Solar EnerTech Announces Interim Sales Agreement Worth $8 Million With Shanghai Very Sun Technologies
MENLO PARK, CA -- Solar EnerTech Corp. (OTCBB: SOEN) (the “Company”) is pleased to announce that it has signed an interim sales agreement worth a total of $8 million with Shanghai Very Sun Technologies Co., Ltd. (“Very Sun”) for the sale of 2Mw of solar cells and modules to be delivered throughout calendar year 2007.
The interim agreement outlines a proposed mutually beneficial OEM sales and manufacturing relationship between Solar EnerTech and Very Sun. The terms of this relationship would see Solar EnerTech supply Very Sun with solar cells and modules and to manufacture OEM orders on Very Sun’s behalf. Additionally, Very Sun would undertake to assemble OEM modules utilizing Solar EnerTech’s solar cells.
The agreement further outlines a basis for the cooperative development of application projects and integrated solar systems. To strengthen the relationship, both companies agree to share certain common technologies and wherever possible to pool industry and government relations resources.
Shanghai Very Sun Technologies Co. is a solar manufacturing and distribution business originally formed as an outgrowth between a local university and a state-owned enterprise: The leadership team offers many years of experience within the solar industry and includes key members from Shanghai Jiao Da University. Very Sun’s General Manager, Mr. Dai Jie, was previously President of the System Integration Division at a large solar enterprise in China before his decision to accept his current position at Very Sun.
Very Sun’s focus lies in its engineering strengths and ability to develop and install solar application solutions, especially grid-connected systems as well as smaller applications such as solar roadway lighting products. Additionally, the company has extensive experience in the consumer residential marketplace and also manufactures a line of proprietary invertors as part of its overall system integration capability. As an example of Very Sun’s global reach, the solar cells that Solar EnerTech will produce for Very Sun are slated for delivery on a number of projects located in Africa.
Solar EnerTech President & CEO, Leo Shi Young, comments, “This proposed arrangement combines the best efforts of our two companies at the sales and marketing level. It allows us to capitalize on a wide variety of complementary strengths we both bring to the table. Together, I believe we forge a formidable market presence, and increase our ability to penetrate key markets faster than previously envisioned.”
About Solar EnerTech Corp. (OTCBB: SOEN)
Solar EnerTech is a photovoltaic (“PV”) solar energy cell manufacturing enterprise based in Shanghai, China where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai’s Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second line slated for Q4 of this year. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry’s top scientists, the Company’s R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California’s Silicon Valley.
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
On Behalf of the Board
Solar EnerTech Corp.
Leo Shi Young, President
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.