SHELTON, CT and TORONTO, March 26 /CNW/ - OPEL International Inc.
(TSX-V:OPL) ("OPEL" or "the Company"), a manufacturer of state-of-the-art high
concentration photovoltaic (HCPV) solar products, announced today that it has
signed a five-year solar cell supply contract with Spectrolab, Inc., a Boeing
Under the terms of the contract, OPEL will be placing individual
incremental orders for solar cells every calendar year. To cover its initial
HCPV production requirements, OPEL has placed an initial firm purchase order
for 10 MW of high efficiency triple junction solar cells for delivery in 2008.
Spectrolab has already started shipping product to OPEL to fulfill this order.
"This contract represents both a great opportunity and a minimization of
risk for OPEL," said Robert Pico, Chief Executive Officer of OPEL
International. "With secure access to an adequate supply of
Boeing-Spectrolab's superior solar cells, we have the necessary raw material
to ensure we can deliver HCPV panels to customers for the foreseeable future."
Used in conjunction with OPEL's concentrating PV technology, Spectrolab's
triple junction cells are each capable of producing 15-17 watts, representing
37% efficiency, a rating significantly higher than that achieved with
conventional silicon cells.
"We are very excited to enter into this contract with OPEL," said Dr.
Raed Sherif, General Manager, Terrestrial Photovoltaic Products for
Spectrolab. "We realize the significant cost benefit that our high efficiency
solar cells provide to our customers and we look forward to supplying OPEL and
its customers with even better efficiency ratings, reaching 40% in 2010."
About OPEL International
With operations headquartered in Shelton, CT, OPEL designs, manufactures
and markets innovative, state-of-the-art solar technology products designed to
convert solar energy into electricity - at the least possible cost and
greatest efficiency. The Company's products are based on technology developed
in cooperation with the University of Connecticut (Storrs, CT) and the
Canadian National Research Centre (Ottawa, ON). A leader in gallium arsenide
and solar photovoltaic technology, the Company has been awarded 23 patents and
has 23 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 www.opelinc.com.
The TSXV has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Investors are cautioned that except for statements of historical facts,
certain statements contained in this news release may include forward-looking
information with respect to the Company. Such forward-looking statements or
information are based on current expectations, estimates and projections
formulated using assumptions currently believed to be reasonable and involving
a number of risks and uncertainties which could cause actual results to differ
materially from those anticipated. The Company does not undertake any
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy securities in the United States. The Company's securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended or any state securities laws and may not be offered or
sold within the United States or to any U.S. Person unless registered under
the U.S. Securities Act and applicable state securities laws or an exemption
from such registration is available.
For further information:
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