered, as well as our ability to secure multiple
agreements simultaneously. Fidelis' proven business model, which
offers low cost, high return energy production to large-scale
manufacturing facilities, is rapidly being accepted throughout the
alternative energy markets. The Company will continue to leverage
its strategic business model and growing market participation in
order to expand its geographic presence, increase earnings, and
improve shareholder value," said Mr. Poole.
About Fidelis Energy Inc.
Fidelis Energy Inc. ("FDEI") is an energy company focused on
developing, constructing and operating solar energy projects
exclusively or in partnership with other energy companies. Fidelis
is also in the development stage of designing solar photovoltaic
(PV) cell technology products and plans to manufacture and
distribute these products in the future.
Fidelis owns a unique patent pending solar cell technology based
on photovoltaic cells with integral light-transmitting wave guides
in a ceramic sleeve. The advantage of this technology is the
efficiency of less exposed surface area being required to generate
electricity. The light-transmitting particles act as wave guides
and allow the sun-exposed conversion area of the solar cell to be
shifted readily from horizontal to vertical to capture more
sunlight. The ceramic sleeve eliminates the need for expensive
vacuum chambers, thereby allowing less expensive materials to be
used in solar cell production.
We are developing, with plans to eventually manufacture and
market, innovative solar cells and solar power products for a wide
range of applications based on our technology that increases
light-trapping while enabling a variety of materials to be used.
Our technology employs multiple stacked solar cells in a ceramic
sleeve that uses nano-particles and crystal wave guides to carry
light from the opening down to the last junction in the solar cell.
Competitors' processes that use vacuum chambers (instead of a
ceramic sleeve) generally don't allow for material substitution
because of contamination issues. We believe our technology will
also allow manufacturers to quickly and economically shift to new
materials if a shortage of any one type of material occurs. In
general, our technology will offer a flexible, cost-effective
solution for increased light-trapping and will provide increased
efficiency.
Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the Act and Section 21E of the
Securities Exchange Act of 1934. Statements in this press release,
which are not purely historical, are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or
intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
the development of an early stage company in the alternative energy
industry, its products, and the entry into new markets for such
products. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the
beliefs, plans, expectations, and intentions contained in this
press release are reasonable, there can be no assurance those
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consider all of the information set
forth herein and should also refer to the risk factors disclosed in
the Company's current and periodic reports filed from time to time
with the Securities and Exchange Commission.
Contact: Fidelis Energy Inc. James Pool President 800-925-2381
info@fidelisenergyinc.com
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