Fidelis Signs 207MW Contract for Sale of Solar Modules Worth $475 Million
March 15 2010 - 6:00AM
Marketwired
Fidelis Energy Inc. (PINKSHEETS: FDEI) ("Fidelis" or the "Company")
announced today that it has entered into a long-term solar module
supply agreement with TinSol Energy (pty) Ltd. (TSEL),
Johannesburg, South Africa. Under the terms of the contract,
Fidelis Energy will supply 207 megawatts (MW) of PV Solar modules
to TSEL for use in the development and build-out of several solar
parks in Africa. Fidelis will begin shipments against this contract
during the first quarter of 2011. Product will ship from Fidelis's
Chinese plant scheduled to come online during the fourth quarter of
2010.
Mr. Wes L. Volker, Managing Director of TSEL, commented: "We
selected Fidelis as our partner for these large installations due
to the benefits of the Solar Cell technology owned by Fidelis,
particularly its very competitive cost and excellent performance.
We look forward to a long and prosperous relationship with Fidelis
as we grow our energy business in Africa."
"We are proud to announce Fidelis Energy's first multi-hundred
megawatt contract," stated Mr. James Poole, CEO of Fidelis Energy.
"This contract, along with the substantial investment commitment we
secured in February and other imminent multi-hundred megawatt
deals, will enable Fidelis to command a leadership position in the
high growth solar market. We are extremely pleased to be working
closely with TinSol Energy (pty) Ltd. to accelerate our growth in
Africa." Mr. Poole added, "The environmental benefits of solar
energy are critical to addressing the global warming challenge
facing all of us. The electricity generated as a result of the
deployment and use of the PV modules we will sell to TSEL will
avoid the annual emission of nearly 600,000 metric tons of CO2 that
would result if the electricity were generated by coal-fired power
plants." Fidelis Energy announced up to $80 million of new
financing in February 2010, for the purpose of expanding its
photovoltaic manufacturing capacity. Fidelis plans to expand its
annual manufacturing capacity by approximately 150 MW in each of
the next several years.
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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