(OTC BB: SOEN) Signs Three-Year Silicon Supply Pact
(CybeRelease, June 13, 2006) - Lake Harmony, PA - Solar EnerTech Corp. (OTC BB: SOEN) (the “Company”) announced the execution of a Letter of Intent (“LOI”) with PAIS Industries Group (“PAIS”) whereby PAIS Industries would supply the Company with 1,200 metric tons of solar grade silicon ingots for a duration of three years. The intent of the LOI is calculated to supply Solar EnerTech with silicon feedstock needed to manufacture its leading edge solar cells and ensure access to affordable materials in spite of industry-wide silicon shortages. It is contingent upon completion of a formal agreement between PAIS Industries and the government of the Inner Mongolia Autonomous Region to allow PAIS to develop and process locally mined silicon into a marketable solar grade end product.
Solar electric energy demand has grown consistently by 25% every year for the past 15 years. A hurdle facing the rapidly growing $9.9 billion solar industry is a shortage and corresponding price increase of silicon, the main ingredient of solar photovoltaic (PV) cells. Securing a supply of affordable solar-grade silicon would be a significant accomplishment with highly positive implications for the Company’s growth.
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