Spire Corporation's Joint Venture Wins Largest Solar PV Installation for a Manufacturer in Connecticut
Posted on: Monday, 7 January 2008, 09:00 CST
Gloria Spire Solar, LLC, a joint venture company formed by solar industry leaders Spire Corporation (Nasdaq: SPIR) and Gloria Solar Co., Ltd., today announced that it has won a contract to design and install a 308-kilowatt photovoltaic (PV) solar electric system at The Lee Company's manufacturing facility in Westbrook, Connecticut. This is the largest solar electric system to be installed for a manufacturing company in Connecticut, and one of the largest in New England.
The system, consisting of 1,760 photovoltaic panels on the roof of the newly constructed facility, is approximately half the size of a football field, covering nearly 29,000 square feet of roof space. At peak power, the system will generate enough electricity to cleanly provide 17 percent of the manufacturing facility's power consumption. This is equivalent to the power usage of 34 homes for one full year. In addition, this installation will eliminate the emission of 282 tons of carbon dioxide associated with combusting conventional fossil fuels.
For more than 50 years, The Lee Company has been a pioneer in the development of miniature fluid control components for aerospace and other industrial applications. The company employs nearly 800 people in Connecticut and more than 100 at its Westbrook facility. The installation of the 308-kilowatt system will play a crucial role in the company's plans for new facilities and jobs in the area.
"We are committed to employing renewable energy sources to lower costs while reducing the environmental impact of our operations in Connecticut," said William Lee, CFO of The Lee Company. "We chose Gloria Spire Solar because they are a recognized leader in providing turnkey solar systems and because they have the proven capability to manage the entire project from system design to installation and commissioning."
Gloria Spire Solar has installed a variety of PV systems across the Unites States, and The Lee Company project reflects the joint venture's current emphasis on large-scale business, government, and utility solar energy solutions.
Mark Goodreau, CEO of Gloria Spire Solar, LLC, said, "We are pleased that The Lee Company selected Gloria Spire for this substantial project. Solar is an attractive option for any company looking to utilize clean renewable energy while lowering their electricity costs. Gloria Spire Solar is unique in its ability to not only manage the entire design and installation process, but to work directly with government agencies and utilities to ensure a smooth approval process, as well as maximizing available grants, rebates, and other solar incentives."
"This is precisely the type of project we were targeting when we formed the Gloria Spire Solar joint venture," said Roger Little, Spire Corporation's chairman and CEO. "Spire is dedicated to making solar energy as prolific and cost-effective as possible. The strengths and focused efforts of Spire Corporation, Gloria Solar, and Gloria Spire Solar will help us to do just that."
The Lee Company solar energy project is made possible, in part, by a $1.2 million grant from Connecticut Innovations, which will defray approximately half of the cost of the photovoltaic system. Connecticut Innovations is a quasi-public organization dedicated to stimulating high-tech growth and clean energy initiatives.
About Gloria Spire Solar, LLC
Gloria Spire Solar is a full-service photovoltaic (PV) system integrator that provides turnkey solar solutions -- everything from system design through module manufacturing, installation, commissioning, and ongoing maintenance. For more information, visit www.gloriaspire.com or contact us at 781-275-6000.
About Spire Corporation
Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic modules worldwide. The company's Spire Solar subsidiary is the world's leading supplier of turnkey photovoltaic manufacturing lines and module manufacturing equipment. Spire Semiconductor, formerly Bandwidth Semiconductor, develops and manufactures custom gallium arsenide solar cells and other related products for the commercial, biomedical and defense markets. For corporate or product information, contact Spire Corporation, "the turnkey solar factory company," at 781-275-6000, or visit www.spirecorp.com.
Certain matters described in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in Spire Corporation's Form 10-KSB and other periodic reports filed with the Securities and Exchange Commission.
Source: Business Wire
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