HAMILTON, New Jersey, December 17 /PRNewswire/ --
EPV SOLAR, Inc. (formerly Energy Photovoltaics, Inc.), a thin-film solar module manufacturer and technology developer headquartered in New Jersey, USA, announced today that it has entered into a long-term solar module supply agreement with unlimited energy GmbH, Berlin, Germany. Under the terms of the contract, EPV SOLAR will supply 306 megawatts (MW) of amorphous silicon modules to unlimited energy for use in the development and build-out of several solar parks in Europe. EPV will begin shipments against this contract during the first quarter of 2008. Product will initially ship from EPV's New Jersey locations and shift to EPV's Senftenberg, Germany, plant scheduled to come online during the fourth quarter of 2008.
Mr. Dietmar Kaesch, Managing Director of unlimited energy, commented: "We selected EPV SOLAR as our partner for these large installations due to the benefits of amorphous silicon technology, particularly its very competitive cost and excellent performance. We look forward to a long and prosperous relationship with EPV as we grow our energy business in Europe."
"We are proud to announce EPV SOLAR's first multi-hundred megawatt contract," stated Mr. Scott T. Massie, CEO of EPV SOLAR. "This contract, along with the substantial funding we closed in June and other imminent multi-hundred megawatt deals, will enable EPV to command a leadership position in the high growth solar module market. We are extremely pleased to be working closely with unlimited energy GmbH to accelerate our growth in Europe." Mr. Massie added, "The environmental benefits of solar energy are critical to addressing the global warming challenge facing all of us. The electricity generated as a result of the deployment and use of the PV modules we will sell to unlimited energy will avoid the annual emission of nearly 400,000 metric tons of CO2 that would result if the electricity were generated by coal-fired power plants."
EPV SOLAR announced US$77.5 million of new financing in June, 2007, for the purpose of expanding its thin-film photovoltaic module manufacturing capacity. EPV plans to expand its annual module manufacturing capacity by approximately 85 MW in each of the next several years. Several countries and states in the USA are in negotiation with EPV to be the site for manufacturing capacity expansion. Founded in 1991, EPV develops its own manufacturing equipment for the production of high-performance, low-cost, amorphous-silicon thin-film photovoltaic modules and products. In November, EPV received the New Jersey Clean Energy Manufacturer of the Year Award for its leadership role in growing the market for clean energy technologies. Earlier in the year, EPV received the Euromoney and Ernst & Young Global Renewable Energy Award; Equity Deal of the Year in Technology for 2007, which recognizes achievement for driving growth in the renewable energy industry sector.
Unlimited energy develops and realizes renewable energy projects, with the main focus on the photovoltaic and wind energy sector. The shareholders and the management team have long-term experience in renewable energy and have previously developed and realized several large-scale projects. Examples are the 63MW "Dahme" wind farm in 2002/2003 and the 39MW "Studenitz" wind farm in 2005. The unlimited energy team has photovoltaic projects with a total of more than 300 MW under development in Europe, and it has already been responsible for the planning and design of a 30 MW photovoltaic power plant.
Web site: http://www.epv.net http://www.epvsolar.com http://www.u-energy.de
Ren Jenkins, Vice-President, Marketing, of EPV SOLAR, Inc., +1-609-587-3000 ext. 1114, or cell +1-610-349-2286, r.jenkins@epvsolar.com; or Torsten Kaesch, Project Manager of unlimited energy GmbH, +49-(0)-30-530-280-98-18, or fax +49-(0)-30-530-280-98-11, t.kaesch@u-energy.de
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