ARISE Technologies Corporation (TSX: APV; A3T.F) announced that its subsidiary, ARISE Technologies Deutschland GmbH (ARISE Germany), has signed a five-year contract to supply photovoltaic (PV) cells to aleo solar AG (AS1.F) of Germany.
Under terms of the agreement, commencing this quarter through 2012, ARISE Germany will supply aleo solar with 90 megawatts (MW) of PV cells. ARISE Germany will produce the PV cells at its new plant in Bischofswerda, Germany, which began commercial production last week. The contract’s payment terms are in line with market expectations from both parties.
“This is a significant PV cell supply contract for us,” noted Chris Waters, ARISE’s Vice- President, Business Development. “We believe that the fact that our new plant is now in commercial production will further our efforts to sign additional major supply contracts over time, firmly establishing ARISE as a leader in the solar technology industry. aleo solar is expanding rapidly in its domestic German market and internationally in growth markets such as Spain and Italy. This agreement provides ARISE with access to these markets and sets the stage for our own rapid growth."
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV applications, based on a simplified chemical vapour deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division provides complete turnkey PV solutions for solar farms and rooftop installations under the Ontario standard offer program.
About aleo solar AG
aleo solar AG, with sales operations in Oldenburg (Lower Saxony) and manufacturing facilities in Prenzlau (Brandenburg), was formed in September 2001 and produces solar modules using silicon cells. Its facility in Prenzlau has an annual capacity of 90 megawatts, which will be increased to Page 1 of 1 170 megawatts by the end of 2008. At the beginning of 2007, production also started in Santa María de Palautordera (Spain), with an annual capacity of 10 megawatts. The Company generated revenue of EUR 242.1 million in 2007 with 555 staff. Since July 2006, aleo solar AG has been listed in the Frankfurt Stock Exchange’s Prime Standard (DE000A0JM634). The Company’s acquisition of a 19% equity interest in the Brandenburg-based technology enterprise Johanna Solar Technology GmbH has given it access to the promising future technique of thin-film technology. Since the beginning of 2008, aleo solar AG has also had a 50% interest in avim solar Co. Ltd., a joint venture with Sunvim Group Co. Ltd. that is establishing a solar module production facility in China.
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