Fidelis Ships First PV Solar Modules Order Worth $52.5 Million
November 22 2010 - 9:00AM
Marketwired
Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced it has
manufactured and shipped more than 23 megawatts (MW) of its
photovoltaic (PV) solar modules, to its first customer, TinSol
Energy (pty) Ltd. ("TSEL") in South Africa.
Fidelis has begun production at its manufacturing facility in
China earlier this year. The Company accelerated the manufacturing
process and came ahead of its anticipated shipping date, scheduled
for the first quarter of 2011. This shipment is the first of many
to follow in order to complete TSEL's long-term solar module supply
agreement for 207 megawatts (MW) of PV Solar modules worth $475
million.
The Company expects shipment to be received and $52.5 Million
paid in full by December 15, 2010. Total revenues by the end of Q1
2011 are expected to be in the range of $95 Million to $160 Million
based on the current Company's manufacturing capabilities.
"We are pleased to deliver a quarter of robust growth," said
James Poole, Fidelis' CEO and President. "During this fourth
quarter, we achieved record revenues and shipments, both of which
exceeded our previous targets. We continued to execute on our solar
integration strategy, increasing our capacities and improving
control over manufacturing processes and costs. Fidelis has also
secured additional solar module contracts for 2011 with both
existing and new leading solar companies. We expect to continue our
strong momentum in the first quarter of 2011 and believe we are
well positioned to become a leader in the solar industry."
Shareholders and anyone interested in monitoring the progress of
the company are encouraged to subscribe to the electronic mailing
list at www.fidelisenergyinc.com.
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. Investor Relations 800-925-2381
Ext#2 info@fidelisenergyinc.com
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