Tuesday, October 28, 2008

Spire to provide 30 MW Solar Cell Manufacturing Line to Korea

Spire to provide 30 MW Solar Cell Manufacturing Line to Korea
Spire’s 30 MW per year high efficiency silicon cell line expands Spire’s presence in turnkey cell

BEDFORD, Mass.--Oct 28 2008 --Spire Corporation (Nasdaq: SPIR), a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic (PV) cells and modules worldwide, today announced that Spire has been awarded a contract to provide a Spi-Line 30C complete turnkey factory to produce up to 30 megawatts (MW) per year of high efficiency solar cells for Hanwha Chemical Corporation (Hanwha). This is Hanwha’s entrance into the solar market and they made the decision to work with Spire as a partner after extensive research and investigation. This will become one of the most modern cell factories in Korea.

Spire has had more than 25 years experience in developing solar cell processing technology which is embedded in Spire’s turnkey cell line. The turnkey line includes all required processing equipment and critical process knowledge for making high efficiency cells. The Spi-Line 30C is capable of producing high efficiency cells using either mono- or multi- crystalline wafers. In addition, Spire provides in-depth training, factory layout, facilities and on-site support. Hanwha will be self-sufficient and able to operate the line without assistance after a ramp and qualification period. The solar cell line is scaleable, allowing Hanwha to easily increase capacity beyond 30 MW once the line is fully qualified and meeting production goals.

“We are excited to win this important contract. Spire is known worldwide for its module lines but this contract highlights Spire’s cell line expertise,” said Roger Little, Chairman and Chief Executive Officer of Spire Corporation. “Spire’s experience in solar cell production lines is also valuable to our module line customers to allow them to backward integrate.”

Hanwha’s senior officer related to the solar project stated, “We had an extremely thorough process for choosing a partner to provide this key element of our solar business and Spire was the clear winner. They represent the best choice as a partner for this turnkey factory. Their deep technical knowledge and proven ability to make their customers successful set them apart from all others.”

About Hanwha Chemical Corporation Ltd.

Hanwha Chemical Corporation, an affiliate of South Korea’s Hanwha Group, is a leading manufacturer of synthetic resins and various petrochemical products in Asia. Their products are widely utilized as industrial films, packaging products, and construction materials, as well as abrasives for semiconductors. Hanwha plans to produce high-efficiency solar cells on a large scale by the end of 2009 and gradually expand its focus to polysilicon, ingot and wafers. For more information, please visit www.hanwha.co.kr.

About Spire Corporation

Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic modules worldwide. Spire Semiconductor develops and manufactures custom gallium arsenide solar cells and other related products. For corporate or product information, contact Spire Corporation, “The Turnkey Solar Factory Company,” at 781-275-6000, or visit www.spirecorp.com.

Certain matters described in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

Spire Corporation
Roger G Little, 781-275-6000
Chairman & CEO

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