Solar

Solar EnerTech Corp. Acquires Solar Grade Silicon Materials

Solar EnerTech Corp. is arranging with PAIS Industries Group for the supply of 1,200 metric tons of solar grade silicon ingots for three years, to provide Solar EnerTech with enough silicon feedstock needed to manufacture its solar cells and ensure access to affordable materials — in spite of industry-wide silicon shortages.

Although solar electric energy demand has grown consistently by 25% every year for the past 15 years, the hurdle currently facing the rapidly growing $9.9 billion solar industry is a shortage and corresponding price increase of silicon. Construction of Solar EnerTech’s Company’s new state-of-the-art solar cell manufacturing plant in Shanghai is running ahead of schedule and within budget. The projected production capacity for its facility is estimated at an output of 20 megawatts per production line. At current prices this projection translates into roughly $37.5 million dollars in annual revenue per line. The company’s strategic plan is to have the initial 20 megawatts in production by fourth quarter of this year. Securing this supply of affordable solar-grade silicon is contingent upon completion of a formal agreement between PAIS Industries and the government of the Inner Mongolia Autonomous Region to allow PAIS to develop and process locally mined silicon into a marketable solar grade end product. After the June 17th Energy Summit in Beijing, sponsored in part by Solar EnerTech, management of both PAIS and Solar EnerTech will return to Inner Mongolia to continue negotiations.