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SOEN - Solar EnerTech Corp. Signs LOI for Joint R&D Agreement With Shanghai University
Wednesday September 6, 4:10 pm ET


MENLO PARK, CA--(MARKET WIRE)--Sep 6, 2006 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the "Company") is pleased to announce that it has signed a Letter of Intent ("LOI") towards the establishment of a joint Research and Development laboratory ("Joint Lab") and related programs with Shanghai University in order to collaborate in the development of advances in solar cell technologies, materials and applications.


As a result of the recently legislated Renewable Energy Act in China, the country has leaped into the renewable energy arena as a major consumer nation. Solar research efforts including accelerated development and commercialization programs have been attracting intense interest both within the region and across the globe. Seeing this opportunity develop led Company management to begin talks several months ago towards developing its own avenue for the creation of a cooperative program with an accredited academic institution in order to fast track the process. As a result of these talks, Shanghai University, one of the world's leading academic institutions on material sciences, and Solar EnerTech, a Silicon Valley based solar tech company, have reached a mutual understanding, represented by the LOI, to foster a long-term professional relationship in education, research and development in several related fields and academic disciplines.

Under the LOI, joint research facilities will be established at Shanghai University campus as well as at Solar EnerTech's manufacturing plant in Shanghai. The Joint Lab has a two-fold mission: to conduct research on raising the conversion rate of traditional silicon based solar cells and to research and develop non-silicon materials for future generations of solar cells.

The LOI outlines the structure of the faculty, and criteria for research personnel focusing on advanced technologies and manufacturing processes, as well as outlining the development of instructional programs in specific photovoltaic ("PV") applications. The Joint Lab will become an important training ground for Solar EnerTech's human resource needs from the university's graduate students.

The LOI also specifies that achievements produced by the joint facility shall be shared by both parties. In industrial and commercial applications, Solar EnerTech holds authority as regards the disposition of research accomplishments, patents, and scientific awards achieved by the Joint Lab and its members.

The research facility will solicit and promote international cooperation and communication towards establishing an international exchange program as a means of introducing the program at an international level. Faculty members and research personnel will travel to participate at international photovoltaic conferences or symposiums each year, to ensure the program rises to the forefront of global PV industry awareness.

With the adoption of this venture, Management believes that Solar EnerTech sets itself well apart from its manufacturing competitors by its ability to rapidly introduce and mass produce cutting-edge technology into the marketplace, and as such, clearly positions the Company towards quickly becoming one of China's leading PV solar cell manufacturers and suppliers to the global PV industry.

About Solar EnerTech Corp. (OTC BB:SOEN.OB - News)

Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and 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.

Forward-Looking Statements

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



Contact:
Investor Relations Contact
Boundary Point Investor Relations Inc.
1-866-378-7372
http://www.solarenertech.com



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Source: Solar EnerTech Corp.