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 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.
SOURCE Solar EnerTech Corp.