ARISE Technologies Signs Four-Year Contract to Supply PV Cells to Asola
WATERLOO, ON, Dec. 3 /CNW/ - ARISE Technologies Corporation (TSX: APV and
Frankfurt: A3T), which is dedicated to becoming a leader in high-performance,
cost-effective solar technology, today announced that its wholly owned
subsidiary, ARISE Technologies Deutschland GmbH (ARISE Germany) has signed a
four-year contract to supply PV cells to Asola Advanced and Automotive Solar
Systems GmbH.
Under the terms of the contract, which runs through December 31, 2012,
ARISE will supply approximately 80MW of PV (photovoltaic) cells to Asola on a
take-or-pay basis based on industry-standard pricing established for the life
of the agreement. The value of the contract is approximately C$200 million.
Asola will be making pre-payments to ARISE according to industry standards
with these funds being applied to future invoices on PV cell shipments. ARISE
will be supplying the PV cells from its manufacturing plant opened earlier
this year in Bischofswerda, Germany.
Asola Advanced and Automotive Solar Systems, founded in 2001, is based in
Isseroda, Germany. The senior management team of the privately owned company
has more than 20 years experience in developing, manufacturing, and marketing
solar PV modules and systems for a wide range of applications, including as a
pioneer of mass-produced solar technology for road vehicles.
"Our new four-year PV cell supply agreement with Asola Advanced
Automotive Solar Systems is significant for ARISE Technologies in several
respects," said Chris Waters, ARISE's Vice-President, Business Development and
Marketing. "The contract is significant because it is ARISE's third major,
large-volume supply agreement and will account for much of our remaining
production capacity in 2009. Second, Asola has partners in module production
and systems integration in Germany, Italy, Spain, France, South Korea, India,
Morocco, and the United States. This supply agreement gives ARISE a very
flexible customer base able to deploy cells rapidly into the highest-demand
regions around the world."
"We are looking forward to working with ARISE as a partner with Asola,"
said Reinhard Wecker, the founder, President, and Chief Executive Officer of
Asola. "After considering various potential suppliers of PV cells, we selected
ARISE for a number of reasons, including its commitment to working with us for
our mutual success, its plant and team in Germany, and its technology and
plans to produce increasingly efficient PV cells during the life of this
contract."
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated
to becoming a leader in high-performance, cost-effective solar technology. The
company operates through three divisions. The PV Cell Division manufactures PV
(photovoltaic) cells at its first manufacturing plant opened in April 2008 in
Bischofswerda, Germany. The division is developing proprietary technology with
a target of achieving a step-by-step progression to a high-efficiency level of
greater than 20 percent. The PV Silicon Division is using a proprietary method
to produce silicon at 7N+ high-purity (99.99999 percent) for PV applications,
based on a simplified chemical vapour deposition process. The division is
focusing on scaling up its process to provide ARISE with control over its
supply, costs, and quality. The PV Systems Division provides complete turnkey
PV solutions for solar farms and rooftop installations under the Ontario
Renewable Energy Standard Offer Program.
The company's shares are listed on the Toronto Stock Exchange under the
symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.
Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements
Certain statements in this news release may be considered to be
forward-looking. Such statements are based on management's current
expectations, estimations, and assumptions based on experience, trends, and
other factors that are subject to the significant risks and uncertainties
described in our regulatory filings. Please refer to these. Such risks and
uncertainties may include, but are not limited to, the effects of general
economic conditions, changing foreign exchange rates, actions by government
authorities, uncertainties associated with legal proceedings and negotiations,
industry supply levels, competitive pricing pressures and misjudgments in the
course of preparing forward-looking statements. ARISE assumes no obligation to
update any forward-looking statements or to update the reasons why actual
results could differ from those reflected in the forward-looking statements.
%SEDAR: 00017494E
For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8; Dave Chornaby, Chief Financial
Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com