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Solar EnerTech Corp. Enters Solar BIPV Market with First Sale in Shanghai
MENLO PARK, CA - September 26, 2006 -- Solar EnerTech Corp. (OTC BB: SOEN) (the Company) announces its entry into the Building Integrated Photovoltaic (“BIPV”) marketplace with its first sales contract for the Company’s solar cells and modules. Solar EnerTech has signed a contract with Shangsheng Estate Development Co. of Shanghai, to supply a 40kW BIPV solar module system worth approximately $350,000 at prevailing prices for a new high-rise building under construction in Shanghai.
BIPV is one of the fastest growing segments of the solar industry today. When PV panels are integrated into a building during the construction phase, the incremental costs of the system are reduced while the building itself is provided with significant cost-saving advantages such as reduced demand for peak electricity and reduced transmission losses. BIPV also assists as an emergency back-up power source during periods of grid interruption and further savings can be found as Solar modules can be architecturally integrated into a building design in ways that provide shade and improved insulation thereby helping to cut down wide ranging environmental system loads and increased electrical usage due to varying seasonal conditions.
Solar EnerTech’s new manufacturing plant in Shanghai is well on its way towards its scheduled completion and Management has focused efforts on sales of the solar cell and panel products due to begin production shortly. The Company plans to produce modules specially designed for BIPV purposes and are proposed for production in a spectrum of colors enabling the panels to integrate cleanly into a variety of architectural designs.
As a new sector of the industry, BIPV demonstrates and represents the multi-functionality of solar applications; therefore signing the contract with Shangsheng Estate Development Co. is an important strategic move for the Company. The Shangsheng building, the first of its kind in Shanghai, will become the Company’s signature project and the building itself will become an eco-friendly and energy-efficient landmark on the Shanghai skyline.
Based on the architectural design and requirements, the Company is tasked with the integration of the 40kW photovoltaic system into the flat-top roof of the building and the originally proposed mirrored glass spandrels on the upper floors of the south and east façade. The module to be manufactured by the Company will integrate seamlessly into the building’s original design. Given Solar EnerTech’s in-house R&D expertise alongside its manufacturing capabilities, Management feels confident that this type of project will find a significant niche in its sales portfolio as the Company moves ahead with its targeted Marketing and Sales efforts.
About Solar EnerTech Corp. (OTC BB: SOEN)
Solar EnerTech is a 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 immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California’s Silicon Valley.
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
http://www.solarenertech.com 