We are very pleased to sign a non-binding collaboration agreement with CECS
Chengdu, China (Vocus) May 29, 2010
Apollo Solar Energy, Inc. (OTC Bulletin Board: ASOE) ("Apollo Solar" or "the Company"), a refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, today announced that the Company has entered into a non-binding collaboration agreement with China Energy Conservation Solar Energy Technologies, Inc. ("CECS" or "China Energy Conservation") to build scaled thin-film solar energy power stations.
According to the non-binding collaboration agreement, both parties anticipate working jointly in three ways: first, Apollo Solar intends to provide CECS with thin film solar panels, upon request, on a long-term basis, which panels the parties intend to use in the construction of thin scaled film solar power stations and photovoltaic grid-connected systems; second, the parties intend to work jointly to construct thin scaled film solar energy power stations; and third, CECS intends to acquire the thin film solar energy power stations that may be built independently by Apollo Solar through its separate financing and technology.
"We are very pleased to sign a non-binding collaboration agreement with CECS," Mr. Renyi Hou, the CEO of the Company commented, "CECS is the only solar energy oriented company currently funded by the China Energy Conservation Investment Corporation, a state-owned company responsible for leading the new renewable energy industry by directing development throughout China."
"CECS, a wholly-owned subsidiary of China Energy Conservation Investment Corporation, is the largest operator of wind and solar power stations in China. CECS is in charge of the construction and operation of scaled solar power stations, and is the largest investor and systematic operator of solar photovoltaic technology in China," Mr. Zhao Youmin, senior vice president of CECS commented. "It is our duty to lead the direction of new renewable energy industry in China as a state owned investment corporation. We select Apollo as strategic partner for developing thin film solar power station since Apollo is a pioneer in thin film solar PV section with resource, technologies and network. We expect long term cooperation with Apollo under mutual benefit."
Mr. Hou further commented, "The Chairman of China's State Electricity Corporation, in a recent interview on CCTV News, announced that according to the Chinese government's recent promise to limit emissions, the State Electricity Corporation intends to accelerate the pace of construction of renewable energy sources, including solar power stations and photovoltaic grid-connected systems. The Chairman also estimated that, in his opinion, renewal energy sources, including wind and solar energy, will capture about a 20% share of nationwide energy demand in China by the year 2020."
"Today, renewable energy only accounts for less than 1% of the energy market share in China," Mr. Hou stated, "As a high-purity Te supplier, Apollo Solar expects to provide high-quality solar panel products with competitive pricing through OEM agreements with manufactures. We believe that working with CECS will improve our competitive advantage in our future construction of scaled solar energy power stations. Our management team believes the cooperation with CECS will lay a stable and sustainable base for the Company's future development."
About Apollo Solar Energy, Inc.
Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in refining and producing tellurium (Te) and high-purity tellurium-based metals for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra-high purity metals and commercial-purity metals. Apollo Solar also expects to be a constructor and operator in future government-funded solar farm projects in China, including a possible 10 GW solar community in Anhui province, China.
About China Energy Conservation Solar Energy Technologies, Inc.
China Energy Conservation Solar Energy Technologies, Inc. (CECS), the only Chinese state-owned solar energy oriented company focusing on the power conservation industry, is leading the new renewable energy industry by directing development throughout all of China. CECS has been charged with the construction and operation of scaled solar power stations in China, and is currently the largest investor and systematic operator of solar photovoltaic technology in China. CECS plans to develop and build photovoltaic power stations using its technology internationally, and also seeks opportunities to invest in valuable photovoltaic grid-connected system projects in the future. At present, CECS's installed electric capacities are almost 1,400 MW, including solar power station construction projects that are still in the development and construction stages.
Safe Harbor Statement
The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expectation that it will supply thin film solar panels to CECS and joint construction of thin scaled solar energy power stations with CECS are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
For more information, please contact:
Dr. Jingong Pan, VP of IR
John Campo, IR consultant
Wall Street International
SOURCE Apollo Solar Energy, Inc.