December 9, 2008

Hamburg, Germany: Colexon Signs 150MW Thin Film Supply Agreement

Masdar PV GmbH, a start up manufacturer of large-scale PV modules, and German system integrator, Colexon Energy AG have signed a binding off-take agreement for the delivery of thin film solar modules. The agreement initially comprises the supply of more than 150 MWp thin-film solar modules from 2009 to 2013.

With expansion of Masdar’s production capacities planned, Colexon will also be entitled to participate proportionally and receive 25% of any extra available output.

Masdar PV is currently building its first production site in Erfurt, Germany with production rampup beginning in the third quarter of 2009. A second factory in Abu Dhabi will start production as early as summer 2010.

Masdar PV is a 100 percent subsidiary of the Abu Dhabi Future Energy Company. In line with the Masdar-Initiative, the company will invest approximately $600 million in the two factories.

Masdar PV will produce large-scale thin-film modules of up to 5.7m2 in size. The company’s innovative thin-film silicon-based technology will offer an ideal cost-performance ratio for customers. This cost advantage is further advanced through an exclusive co-operation between Masdar PV and the Helmholtz Center Berlin (HZB) to jointly develop new processes on 5.7m2 substrates to boost module efficiencies while lowering material costs.

Colexon has a close relationship with Masdar since the foundation of the Masdar Initiative. Colexon is the first company to sign such an agreement with Masdar PV and therefore will take the lead in introducing these innovative solar modules to the European market.

Dr. Rainer Gegenwart, CEO of Masdar PV GmbH, is the former head of the department VP Technology of Colexon and is one of the leading experts in thin film technology. Joachim Nell, COO of Master PV GmbH, is the former vice-president of the solar distribution sector of Applied Materials and has gained profound experience in the production process.

With the financial support of the Abu Dhabi Future Energy Company, the team of Masdar PV is cooperatiing with the Helmholtz Center Berlin (HBZ) and the renowned scientist Prof. Dr. Bernd Rech a new generation of highly innovative and efficient thin film modules. Colexon says they provide considerable cost- and technology advantages and are an attractive investment alternative for yield oriented investors.

In line with the recently announced plans to merge with the Danish Renewagy A/S the strategic cooperation with Masdar PV is another important step to strengthen the dynamic growth of Colexon and to foster its sustainable business development.

Thorsten Preugschas, CEO of Colexon Energy AG, is looking forward to the cooperation, “With the innovative thin film modules of Masdar we further strengthen our market position in this segment.”

Mr Preugschas adds: “The involvement of the Abu Dhabi Future Energy Company gives Masdar a solid and strong financial basis. We are happy to have gained a dependable and technologically highly advanced business partner.”

Dr. Rainer Gegenwart, CEO of Masdar PV, has also high expectations regarding the strategic alliance: “As project developer of large thin film PV power plants COLEXON has already acquired a leading market position in Germany and abroad. We are convinced, that the recently announced merger with Renewagy A/S, a well established operater of PV power plants, will additionally strengthen COLEXON’s international market presence. With this partnership we are able to successfully set up and accelerate our market entry.”

Further details about: Colexon AG and Masdar PV GmbH