Fidelis Signs 207MW Contract for Sale of Solar Modules Worth $475 Million
BEVERLY HILLS, CA -- (Marketwire)
03/15/10
Fidelis Energy Inc. (PINKSHEETS: FDEI)
("Fidelis" or the "Company") announced today that it has entered into a
long-term solar module supply agreement with TinSol Energy (pty) Ltd.
(TSEL), Johannesburg, South Africa. Under the terms of the contract,
Fidelis Energy will supply 207 megawatts (MW) of PV Solar modules to TSEL
for use in the development and build-out of several solar parks in Africa.
Fidelis will begin shipments against this contract during the first quarter
of 2011. Product will ship from Fidelis's Chinese plant scheduled to come
online during the fourth quarter of 2010.
Mr. Wes L. Volker, Managing Director of TSEL, commented: "We selected
Fidelis as our partner for these large installations due to the benefits of
the Solar Cell technology owned by Fidelis, particularly its very
competitive cost and excellent performance. We look forward to a long and
prosperous relationship with Fidelis as we grow our energy business in
Africa."
"We are proud to announce Fidelis Energy's first multi-hundred megawatt
contract," stated Mr. James Poole, CEO of Fidelis Energy. "This contract,
along with the substantial investment commitment we secured in February and
other imminent multi-hundred megawatt deals, will enable Fidelis to command
a leadership position in the high growth solar market. We are extremely
pleased to be working closely with TinSol Energy (pty) Ltd. to accelerate
our growth in Africa." Mr. Poole added, "The environmental benefits of
solar energy are critical to addressing the global warming challenge facing
all of us.
The electricity generated as a result of the deployment and use of the PV
modules we will sell to TSEL will avoid the annual emission of nearly
600,000 metric tons of CO2 that would result if the electricity were
generated by coal-fired power plants." Fidelis Energy announced up to $80
million of new financing in February 2010, for the purpose of expanding its
photovoltaic manufacturing capacity. Fidelis plans to expand its annual
manufacturing capacity by approximately 150 MW in each of the next several
years.
About Fidelis Energy Inc.
Fidelis Energy Inc. ("FDEI") is an energy company focused on developing,
constructing and operating solar energy projects exclusively or in
partnership with other energy companies. Fidelis is also in the development
stage of designing solar photovoltaic (PV) cell technology products and
plans to manufacture and distribute these products in the future.
Fidelis owns a unique patent pending solar cell technology based on
photovoltaic cells with integral light-transmitting wave guides in a
ceramic sleeve. The advantage of this technology is the efficiency of less
exposed surface area being required to generate electricity. The
light-transmitting particles act as wave guides and allow the sun-exposed
conversion area of the solar cell to be shifted readily from horizontal to
vertical to capture more sunlight. The ceramic sleeve eliminates the need
for expensive vacuum chambers, thereby allowing less expensive materials to
be used in solar cell production.
We are developing, with plans to eventually manufacture and market,
innovative solar cells and solar power products for a wide range of
applications based on our technology that increases light-trapping while
enabling a variety of materials to be used. Our technology employs multiple
stacked solar cells in a ceramic sleeve that uses nano-particles and
crystal wave guides to carry light from the opening down to the last
junction in the solar cell. Competitors' processes that use vacuum chambers
(instead of a ceramic sleeve) generally don't allow for material
substitution because of contamination issues. We believe our technology
will also allow manufacturers to quickly and economically shift to new
materials if a shortage of any one type of material occurs. In general, our
technology will offer a flexible, cost-effective solution for increased
light-trapping and will provide increased efficiency.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is
defined in Section 27A of the Act and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release, which are not
purely historical, are forward-looking statements and include any
statements regarding beliefs, plans, expectations, or intentions regarding
the future.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with the development of an early stage
company in the alternative energy industry, its products, and the entry
into new markets for such products. These forward-looking statements are
made as of the date of this news release, and the Company assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the beliefs,
plans, expectations, and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk factors
disclosed in the Company's current and periodic reports filed from time to
time with the Securities and Exchange Commission.
Contact:
Fidelis Energy Inc.
James Pool
President
800-925-2381
info@fidelisenergyinc.com
