OPEL Solar, Inc. Awarded Treasury Payment Under American Recovery & Reinvestment Act
November 05 2009 - 9:15AM
Marketwired
OPEL Solar, Inc., a leading global developer and supplier of high
concentration photovoltaic ("HCPV") and other solar products,
including ground-based and rooftop tracker systems today announced
that it had been awarded a $179,000 payment under the U.S.
Department of Energy and the U.S. Treasury Department program which
will provide up to $3 billion in direct payments to companies that
create and place in service renewable energy facilities.
According to a company official, the award was in recognition of
the development and successful installation of one of Connecticut's
first rooftop tracking solar power systems, completed by OPEL Solar
in March 2009. The system generates 131 Kilowatts (kW) of
electricity to the Linden Elementary School in Plainville,
Connecticut.
"The direct payment by the U.S. Treasury Department broadens
OPEL Solar's ability to fund new solar projects that will create
new jobs and will make inroads for clean solar energy," said Mike
McCoy, CFO of OPEL Solar, Inc. "Our investments in other solar
power projects also will contribute to continued growth of the U.S.
economy."
OPEL Solar also had been awarded a grant by the Connecticut
Clean Energy Fund ("CCEF") for the Linden Elementary School power
system. The Plainville, CT solar power installation supplies clean
energy for up to 20 percent of the school's electrical power needs.
It features OPEL Solar's innovative Sequoia solar tracker system
(patent pending). The Sequoia design, which was inspired by the
root system of the Sequoia Trees, is a non-penetrating roof design
that allows for simple installation and easy disassembly for
necessary maintenance.
OPEL Solar, Inc. is a subsidiary of OPEL International Inc. (TSX
VENTURE: OPL).
About OPEL Solar, Inc. and OPEL International Inc.
With operations headquartered in Shelton, CT 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 percent 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 optimum
power output. OPEL also designs infrared sensor type products for
military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology,
the Company has been awarded 39 patents and has eight more patents
pending. OPEL's common shares trade on the TSX Venture Exchange
under the symbol "OPL". For more information about OPEL Solar,
Inc., please visit the Company's website at www.opelinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
Investors are cautioned that except for statements of historical
facts, certain statements contained in this news release may
include forward-looking information with respect to the Company.
Such forward-looking statements or information are based on current
expectations, estimates and projections formulated using
assumptions currently believed to be reasonable and involving a
number of risks and uncertainties which could cause actual results
to differ materially from those anticipated. The Company does not
undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
The TSXV has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: OPEL Solar, Inc. Pat V. Agudow Vice President, Public
Relations (203) 612-2366 Ext 2612 p.agudow@opelinc.com WT Blase
& Associates, Inc. Bill Blase, Cathy Loos, or Stephanie Kuffner
Media Relations (212) 221-1079 solar@wtblase.com
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