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Solel Signs $10M Solar Power Contract With SOLARGENIX ENERGY

Posted on: Tuesday, 17 January 2006, 09:00 CST

Solel Solar Systems ltd., a world leader in solar thermal technology for central power generation, announced today the signing of a $10M contract with U.S. firm SOLARGENIX ENERGY. Under the contract, Solel will supply SOLARGENIX ENERGY with its unique solar receivers and thermal conduction units.

SOLARGENIX, a relatively new player in the solar energy field, will purchase the receivers and thermal conduction units which are key solar power generation components, to produce and supply pollution-free power for over 150,000 Nevada consumers. Solel is currently the world's sole provider of this solar thermal key equipment.

"This agreement is an affirmation of the international recognition of our unique technological capabilities, and confirms the foreseeable transition from conventional to clean electricity has already begun," said Avi Brenmiller, Solel's CEO.

Brenmiller added that Solel is negotiating the supply of similar units and solar power stations with a several additional governments and power companies. "We believe that more and more countries, concerned with the dwindling availability of fuel and the hazardous increase in pollution will continue to adopt our clean energy solutions. In light of the rapidly increasing demand for our products we predict 2006 will be a break-though year."

About Solel

Solel Solar Systems ltd., is a world leading provider of solar thermal technology for central power generation. Solel's parabolic trough thermal technology transforms sunlight to high temperatures of up to 400 degrees Celsius (752 degrees Fahrenheit).

Solel's technology is successfully implemented in nine power stations at the SEGS solar fields in California's Mojave Desert, supplying 350MW for over 500,000 residents thus saving an annual consumption of 2 million barrels of oil.

Founded in 1992, Solel currently employs 90 individuals in its R&D and production plant in Israel. Solel is a privately held company and operates in Nevada U.S. through its subsidiary Solel Inc.

Source: Business Wire

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