OPEL Inc. Forms a European Subsidiary A Partner with European Companies to Generate Solar Power
OPEL Inc. Forms a European Subsidiary
A Partner with European Companies to Generate Solar Power
Shelton, CT, and Toronto, ON, March 24, 2009 - OPEL International Inc. (TSX-V: OPL) ("OPEL"), a leading global developer and supplier of high concentration photovoltaic ("HCPV") and other solar products, including ground-based and rooftop tracker systems, today announced the formation of OPL Solar Europe ("OSE") which is a limited liability company headquartered in Brussels, Belgium. OPL Solar is a fully-owned subsidiary of OPEL Inc. OSE opens a vital avenue to embed OPEL Inc. products into the solar markets and projects throughout Europe and the Mediterranean basin.
OSE is a financial holding company that does not trade any products. Rather, it allows subsidiary companies to form limited joint ventures and partnerships with solar developers so that utility grade solar farms can be financed and installed featuring OPEL technology. Once built, the utility grade solar farms will be sold to subsequent investors acting as power suppliers. According to Eric Vanbutsele, a senior OPEL executive and European managing director, "OSE functions as the hub of all OPEL solar projects, partnerships, and joint ventures on the European continent."
OPEL will supply the grid farm installations with the Mk-I high concentration photovoltaic panels and dual axis trackers. The Mk-I HCPV panel design is more cost effective and concentrates light from the sun more than 500 times. This product has conversion efficiency up to twice that of silicon solar panels and up to three times that of thin film solar panels, making it the optimum solution for solar grid field installations. Improved panel efficiency allows attractive rates of returns for solar projects.
"We view the formation of OPL Solar Europe as key to our global strategy," said Robert Pico, CEO of OPEL International. "By its charter, OSE's mission encourages its subsidiary companies and solar developers to launch projects to build solar farms using OPEL technology and products." Pico added, "Europe has taken a leadership position in promoting solar power, and we are excited about the opportunity to sell our HCPV products and trackers into this marketplace through OPL Solar Europe."
Currently, OSE has two joint venture companies under its structure. Alcapi Solarwent Management GmbH ("ASM") is a Republic of Germany limited liability company, and BETASOL, a Spanish company building utility grade solar farms. OPEL Inc. is currently supplying Mk-I HCPV panels to a BETASOL project. OPEL will soon begin delivery to the first project with Alcapi Solarwent.
OPEL will continue updates on its progress with OPL Solar Europe initiatives.
About OPEL International
With operations headquartered in Shelton, Connecticut and 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 also designs infrared sensor type products for military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology, OPEL has been awarded 31 patents and has 15 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.
Dated: March 24, 2009
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Pat V. Agudow
Vice President, Administration
OPEL International Inc.
Tel: (203) 612-2366 Ext 2612
Bill Blase, Cathy Loos or Stephanie Kuffner
W.T. Blase & Associates, Inc.
Tel: (212) 221-1079
The TSXV has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.