Solar Power, Inc. And Motech Solar to Arrange for 11 Megawatts of Cells in 2008
Solar Power, Inc. (“SPI”) (OTCBB:SOPW) has made arrangements with Motech, one of the world’s top 10 producers of solar cells, for Motech to reserve 11 megawatts of 6″ multi-crystalline photovoltaic (“PV”) cells. The cells will be used for the production of SPI’s solar modules at the company’s factory in Shenzhen, China. In addition to the 11 megawatts for 2008, SPI and Motech are in discussions to develop a long-term cell supply agreement to meet the growing demand for SPI’s PV modules.
“Our arrangement with Motech is significant, as they are the recognized world leader in the production of the highest quality mono and multi-crystalline PV cells,” said Steve Kircher, CEO Solar Power, Inc. “Our companies share a common philosophy with respect to our mutual commitment to high-quality and product innovation. For these reasons we are also pursuing a long-term supply agreement,” Mr. Kircher stated.
To date, Motech has been a primary supplier of cells for SPI. The new arrangement provides SPI with an additional supply of high-quality cells to meet anticipated production requirements of the company’s 200 watt panels during 2008. “We are happy to be providing Solar Power, Inc. with cells for their high-quality PV modules,” said Dr. Simon Tsuo, CEO of Motech Solar. “For us this is further indication of the growing US market and demand for photovoltaic products as the adoption of solar energy in all market segments gains momentum across the United States.”
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar energy solution provider offering the North American residential, commercial and public sector building markets a complete solution through a single brand. With a state of the art manufacturing facility in Shenzhen, China, Solar Power Inc. provides turnkey design-build solutions through its Roseville, California headquarters and a growing retail distribution network.
About Motech
Motech Industries Inc. (formerly Meter International Corporation before 1998) was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999, and is a pioneer in the manufacturing and marketing of high-quality single and multi-crystalline silicon solar cells in Taiwan.
Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output in 2006. “Modern Technology for a Sustainable World” is the company’s motto to emphasize its strong dedication to developing a sustainable world and to encouraging the use of renewable sources of energy so that we, as citizens of the world, can breathe easier in the years to come. Motech is a publicly traded company on Taiwan’s Over-the-Counter (OTC) market with the trading code of 6244.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward looking terminology such as “believes, expects” or similar expressions. The forward looking statements contained in this press release include statements regarding the Company’s ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.