Fidelis Announces TinSol Energy Has Taken Third Delivery of $34.6 Million PV Solar Modules
16 12월 2011 - 4:40AM
Marketwired
Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced it has
completed physical delivery of more than 18 megawatts (MW) of
photovoltaic solar modules to its buyer, TinSol Energy (pty) Ltd.
("TSEL") in South Africa. This shipment is the third delivery
bringing the total to 76 megawatts (MW) to date with a balance of
131 megawatts (MW) to complete TSEL's long-term solar module supply
agreement for 207 megawatts (MW) of PV Solar modules worth $475
million. The Company expects payment of $34.6 Million from TSEL to
be completed, in full by January 16, 2012. The proceeds will be
used for production costs, joint venture commitments and facilities
expansion to shorten product delivery time for new supply
contracts.
Over the past year, Fidelis management has spent significant
time overseas procuring its solar sector business relationships and
building the necessary foundation for future expansion. The Company
has also been focused on the development of its production
facilities and general operations abroad.
Shareholders and anyone interested in monitoring the progress of
the company are encouraged to subscribe to the electronic mailing
list at www.fidelissolar.com.
About Fidelis Energy Inc. Fidelis Energy Inc. ("FDEI") is an
energy company focused on developing, constructing and operating
solar energy projects exclusively or in partnership with other
energy companies. Fidelis has designed and is developing solar
photovoltaic (PV) cell technology products for manufacture and
distribution worldwide. Fidelis owns a unique patent pending solar
cell technology based on photovoltaic cells with integral
light-transmitting wave guides in a ceramic sleeve. The advantage
of this technology is the efficiency of less exposed surface area
being required to generate electricity. The light-transmitting
particles act as wave guides and allow the sun-exposed conversion
area of the solar cell to be shifted readily from horizontal to
vertical to capture more sunlight. The ceramic sleeve eliminates
the need for expensive vacuum chambers, thereby allowing less
expensive materials to be used in solar cell production.
The Company is developing, manufacturing, and marketing
innovative solar cells and solar power products for a wide range of
applications based on our technology that increases light-trapping
while enabling a variety of materials to be used. Our technology
employs multiple stacked solar cells in a ceramic sleeve that uses
nano-particles and crystal wave guides to carry light from the
opening down to the last junction in the solar cell. Competitors'
processes that use vacuum chambers (instead of a ceramic sleeve)
generally don't allow for material substitution because of
contamination issues. We believe our technology will also allow
manufacturers to quickly and economically shift to new materials if
a shortage of any one type of material occurs. In general, our
technology will offer a flexible, cost-effective solution for
increased light trapping and will provide increased efficiency.
Forward-Looking Statements This news release contains
"forward-looking statements," as that term is defined in Section
27A of the Act and Section 21E of the Securities Exchange Act of
1934. Statements in this press release, which are not purely
historical, are forward-looking statements and include any
statements regarding beliefs, plans, expectations, or intentions
regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
the development of an early stage company in the alternative energy
industry, its products, and the entry into new markets for such
products. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the
beliefs, plans, expectations, and intentions contained in this
press release are reasonable, there can be no assurance those
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consider all of the information set
forth herein and should also refer to the risk factors disclosed in
the Company's current and periodic reports filed from time to time
with the Securities and Exchange Commission.
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Contact: Fidelis Energy Inc. Investor Relations (213) 457-3385
Email Contact
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