Waterloo, Ontario [RenewableEnergyAccess.com] Last week, Arise Technologies Corp. announced it’s wholly owned subsidiary ARISE Technologies Deutschland GmbH, entered into an agreement to purchase a 13 hectare site from the City of Bischofswerda, Germany. In conjunction, an agreement with HOCHTIEF Construction AG to construct the company’s first solar cell manufacturing plant in Bischofswerda was also announced.
Site preparation has begun and the manufacturing plant is expected to be ready for initial production in the second quarter of 2008. The company expects the transaction to close and complete in September.
Earlier this month, the company made milestone payments to building and equipment suppliers, under previously announced agreements, totaling $3,833,116. These payments will be reported as capital assets in the third quarter of 2007.
In addition, Arise paid Deutsche Solar AG $1,709,673 as prepayment for silicon wafers per terms of the agreement announced May 10, 2007.
In related news, the company released financial results for the second quarter, which ended June 30, 2007. Second quarter highlights include:
• Revenues increased 63.2% versus first quarter 2007.
• Net loss was $3,416,025 compared to $582,469 for the same period in 2006 as a result of increased investments in PV Technology, Silicon Feedstock R&D, increased management staffing and stock compensation expense along with start-up costs related to the Company’s German subsidiary.
“We are very pleased with our second quarter results and continue to track our plan,” said Ian MacLellan, President and Chief Executive Officer. “Second quarter highlights included; signing the wafer supply contract with Deutsche Solar AG, being awarded the WISE contract for solar installations in Toronto and completing our $25.3 million equity financing. In addition our expenses are in line with plan and we continue to be on schedule in Germany for initial production in second quarter 2008.”