MENLO PARK, Calif., June 26 /PRNewswire-Asia-FirstCall/ -- Solar EnerTech Corp. (OTC 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 Allgäu. 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.
