OPEL SOLAR INC. CEO SAYS FUTURE REMAINS BRIGHT FOR SOLAR POWER Company Reports Global Uptick in Requests for Quotes on Industrial Scale Power Systems
Shelton, CT, and Toronto, ON, June 1, 2010 - Despite an uneven economic recovery and the lingering effects of the global recession on virtually every industry around the world, Leon (Lee) M. Pierhal, Chief Executive Officer of OPEL Solar, Inc., a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and other solar products, including utility scale ground-based tracker systems and unique light weight rooftop tracker systems, is reporting a sharp uptick in requests for quotes on industrial scale solar power systems in North America and abroad.
"With the worst hopefully behind us," Pierhal said, "there is no question that both governments and investors alike are reaffirming their interest and commitment to solar power in a big way. Since late 2008 when the credit markets first crashed, we have seen a significant increase in requests for quotes on both our HCPV solar panels and our ground-based and rooftop tracker systems. Clearly, this bodes well for both OPEL Solar, as a leading supplier of solar products and systems, and the solar power industry at large."
OPEL Solar, a leader in gallium arsenide and solar concentrating photovoltaic technology, produces high performance solar panels that can generate up to 40 percent more kilowatt-hours than conventional flat plate silicon solar panels. OPEL Solar also recently announced that it will manufacture its utility scale TF-800 tracker line, which it developed with FEiNA, in the United States. The TF-800, a ground mounted single axis tracker has proved to be very attractive commercially because of its ease of installation and its reverse tracking ability to avoid shadowing from adjacent trackers.
Pierhal attributed the increase in quote activity to OPEL Solar's reputation for technological innovation, the completion of a 330-kilowatt HCPV utility grade power plant in Spain with its Spanish partner BETASOL last October, and its plans to participate in a 1 megawatt (MW) HCPV installation in Portugal with Tecneira S.A., the Portugal renewable energy company. Both installations, which are eligible for Feed-in-Tariffs (FIT), will provide investors with a guaranteed rate of return.
In commenting on the dramatic growth in quoting on utility scale solar installations, Pierhal also noted an especially sharp and recent focus in the marketplace on solar power installations of at least 1 MW in size. In fact, Pierhal said, "OPEL Solar has been selected to install an initial 1 MW solar power plant in France using OPEL Solar's advanced HCPV panels. Closer to home, we are also partnering with one of the largest engineering and construction companies in the world to build utility scale solar power farms in North America," he said.
"Neither the private sector, nor forward-looking countries want to mortgage their future or straitjacket their ability to compete globally by relying exclusively on more traditional fossil fuel sources," Pierhal said. "Solar is not only here and now, it's a very viable and cost-effective alternative."
About OPEL Solar, Inc. and OPEL International Inc.
With operations headquartered in Shelton, CT 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 percent more kilowatt-hours than conventional flat plate silicon or thin film solar panels, resulting in more cost-effective electricity generated from the sun. OPEL also markets a complete line of precision dual and single axis solar trackers to mount solar panels for optimum power output. OPEL also designs infrared sensor type products for military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 38 patents and has 12 more patents pending. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information about OPEL Solar, Inc., please visit the Company's website at www.opelinc.com. OPEL Solar, Inc. is a subsidiary of OPEL International Inc. (TSX-V: OPL).
Dated: June 1, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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