Fidelis Signs Additional $77 Million Contract to Supply 42MW Capacity Solar Modules
December 19 2011 - 8:00AM
Marketwired
Fidelis Energy Inc. (PINKSHEETS: FDEI) announced today that it has
entered into a long-term solar module supply agreement with
Lagofrio Energy Solutions (LES), a wholly-owned subsidiary of
TinSol Energy (pty) Ltd. (TSEL), Johannesburg, South Africa. Under
the terms of the contract, Fidelis Energy will supply 42 megawatts
(MW) of PV Solar modules to TSEL for installation in the
development and build-out of numerous solar park locations across
the African continent. Fidelis has completed shipments of 76
megawatts (MW) of solar modules to date, leaving a balance of 131
megawatts (MW) yet to complete in TSEL's long-term supply agreement
of 207 megawatts (MW) of PV Solar modules for a total product value
of $475 million.
The Company expects to begin shipments against this new contract
during the second quarter of 2012. The solar modules will ship from
the Fidelis manufacturing facility in southern China.
Mr. Wes L. Volker, Managing Director of TSEL, commented: "We are
extremely satisfied that we have selected Fidelis as our partner to
supply our large solar projects in Africa, they have diligently
delivered above and beyond of our expectations. This fourth
contract is another step toward a long and prosperous relationship
with Fidelis and their partners as we develop and expand our solar
energy operations in Africa."
Over the past year, Fidelis management has spent significant
time overseas procuring its solar sector business relationships and
building the necessary foundation for future expansion. The Company
has also been focused on the development of its production
facilities and general operations abroad.
Shareholders and anyone interested in monitoring the progress of
the company are encouraged to subscribe to the electronic mailing
list at www.fidelissolar.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 has designed and is developing solar
photovoltaic (PV) cell technology products for manufacture and
distribution worldwide. 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.
The Company is developing, manufacturing, and marketing
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.
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