ICP Solar Signs Supply Agreement with Shanghai Electric Solar Energy Corporation

    MONTREAL, December 20 /CNW/ - ICP Solar Technologies Inc. (OTCBB: ICPR,
FRANKFURT: K1U), a developer, manufacturer and marketer of solar cells and
products, announced today it has signed a two year supply agreement with
Shanghai Electric Solar Energy Co.

    Shanghai Electric is the single largest Chinese enterprise engaged in the
design, manufacture and sale of mechanical and electrical equipment. The
group's products cover more than ten industries ranging from Power Generation
Equipment, Power Transmission and Distribution Equipment, Electromechanical
integration equipment, Transport Equipment and Environmental Protection.

    "This two year agreement enhances our position as a developer of
innovative solar solutions," said ICP Solar CEO and Chairman, Sass Peress.
"This deal ensures that we will receive timely supply of solar modules at
favorable prices and payment conditions in a market of tight supply and
coupled with the company's existing supply agreements, the company has now
secured a majority of solar cell requirements for its 2008 planned

    "The importance of aligning ourselves with top quality business partners
becomes more evident as we continue to increase our scale," said Laurent
Lafite, Vice President Marketing and Global Strategy. "We are continually
evaluating our relationships in order to secure the best components and
services and enhance the total value proposition and Sunsei(R) experience for
our customers."

    About ICP Solar Technologies, Inc.

    ICP Solar is a developer, manufacturer and marketer of solar cells and
solar cell based products and building materials. Through the application of
next-generation technologies and use of proprietary intellectual design the
Company aims to be the industry's innovation leader. For the past 19 years,
ICP Solar has led the consumer market through innovation and has now begun to
apply that same philosophy to the OEM, rooftop and power generation segment of
the solar industry. ICP Solar's management has over 50 years of experience in
the renewable energy sector. The company's headquarters are located in
Montreal, Canada, with additional locations in the USA, Spain, Ireland and

    Corporate information may be found at www.icpsolar.com.

    The forward-looking statements herein include, but are not limited to,
the expected expansion of our solar solutions into Europe Middle East, Asia
and Africa. Our actual results may differ materially from those implied in
these forward-looking statements as a result of many factors, including, but
not limited to, overall industry environment, customer acceptance of our
products, delay in the introduction of new products, further approvals of
regulatory authorities, adverse court rulings, production and/or quality
control problems, the denial, suspension or revocation of permits or licenses
by regulatory or governmental authorities, termination or non-renewal of
customer contracts, competitive pressures and general economic conditions, and
our financial condition. These and other risks and uncertainties are described
in more detail in our most recent SB-2 filing with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date they are
made. We undertake no obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they occur, except as
required by applicable laws, and you are urged to review and consider
disclosures that we make in the reports that we file with the Securities and
Exchange Commission that discuss other factors germane to our business.

For further information:

For further information: ICP Solar Technologies Inc. Laurent Lafite,
514-270-5770 Ext. 120 Llafite@icpsolar.com or Lippert/Heilshorn & Associates
Jody Burfening/Elric Martinez, 212-838-3777 emartinez@lhai.com

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