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Spire to Provide 25 Megawatt Turnkey Solar Module Manufacturing Line to PLG Power Limited in India

Posted on: Wednesday, 4 June 2008, 09:01 CDT

Spire Corporation (Nasdaq: SPIR), a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic cells and modules worldwide, today announced that it has received a contract from PLG Power Limited (PLG Group) to provide a state-of-the-art, turnkey photovoltaic module assembly line in India.

PLG Power Limited is the Energy and Power division of PLG Group, a multifaceted organization involved in manufacturing and agro-based industries located in Mumbai and Kolkata, India. This will be the company's first state-of-the-art solar energy facility and will complement its other business elements.

Spire will provide PLG Power Limited with a high performance, semi-automated crystalline cell module manufacturing line capable of producing up to 25 megawatts of solar modules per year. Spire will supply the process technology and training to operate the factory, as well as assistance in qualifying the factory and its modules to international standards and certification. The line will integrate Spire's key interconnect, lamination, and testing machines, along with intermediate tooling stations.

"We are excited to be chosen for this turnkey solar factory line by PLG Group," said Roger G. Little, Chairman and CEO of Spire Corporation. "The photovoltaics market is expanding exponentially in India and is expected to grow by more than 500% in the next few years. Given this rapid expansion, companies need to enter the market quickly and efficiently. Spire adds great value to manufacturers with our ability to deliver a complete solar factory, along with all of the training needed to succeed in the solar business. We have strong representation in India and Spire is well positioned to meet the needs of our growing customer base there."

Mr. Punit K. Goyal, Chairman and Managing Director of PLG Group said, "We are extremely pleased to be working with Spire Corporation. As the market leader in turnkey solar module lines and equipment, they offer us an excellent path to expansion and future vertical integration. This flexibility is important to our business plan and will allow us to grow rapidly. Spire has a solid history and years of experience in solar capital equipment, and this experience will be critical to our success in the solar industry."

About PLG Group

PLG Group is one of India's leading corporations with interests spanning a number of industrial sectors, including plastic manufacturing industries, flour mills, oil refineries and farm houses. The Group is committed to world-class standards and benchmarks and invests in state-of-the-art technology to gain strategic advantages.

About Spire Corporation

Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic cells and modules worldwide. Spire Semiconductor provides processing technology for Spire's solar cell manufacturing lines and offers custom gallium arsenide cells for solar concentrator systems. 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 the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

Source: Business Wire

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