Solar EnerTech Enters into Sales Contract with German System Integrator
June 26 2009 - 9:00AM
PR Newswire (US)
MENLO PARK, Calif., June 26 /PRNewswire-Asia-FirstCall/ -- Solar
EnerTech Corp. (OTC:SOEN) (BULLETIN BOARD: SOEN) (the "Company")
today announced it has entered into a 10MW contract to deliver its
solar modules to Solarzentrum Allgau, one of the leading solar
system integrators in Germany. The total shipment value to
Solarzentrum Allgau under the contract is approximately US$20
million. Shipments, aimed for solar power installations in Germany,
are scheduled to begin immediately and will be delivered throughout
the current calendar year. Solarzentrum Allgau was founded in 1985
in Altdorf, Germany. The company has benefitted from Germany's
introduction of the Renewable Energy Sources Act in March 2000 and
has grown its operations through its specialization of sale,
assembly and installation of photovoltaic systems. The company is
also the founder of an information and advisory center about solar
energy in the county of Allg?u. Its President, Willi Bihler is
considered a visionary in the field for his innovations in solar
power installation (Photon magazine, June 2008 issue). Mr. Leo
Young, CEO of Solar EnerTech, commented, "This is an exciting new
project for Solar EnerTech which can accelerate our financial
performance for this calendar year. It shows that our strategy of
enhancing our operating facility and improving our product
efficiency is paying off. The quality of our solar modules are well
known to Solarzentrum Allgau as we have served as a supplier to
their rooftop projects in the past. Our high-quality, efficient and
reliable products continue to garner increased attention among many
well- known PV system integrators, which has improved our
competitive advantage in winning new contracts." Willi Bihler,
Proprietor of Solarzentrum Allgau commented, "Solar EnerTech's
solar products and support services meet the criteria for high
quality and performance that we demand from our suppliers. When we
encounter some technical issues during our installations, Solar
EnerTech's team is always available to assist us with the
appropriate solutions. We look forward to further developing our
relationship with Solar EnerTech and believe that through their
support, we have a compelling opportunity to gain a larger share of
the German market going forward." About Solar EnerTech Corp. Solar
EnerTech is a photovoltaic ("PV") solar energy cell manufacturing
enterprise incorporated in the United States with its corporate
office in Menlo Park, California. The Company has established a
sophisticated 63,000 square foot manufacturing plant located in
China, in Shanghai's Jinqiao Modern Technology Park. Currently, the
Company is capable of producing 50MW of solar cells from its
existing production lines. Solar EnerTech has also established a
Joint R&D Lab at Shanghai University to develop higher
efficiency cells and to put the results of that research to use in
its manufacturing processes. Led by one of the industry's top
scientists, the Company expects its R&D program to help bring
Solar EnerTech to the forefront of advanced solar technology
research and production. Safe Harbor Statement Statements contained
in this press release, which are not historical facts, are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based largely on current expectations and are
subject to a number of known and unknown risks, uncertainties and
other factors beyond our control that could cause actual events and
results to differ materially from these statements. These
statements are not guarantees of future performance, and readers
are cautioned not to place undue reliance on these forward-looking
statements, which are relevant as of the date of the given press
release and should not be relied upon as of any subsequent date.
Solar EnerTech undertakes no obligation to update publicly any
forward-looking statements. DATASOURCE: Solar EnerTech Corp.
CONTACT: Bill Zima of ICR Inc., +1-203-682-8200 (Investor
Relations)
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