WATERLOO, ON, Sept. 24 /CNW/ - Today's announcement by the Government of Ontario that it is proceeding with the Feed-In-Tariff (FIT) program, a critical element of the government's Green Energy and Green Economy Act, is the "green light that clean-technology companies and potential customers across Ontario have been awaiting. It will launch a surge of clean-energy projects ranging from small, residential installations to industrial and utility-scale generating systems," said Ian MacLellan, President of ARISE Technologies Corporation's Systems Division.
ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, high-quality, cost-effective solar technology, is among the clean-technology companies that expect to benefit from the new FIT program, which replaces the government's previous Renewable Energy Standard Offer Program (RESOP). As outlined in the government's announcement today the FIT should improve payback and make the economics very attractive for solar systems across all segments in Ontario.
"As the first FIT program in North America, we expect that Ontario's program will prove to be a model for other provinces, states, and municipalities to follow. We also expect the program to pave the way for an increase in development and innovation, leading to green job opportunities," Mr. MacLellan said.
"ARISE currently has numerous commercial and residential solar projects under consideration. We expect that the FIT program will stimulate demand for PV (photovoltaic) solar-power projects across all segments, from community-based rooftops and commercial installations to large utility-scale solar farms," stated Vern Heinrichs, the company's President and Chief Executive Officer. FIT rates should enable solar participants to generate consistent, reasonable, and predictable returns over the long term, and that should make such projects attractive for financing."
"Judging from the numbers of solar feasibility studies that ARISE has recently conducted for prospective customers," Mr. MacLellan added, "interest is expected to be particularly strong in the small- to medium-sized residential and commercial segments. The provision of long-term price guarantees is expected to increase investor confidence and access to financing, which should smooth the way for numerous projects that have been on the drawing board for some time as well as many new ones."
"In growing our Systems Division's business," Mr. Heinrichs added, "we also expect to create demand for our PV cells for use in the solar panels in the systems that we install to meet the demand in Ontario. We currently are in discussions with module manufacturers toward proceeding with leveraging our vertical integration capability in pursuing opportunities in Ontario. We believe that the vertical integration that ARISE is developing from silicon production through PV cell manufacturing and systems installation should provide us with a competitive advantage in terms of supply-chain economies and quality assurance."
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.
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, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing 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; Dave Chornaby, Chief Financial Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com