August 30, 2012
YOUNGSTOWN, OHIO Northern States Metals (NSM) and OPEL Technologies, Inc., (TSX-Venture: OPL and OTCQX: OPELF), (OPEL) today jointly announced NSM's intent to purchase certain assets related to OPEL's Solar Tracker business.
"The OPEL Tracker acquisition fits well with the NSM mission to continually lower the balance of system costs for large solar projects." – Tom Meola, President/CEO, Northern States Metals
NSM is the developer and manufacturer of Solar FlexRack, a best-selling patented, pre-assembled photovoltaic mounting system. NSM sold its first Solar FlexRack in 2009 and now has more than 350MW worth of systems installed in North America.
“We are excited about OPEL’s Solar Tracker,” said Tom Meola, Northern States Metals President and Chief Executive Officer of NSM. “It broadens our Solar FlexRack product line, and OPEL’s Solar Tracker is perfect for the kind of utility-scale projects that we’re now targeting.”
The OPEL Tracker technology is a proven system that is designed to increase the yield of a Photovoltaic System by up to 30 percent. It eliminates inter-row shadowing, allowing for larger systems to be installed in a smaller area. The OPEL Tracker technology includes an advanced wireless monitoring system that can be readily interfaced to a customer’s SCADA Systems.
Solar FlexRack has been successfully marketed as the mounting system with the fastest installation time, substantially lowering labor costs. Likewise, the OPEL Solar Tracker is designed for efficient installation — a complete 10 kW system can be assembled in less than four hours.
“The OPEL Tracker acquisition fits well with the NSM mission to continually lower the balance of system costs for large solar projects,” added Meola. “We are working to make solar a more efficient and cost-effective energy alternative.”
The sale of the Tracker business enables OPEL to achieve its objective, announced June 20, 2012, of divesting its Solar Division in order to focus on the POET platform technology of OPEL’s ODIS Division.
The proposed transaction remains subject to the completion of due diligence and various other conditions, including a definitive purchase agreement. Assuming that all conditions to closing are satisfied, a closing is expected to occur in late September.
OPEL Technologies has corporate offices in Toronto, Ontario and Shelton, Connecticut. NSM has manufacturing facilities in Youngstown, Ohio and Toronto, Ontario, with corporate offices West Hartford, Connecticut.
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