- JV Enhances Presence and Solar Opportunities in U.S. Market -
MENLO PARK, Calif., April 28 /PRNewswire-Asia-FirstCall/ -- Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced the establishment of a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd. ("Jiangsu Shunda"), a leading PV raw material manufacturer, to pursue solar expansion opportunities in the U.S. region.
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The U.S. JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the U.S. market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the U.S. market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55% of the JV company, Solar EnerTech will own 35% and the management of the JV will own the remaining 10%. Mr. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Mr. Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Mr. Leo Young, CEO of Solar EnerTech, commented, "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the U.S. market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational U.S. office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the U.S. market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing U.S. market. Together, we can more easily penetrate U.S. solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Mr. Ni, President of Jiangsu Shunda commented, "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
Additional information on this joint venture can be found in the Company's filing with the SEC.
About Jiangsu Shunda
Based in Yangzhou, China, JiangSu Shunda Group focuses on the photovoltaic market and produces polysilicon, monocrystalline ingots, and wafers. With an annual production output of approximately 1,500 metric tons of polysilicon, Jiangsu Shunda Semiconductor is one of the largest polysilicon and wafer manufacturers in China.
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise incorporated in the United States with its corporate office in Menlo Park, California. The Company has established a sophisticated 63,000 square foot manufacturing plant located in China, in Shanghai's Jinqiao Modern Technology Park. Currently, the Company is capable of producing 50MW of solar cells from its existing production line.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production.
Showing posts with label Solar EnerTech. Show all posts
Showing posts with label Solar EnerTech. Show all posts
Tuesday, April 28, 2009
Tuesday, October 28, 2008
Solar EnerTech Completes Second Solar Cell Production Line
Posted on: Monday, 27 October 2008
MENLO PARK, Calif., Oct. 27 /Xinhua-PRNewswire-FirstCall/ -- Solar EnerTech Corp. (BULLETIN BOARD: SOEN) (the "Company") today announced that the Company recently completed the build out of its second solar cell production line. The new 25 MW solar cell production line is located at the Company's solar cell manufacturing facility in Shanghai and the addition of this new line doubles the company's solar cell production capacity from 25MW to 50MW.
"The completion of this second line is a great accomplishment for our company and we are pleased to have finished production two months ahead of schedule," commented Leo Young, Chief Executive Officer of Solar EnerTech. "Our business development team is working diligently to secure new orders so that we can utilize our second line to the fullest extent possible. We now have the ability to support dual-line production which provides us with the potential to increase our product orders and broaden our base of customers from Europe, North America and Asia. We are moving forward with our strategic plan and believe we are well positioned for continued growth ahead."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 63,000 square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. The Company has two 25MW solar cell production lines as well as a 50MW solar module production facility.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help 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.
MENLO PARK, Calif., Oct. 27 /Xinhua-PRNewswire-FirstCall/ -- Solar EnerTech Corp. (BULLETIN BOARD: SOEN) (the "Company") today announced that the Company recently completed the build out of its second solar cell production line. The new 25 MW solar cell production line is located at the Company's solar cell manufacturing facility in Shanghai and the addition of this new line doubles the company's solar cell production capacity from 25MW to 50MW.
"The completion of this second line is a great accomplishment for our company and we are pleased to have finished production two months ahead of schedule," commented Leo Young, Chief Executive Officer of Solar EnerTech. "Our business development team is working diligently to secure new orders so that we can utilize our second line to the fullest extent possible. We now have the ability to support dual-line production which provides us with the potential to increase our product orders and broaden our base of customers from Europe, North America and Asia. We are moving forward with our strategic plan and believe we are well positioned for continued growth ahead."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 63,000 square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. The Company has two 25MW solar cell production lines as well as a 50MW solar module production facility.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to develop higher efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help 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.
Wednesday, January 16, 2008
Solar EnerTech Raises $21.4 Million in Private Placement
MENLO PARK, Calif., Jan. 15 /Xinhua-PRNewswire/ -- Solar EnerTech Corp. (the "Company") today announced that on January 11, 2008, the Company sold 24.3 million shares of its common stock and 24.3 million Series C Warrants to purchase shares of common stock for an aggregate purchase price of $21.4 million in a private placement offering to accredited investors. The exercise price of the warrants is $1.00 per share. The warrants are exercisable for a period of 5 years from the date of issuance of the warrants.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the financing of its recent $21.8 million purchase order with Sky Solar and the installation of a second 25Mw production line.
This transaction is described in more detail in its Form 8-K filed with the Securities and Exchange Commission on January 15, 2008.
About Solar EnerTech Corp.
The Company is a PV solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a 42,000 square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
The Company has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring the Company to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the financing of its recent $21.8 million purchase order with Sky Solar and the installation of a second 25Mw production line.
This transaction is described in more detail in its Form 8-K filed with the Securities and Exchange Commission on January 15, 2008.
About Solar EnerTech Corp.
The Company is a PV solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a 42,000 square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
The Company has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring the Company to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Wednesday, December 19, 2007
Solar EnerTech Enters Into Sales Contract With Sky Solar
December 18, 2007: 08:00 AM EST
Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") today announced that it has entered into a sales contract with Sky Solar (Hong Kong) International Co., Ltd., a subsidiary of Sky Global Group to distribute solar modules. Sky Global Group is a global distributor and system integrator of solar panels.
The total shipment to Sky Solar under the contract amounts to approximately US$21.8 million. Shipments, aimed for solar power installations in Spain, are scheduled to be delivered over a 5-month period beginning in December 2007, with the majority of solar module shipments scheduled for the Company's 2008 fiscal second quarter.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, "We are quite pleased to commence shipments of our solar modules to one of the largest solar system integrators in Europe. This sales order is our largest to date and will provide us with stronger revenue growth in the first half of fiscal 2008. This contract demonstrates that our solar modules meet the quality standards of leading solar system integrators and distributors around the world. We welcome this growth opportunity to increase our presence in the global solar market."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated, 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25 Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") today announced that it has entered into a sales contract with Sky Solar (Hong Kong) International Co., Ltd., a subsidiary of Sky Global Group to distribute solar modules. Sky Global Group is a global distributor and system integrator of solar panels.
The total shipment to Sky Solar under the contract amounts to approximately US$21.8 million. Shipments, aimed for solar power installations in Spain, are scheduled to be delivered over a 5-month period beginning in December 2007, with the majority of solar module shipments scheduled for the Company's 2008 fiscal second quarter.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, "We are quite pleased to commence shipments of our solar modules to one of the largest solar system integrators in Europe. This sales order is our largest to date and will provide us with stronger revenue growth in the first half of fiscal 2008. This contract demonstrates that our solar modules meet the quality standards of leading solar system integrators and distributors around the world. We welcome this growth opportunity to increase our presence in the global solar market."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated, 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25 Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Friday, September 28, 2007
Solar EnerTech Appoints New Directors
Sep 27, 2007 09:00 ET
MENLO PARK, CA--(Marketwire - September 27, 2007) - Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") is pleased to announce that Mr. Donald Morgan and Mr. Kevin Koy have been appointed as directors of the Company.
Mr. Morgan has served as a senior financial executive for over 20 years. He had worked with US and international companies ranging from small cap to Fortune 500. Mr. Morgan was most recently CFO of RAE Systems Inc. Mr. Morgan had also been CFO of Larscom Incorporated and Inrange Technologies Corporation. He began his career at Unisys Corporation. Morgan holds a B.S. degree in Business Administration from Northeastern University and an M.S. degree in Finance from the University of Illinois.
Mr. Koy has over 20 years experience in business management and development. He is currently managing Old World Homes, LLC, an innovative construction firm he co-founded in 2004. Prior to that, he was the Director of Corporation Development, Business School, University of Chicago. This position was supported by his entrepreneurial background and experience which includes positions as CEO of Northfield Consulting Group; CEO of Dauphin Technologies, Inc., the first hand-held computer company; CEO of VictorMaxx technologies, Inc., a virtual reality computing company, and Market Logic Group Ltd. Mr. Koy holds a BA degree from Grinnell College in Grinnell, Iowa.
"I am very pleased to have Mr. Morgan and Mr. Koy join our board," said Mr. Leo S. Young, President and Chairman of the board of Solar Enertech. "The Company is at a critical juncture. We started shipments in the second calendar quarter and we are now executing our plan to grow the Company. It is critical to bring on board directors with Mr. Morgan and Mr. Koy's caliber to guide the Company through our execution plan."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line and another 25Mw from its first expansion lines. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help 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.
MENLO PARK, CA--(Marketwire - September 27, 2007) - Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") is pleased to announce that Mr. Donald Morgan and Mr. Kevin Koy have been appointed as directors of the Company.
Mr. Morgan has served as a senior financial executive for over 20 years. He had worked with US and international companies ranging from small cap to Fortune 500. Mr. Morgan was most recently CFO of RAE Systems Inc. Mr. Morgan had also been CFO of Larscom Incorporated and Inrange Technologies Corporation. He began his career at Unisys Corporation. Morgan holds a B.S. degree in Business Administration from Northeastern University and an M.S. degree in Finance from the University of Illinois.
Mr. Koy has over 20 years experience in business management and development. He is currently managing Old World Homes, LLC, an innovative construction firm he co-founded in 2004. Prior to that, he was the Director of Corporation Development, Business School, University of Chicago. This position was supported by his entrepreneurial background and experience which includes positions as CEO of Northfield Consulting Group; CEO of Dauphin Technologies, Inc., the first hand-held computer company; CEO of VictorMaxx technologies, Inc., a virtual reality computing company, and Market Logic Group Ltd. Mr. Koy holds a BA degree from Grinnell College in Grinnell, Iowa.
"I am very pleased to have Mr. Morgan and Mr. Koy join our board," said Mr. Leo S. Young, President and Chairman of the board of Solar Enertech. "The Company is at a critical juncture. We started shipments in the second calendar quarter and we are now executing our plan to grow the Company. It is critical to bring on board directors with Mr. Morgan and Mr. Koy's caliber to guide the Company through our execution plan."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line and another 25Mw from its first expansion lines. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help 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.
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