Wednesday, December 15, 2010

Cleantech Stock News; OPEL Solar Launches OPEL Solar Asia, Ltd.

Cleantech Stock News; OPEL Solar Launches OPEL Solar Asia, Ltd.

–OPEL Forges into Growing CPV Solar Market in Asia in Joint Venture with Ecotech–
-Relationship Starts with 2 Megawatt Product Order-
Shelton, CT and Toronto, ON, December 15, 2010 – ( cleantech stocks blog ) OPEL Solar, Inc. (TSX-V: OPL) (“OPEL” or “the Company”), a leading global supplier of high concentration photovoltaic (“HCPV”) solar panels and other solar products including ground-based and rooftop tracker systems, today announced the formation of OPEL Solar Asia Ltd (“OSA”) in Hong Kong. OPEL Solar, Inc. in the U.S. and Ecotech Environmental Technology Ltd (“Ecotech”) based in Hong Kong, are the two partners in the joint venture (“JV”). For OPEL this represents the beginning of a long-term goal to position OPEL to enter East Asia, developing the HCPV market. In signing the agreement, OPEL Solar’s advanced HCPV technology moves into what has been deemed the fastest growing solar market in the world with years of strong growth projections ahead.
The mission of OPEL Solar Asia Ltd. is to market OPEL HCPV products throughout East Asia. The primary country targeted for CPV market penetration is China. “With Ecotech, OPEL Solar found a well-established partner to advance our business into East Asia. In fact, according to a recent posting on New Energy World Network, China’s photovoltaic market is one of the largest in the world and has a robust growth projection,” said Frank Middleton, COO of OPEL Solar, Inc. “OPEL chose to enter this market with Ecotech because of their profound regional knowledge and client base, with the added advantage that since Ecotech is established, it serves to minimize our start-up expense,” Frank added.

The creation of OSA includes an initial purchase order for two megawatts (“MW”) of OPEL Solar’s HCPV system products both the solar modules and tracker models. This order is an example of the rising demand for HPCV systems in China. Getting more specific, Middleton continued, “These products are expected to fulfill immediate contracts Ecotech has secured within the People’s Republic of China, and it represents a multimillion dollar revenue opportunity for OPEL Solar, which results in revenue during the first year of operations of the JV.”

In addition to the initial 2MW order for OPEL Solar’s HCPV products, it is anticipated that OPEL Solar Asia will continue a vigorous ordering stream. “The establishment of OPEL Solar Asia with its anticipated order projection represents significant value growth for OPEL Solar’s stakeholders,” said Leon M. Pierhal, CEO of OPEL Solar Inc. “Such a burgeoning CPV solar market in East Asia may bring to OPEL revenues approaching $100 million over the next four to five years. The decision to pursue a joint venture strategy to enter East Asia is one of the most important decisions we have made to support the rapid growth of the Company,” Pierhal further stated other worldwide joint ventures are in various stages of negotiations for 2011.

“We believe OPEL Solar has proven technology and a good product for the CPV market in East Asia. Ecotech is honored to be OPEL Solar’s JV partner in penetrating this market. There are challenges ahead but the chance of capturing market opportunities in this region is very real. We will work hand in hand with OPEL Solar and our strategic partners and customers in China to realize these goals,” said Michael Lam, Chairman of Ecotech and Chairman & CEO of the E&K Holdings Group.

The OPEL Solar products shipped for the 2MW order will open the door for local manufacturing by OSA, as Ecotech has an established network of local manufacturers. Once the manufacturing processes attain solid efficiency, OSA will assume the full manufacturing process to install complete HCPV utility grade solar farms.

About Ecotech Environmental Technology Ltd., a Division of E&K Holdings Group
Ecotech Environmental Technology Ltd. "Ecotech" has three business units in Cleantech Energy, LED Lighting, and Solar Applications and Devices. It is a vertically integrated solutions provider spanning product development, system design, manufacturing, assembly and test, project management, installation, commissioning, and after-sales services. Its vision is to contribute to greening of global environment through solar and wind energy generation, and energy-saving LED lighting solutions. Ecotech is owned by E&K Holdings Group, which is established in 1999 and based in Hong Kong. E&K Holdings Group has four core businesses both in Hong Kong and in the Mainland China, with more than 1,000 employees. For more information, please visit and,

About OPEL Solar International Inc. and OPEL Solar, Inc.
With OPEL Solar, Inc. operations headquartered in Shelton, CT and the headquarters office in Toronto, Ontario, Canada, OPEL designs, manufactures and markets high performance concentrating photovoltaic (“HCPV”) panels to transform solar energy into electricity for worldwide application. OPEL’s high performance photovoltaic concentrating panels generate up to 40% more kilowatt-hours than conventional flat plate silicon solar panels, resulting in more cost effective electricity generated from the sun. OPEL also markets a complete line of dual and single axis solar trackers to mount solar panels for the optimum power output. OPEL designs infrared sensor type products for military, consumer, industrial and commercial applications.

A leader in gallium arsenide and solar concentrating photovoltaic technology, the Company has been awarded 33 patents and has 17 more patents pending. OPEL’s common shares trade on the TSX Venture Exchange under the symbol “OPL”. For more information about OPEL, please visit the Company’s website at

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