ARISE Signs Four-Year Contract with Asola (Dec 3, 2008)

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ARISE Signs Four-Year Contract with Asola

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December 4, 2008

Waterloo, ON, Canada: ARISE Signs Four-Year Contract with Asola

ARISE Technologies Corporation's wholly owned subsidiary, ARISE Technologies Deutschland GmbH has signed a four-year contract to supply PV cells to Asola Advanced and Automotive Solar Systems GmbH.

Under the terms of the contract, which runs through December 31, 2012, ARISE will supply approximately 80MW of PV cells to Asola on a take-or-pay basis based on industry-standard pricing established for the life of the agreement. The value of the contract is approximately C$200 million.

Asola will be making pre-payments to ARISE according to industry standards with these funds being applied to future invoices on PV cell shipments. ARISE will be supplying the PV cells from its manufacturing plant opened earlier this year in Bischofswerda, Germany.

Asola Advanced and Automotive Solar Systems, founded in 2001, is based in Isseroda, Germany. The senior management team of the privately owned company has more than 20 years experience in developing, manufacturing, and marketing solar PV modules and systems for a wide range of applications, including as a pioneer of mass-produced solar technology for road vehicles.

“Our new four-year PV cell supply agreement with Asola Advanced Automotive Solar Systems is significant for ARISE Technologies in several respects,” said Chris Waters, ARISE’s Vice-President, Business Development and Marketing.

“The contract is significant because it is ARISE’s third major, large-volume supply agreement and will account for much of our remaining production capacity in 2009. Second, Asola has partners in module production and systems integration in Germany, Italy, Spain, France, South Korea, India, Morocco, and the United States. This supply agreement gives ARISE a very flexible customer base able to deploy cells rapidly into the highest-demand regions around the world.”

“We are looking forward to working with ARISE as a partner with Asola,” said Reinhard Wecker, the founder, President, and Chief Executive Officer of Asola. “After considering various potential suppliers of PV cells, we selected ARISE for a number of reasons, including its commitment to working with us for our mutual success, its plant and team in Germany, and its technology and plans to produce increasingly efficient PV cells during the life of this contract.”