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Apollo Solar Energy Announces Initiation of Manufacturing Process and Capacity Expansion Project

2010-09-14 03:45 1223

    CHENGDU, China, Sept. 14 /PRNewswire-Asia/ -- Apollo Solar Energy, Inc. (OTC Bulletin Board: ASOE) a leading vertically integrated miner, refiner and producer of high purity tellurium (Te) and tellurium based metals for the CdTe/CIGS Thin Film solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, today announced that it expects to initiate a large scale project to update and expand its current manufacturing process and production capacity for 5N ultra-high purity tellurium, the core material of CdTe thin film solar PV. The Company intends to initiate the project in October 2010 to support expected increases in customer demand.

    The Company plans to acquire additional manufacturing equipment, including sophisticated analyzing technology, and hire skilled technicians and support staff. The updated manufacturing process and expanded capacity is expected to increase Apollo's production capacity by 50% and will support projected annual sales of 5N ultra-high purity tellurium of approximately 180 million RMB (USD 27 million) based on the current market price of 5N high purity Te products.

    "Our manufacturing facility and technology have been consistently ranked among the most advanced and efficient in the industry in China," said Mr. Renyi Hou, CEO of the Company. "Now we are planning to scale up our
world-class technology to meet the fast increasing demands for Te. With this aggressive build-out plan, we believe we will be well positioned to provide new and existing customers with the fastest option available to get advanced products to market in the volumes they need to ensure success. For Apollo Solar, this expansion represents our next step in becoming a leader in the solar energy industry towards China."

    About Apollo Solar Energy, Inc.

    Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science & Technology Co., Ltd, is primarily engaged in mining, refining and producing tellurium (Te) and high-purity tellurium based metals for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds,
ultra-high purity metals and commercial-purity metals.

    Safe Harbor Statement

    The statements contained herein that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.

Source: Apollo Solar Energy, Inc.
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