April 11, 2008

San Luis Obispo, CA, USA: Norway's REC Makes Investment in Mainstream Energy Corporation

Mainstream Energy Corporation (MSE), a renewable energy company headquartered in San Luis Obispo, California, has completed an equity transaction worth $40 million with Oslo, Norway based Renewable Energy Corporation ASA, the world's largest producer of silicon materials for photovoltaic applications and multicrystalline wafers.

As a result of the transaction Renewable Energy Corporation will have a 20% shareholding in MSE. Mainstream Energy (MSE), through its operating companies, REC Solar Inc. and AEE Solar Inc., is one of largest suppliers of solar electric products, systems, and services to customers throughout North America.

“Our investment in Mainstream Energy is both a reflection of the increasing importance of the US market and our ambition to take a more active role in building robust and scalable market channels as a basis for further growth”, says Erik Thorsen, President and CEO of Renewable Energy Corporation.

MSE will utilize the capital to accelerate its investments in companies, products and processes that reduce cost and accelerate its efforts to bring solar to the mainstream energy supply nationwide.

“The investment by the REC Group brings not only capital but also deep insight and experience in the entire PV value chain which we hope to leverage to provide additional value to our customers and manufacturing partners alike”, says Timothy Ball, Chairman of Mainstream Energy.


Further details about: Mainstream Energy Corporation and Renewable Energy Corporation ASA