OPEL Inc. Forms a European Subsidiary
March 24 2009 - 3:00PM
Marketwired
OPEL International Inc. (TSX VENTURE: OPL) ("OPEL"), a leading
global developer and supplier of high concentration photovoltaic
("HCPV") and other solar products, including ground-based and
rooftop tracker systems, today announced the formation of OPL Solar
Europe ("OSE") which is a limited liability company headquartered
in Brussels, Belgium. OPL Solar is a fully-owned subsidiary of OPEL
Inc. OSE opens a vital avenue to embed OPEL Inc. products into the
solar markets and projects throughout Europe and the Mediterranean
basin.
OSE is a financial holding company that does not trade any
products. Rather, it allows subsidiary companies to form limited
joint ventures and partnerships with solar developers so that
utility grade solar farms can be financed and installed featuring
OPEL technology. Once built, the utility grade solar farms will be
sold to subsequent investors acting as power suppliers. According
to Eric Vanbutsele, a senior OPEL executive and European managing
director, "OSE functions as the hub of all OPEL solar projects,
partnerships, and joint ventures on the European continent."
OPEL will supply the grid farm installations with the Mk-I high
concentration photovoltaic panels and dual axis trackers. The Mk-I
HCPV panel design is more cost effective and concentrates light
from the sun more than 500 times. This product has conversion
efficiency up to twice that of silicon solar panels and up to three
times that of thin film solar panels, making it the optimum
solution for solar grid field installations. Improved panel
efficiency allows attractive rates of returns for solar
projects.
"We view the formation of OPL Solar Europe as key to our global
strategy," said Robert Pico, CEO of OPEL International. "By its
charter, OSE's mission encourages its subsidiary companies and
solar developers to launch projects to build solar farms using OPEL
technology and products." Pico added, "Europe has taken a
leadership position in promoting solar power, and we are excited
about the opportunity to sell our HCPV products and trackers into
this marketplace through OPL Solar Europe."
Currently, OSE has two joint venture companies under its
structure. Alcapi Solarwent Management GmbH ("ASM") is a Republic
of Germany limited liability company, and BETASOL, a Spanish
company building utility grade solar farms. OPEL Inc. is currently
supplying Mk-I HCPV panels to a BETASOL project. OPEL will soon
begin delivery to the first project with Alcapi Solarwent.
OPEL will continue updates on its progress with OPL Solar Europe
initiatives.
About OPEL International
With operations headquartered in Shelton, Connecticut and
Toronto, Ontario, Canada, OPEL designs, manufactures and markets
high performance concentrating photovoltaic ("HCPV") panels to
transform solar energy into electricity for worldwide application.
OPEL's high performance photovoltaic concentrating panels generate
up to 40% more kilowatt-hours than conventional flat plate silicon
solar panels, resulting in more cost effective electricity
generated from the sun. OPEL also markets a complete line of dual
and single axis solar trackers to mount solar panels for the
optimum power output. OPEL also designs infrared sensor type
products for military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology,
OPEL has been awarded 31 patents and has 15 more patents pending.
OPEL's common shares trade on the TSX Venture Exchange under the
symbol "OPL". For more information about OPEL, please visit the
Company's website at www.opelinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
The TSXV has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: OPEL International Inc. Pat V. Agudow Vice President,
Administration (203) 612-2366 Ext 2612 p.agudow@opelinc.com
www.opelinc.com W.T. Blase & Associates, Inc. Bill Blase, Cathy
Loos or Stephanie Kuffner Media Relations (212) 221-1079
info@wtblase.com
Poet Technologies, Inc. (TSXV:OPL)
Historical Stock Chart
From Oct 2024 to Nov 2024
Poet Technologies, Inc. (TSXV:OPL)
Historical Stock Chart
From Nov 2023 to Nov 2024