Suntech Power (NYSE: STP) and Open Energy Corporation (OEGY.OB) have entered into an exclusive agreement licensing the worldwide manufacture, distribution and marketing of Open Energy’s building integrated solar roof tile product to Suntech.
Open Energy granted Suntech an exclusive license of the intellectual property incorporated into its solar roof tile product and any similar or new generation tile roof products. The solar roof tiles are 50-watt, four-foot BIPV tiles and are available in different color panels.
Financial terms of the deal were not disclosed.
"The relationship with Suntech gives Open Energy access to unmatched manufacturing capabilities and a worldwide distribution network, with particular strength in Europe and Asia," said David Field, president and CEO of Open Energy.
Leonard May, Suntech Managing Director of BIPV Products. "By combining these core strengths, we are confident that we will consistently deliver innovative products, the highest quality and outstanding value to our customers capitalizing on the strengths of both companies."
Eagle Roofing Products is expected to continue as master distributor of the tile product in the U.S.
Open Energy is headquartered in Solana Beach, California.
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