WATERLOO, ON, Feb. 11 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, high-quality, cost-effective solar technology, today provided an update on its progress to date in 2010.
- Shipped 4MW of PV cells from German plant to date in 2010
- Line One now running at full capacity
- Line Two expected to begin production during second quarter of 2010
- Improved manufacturing performance with increased cell efficiency and
- 30 projects planned in Ontario for 2010, totaling approximately
$5 million in revenue
- Discussions continue with potential strategic partners for silicon
"We are very pleased with the early results of our efforts so far in 2010," said Vern Heinrichs, President and CEO of ARISE. "Demand for our products continues to rise in Germany, where we have already shipped 4MW of PV cells this year. In Canada, we are focused on the Ontario market and are pleased to report that the Ontario Feed-in-Tariff (FiT) program has created increased demand for ARISE solar energy systems. We have received orders for over 30 solar projects planned for 2010 installation. These projects will use over 500kW of PV cells and are expected to generate over $5 million in projected revenue. "
"Our previously announced discussions with potential partners for our Silicon Division are progressing well," continued Mr. Heinrichs. "We are also working diligently to secure long-term financing that will help us address our increased working capital requirements."
ARISE reports that its PV cell plant in Bischofswerda, Germany continues to increase production with Line One now running at full capacity. In the first five weeks of 2010, the plant shipped 4MW of PV cells. Line Two is now fully commissioned and ARISE currently expects to begin volume production in the second quarter of 2010 in anticipation of additional customer demand. ARISE Germany now has ten PV cell customers plus internal ARISE demand up from three customers at the end of 2008.
Progress continues to be made from a production operations standpoint. ARISE improved its average multi-crystalline cell efficiency in January to 15.6%, a significant increase from 14.7% at the end of 2008. The company has now reached efficiencies of up to 16.4% for multi-crystalline and 17.2% for mono-crystalline PV cells while achieving a yield of 96% for A grade product.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division has been providing PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, high debt levels, negative working capital levels, lack of profitability, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section of ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information: ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Doug McCollam, Chief Financial Officer, (519) 772-5706, Doug.McCollam@arisetech.com, www.arisetech.com