OPEL Receives Product Orders through its Joint Venture with Ecotech.
Shelton, CT and Toronto, ON,
OPEL Solar International Inc. (TSX-V: OPL) (“OPEL” or “the Company”), a leading global supplier of high concentration photovoltaic (“HCPV”) solar panels and other solar products including ground-based and rooftop tracker systems, today announced that the Company has received an initial order for its HCPV panels and dual axis trackers. In little more than ninety days since its formation, OPEL Solar Asia (“OSA”) secured a blanket purchase order for 5 Megawatts (“MW”) of both HCPV solar panels and dual axis trackers. OSA is the joint venture (“JV”) between our subsidiary, OPEL Solar, Inc. in the U.S. and Ecotech Environmental Technology Ltd. (“Ecotech”) based in Hong Kong.
The purchase order more than doubles the initial 2MW of orders originally forecasted when the JV was formed. This initial order represents rapid progress in OPEL’s long-term objective to penetrate the HCPV market in East
Asia. Many experts believe East Asia, and especially China, will be the fastest growing CPV solar market in the world.
The initial systems will be delivered to one of China’s five major electric power companies. OPEL Solar’s HCPV solar system was chosen by the power company to be its primary system to continue to deliver clean energy to their customers. Deliveries are scheduled to begin in Q2 2011 and be completed during 2012.
“This initial purchase order, in excess of tens of millions of dollars for our HCPV solar system, reinforces our decision to form OPEL Solar Asia with our partner Ecotech,” said Leon M. Pierhal, CEO of OPEL Solar Inc.
“We believe that our decision to form the JV significantly increases shareholder value for OPEL Solar in the form of accelerated growth and more profit from diversified geographies. Early indications are that our optimistic outlook in the Asian market may be well justified. It is refreshing to receive this Asian order at this time, given the turmoil in the North African and Middle Eastern regions of the world could impact solar growth there,” Pierhal added.
Because Ecotech has an established network of local manufacturers, we expect to transition to more local manufacturing by OSA as volumes ramp. As manufacturing processes attain full efficiency, OSA is expected to assume full responsibility for manufacturing and installing complete HCPV utility grade solar farms.
About Ecotech Environmental Technology Ltd., a Division of E&K Holdings Group
Ecotech Environmental Technology Ltd. “Ecotech” has three business units in Cleantech Energy, LED Lighting, and Solar Applications and Devices. It is a vertically integrated solutions provider spanning product development, system design, manufacturing, assembly and test, project management, installation, commissioning, and after-sales services. Its vision is to contribute to greening of global environment through solar and wind energy generation, and energy-saving LED lighting solutions. Ecotech is owned by E&K Holdings Group, which is established in 1999 and based in Hong Kong. E&K Holdings Group has four core businesses both in Hong Kong and in Mainland China, with more than 1,000 employees. For more information, please visit www.ekgroup.com.hk and www.ecotech-hk.com.
About OPEL Solar International Inc. and OPEL Solar, Inc.
With OPEL Solar, Inc. operations headquartered in Shelton, CT and the headquarters office in Toronto, Ontario, Canada, OPEL designs, manufactures and markets high performance concentrating photovoltaic (“HCPV”) panels to transform solar energy into electricity for worldwide application. OPEL’s high performance photovoltaic concentrating panels generate up to 40% more energy than conventional flat plate silicon solar panels, resulting in more cost effective electricity generated from the sun. OPEL also markets a complete line of dual and single axis solar trackers to mount solar panels for the optimum power output. OPEL designs infrared sensor type products for military, consumer, industrial and commercial applications.
A leader in gallium arsenide and solar concentrating photovoltaic technology, the Company has been awarded 35 patents and has 12 more patents pending. OPEL’s common shares trade on the TSX Venture Exchange under the
symbol “OPL”. For more information about OPEL, please visit the Company’s website at www.opelinc.com.