Monday, April 7, 2008

ET Solar Group Announces Closing of a US$19 Million Series A Redeemable, Convertible Preferred Share Placement

NANJING, China, April 4, 2008 /Xinhua-PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today the completion of a US$19 million private equity placement transaction.
The Series A redeemable convertible preferred share placement was led by Tsing Capital / China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.

Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "As a vertically integrated solar company that focuses on downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."

Fischer Chen, CFO of ET Solar, added "The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment."

About ET Solar

ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.

About Tsing Capital / China Environment Fund

Managed by Tsing Capital, China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment. With three funds (CEF I 2002, CEF II 2004, and CEF III) under management, Tsing Capital and China Environment Fund strive to pioneer the advent of clean investment with combined environmental benefits and financial returns.

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