• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Solar EnerTech Corp. Updates Progress at Manufacturing Facility

Posted on: Tuesday, 30 May 2006, 18:00 CDT

Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") is pleased to announce that Management has been advised that significant progress has been made towards the rapid start-up of its new state-of-the-art solar cell manufacturing plant located in Shanghai.

In recent weeks the 42,000 square foot facility has had many of the specialized services required for the commencement of production installed within budget and ahead of schedule. Systems include a 12,500 volt distributed power supply along with a dedicated water system operating at a flow rate capacity of 10 tons hourly. The fire suppression system is complete and the on-site water purification plant design is approved and ready for installation. The Company's project management team has overseen the installation of the majority of the manufacturing equipment for its first production line and is pleased to announce that construction of the second line is proceeding apace.

Management and its engineering team have determined that the projected production capacity for the facility is estimated at an output of 20Mw per production line. At current prices this translates into roughly $37.5 million dollars in annual revenue per production line. The Company's strategic plan is to have the initial 20Mw in production by Q4 of this year, followed by the second 20Mw line in mid 2007, with the near-term goal for the facility coming online by 2009 at 120Mw in total annual output utilizing the existing infrastructure as currently envisioned.

This strategic plan is designed to move Solar EnerTech rapidly towards becoming a major player in the solar cell manufacturing marketplace as each milestone is achieved. With current levels of capitalization, management believes that the facility could begin generating revenue in approximately 5 months, and with further funding the company could potentially produce 60Mw of manufactured output equating approximately $113 million dollars in annual revenue as early as 2008.

Solar EnerTech is confident that given its existing sales and marketing infrastructure in America, combined with a growing network in Asia, that it is uniquely positioned to benefit from the extraordinary combination of historic and steadily increasing traditional energy costs, combined with a rapidly growing global demand for high quality photovoltaic solar cells.

ABOUT THE COMPANY

Solar EnerTech is a wholly owned 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 right away in the company's manufacturing processes. Led by one of the industry's top scientists, the company's R&D program will work towards bringing Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in the Silicon Valley region of Southern California.

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

 Investor Relations  Contact: Boundary Point Investor Relations Inc. 1-866-378-7372 Visit our website at www.solarenertech.com

SOURCE: Solar EnerTech Corp.

Source: MARKET WIRE

More News in this Category