Corporation Forms Separate Solar Business Unit

Spire Corporation, which provides products and services to solar energy and biomedical device markets, has formed a wholly owned subsidiary, Spire Solar, Inc.

Bedford, Massachusetts – January 8, 2003 [] “The incorporation of Spire Solar, Inc. is part of our plan to shape Spire Corporation into autonomous businesses, each focused on different markets to lead to increased stockholder value,” said Roger G. Little, president and CEO of Spire Corporation. “This restructuring effort began with the sale of our telecommunications business in 1999 and continued with the formation of Spire Biomedical, Inc. in 2000 as a wholly owned subsidiary. With its own identity, Spire Solar, Inc. can more easily pursue its strategic goals in the distributed energy industry and acquire the capital to fund growth opportunities, if necessary. It will afford Spire Solar greater operating flexibility to exploit its technological capabilities and market position developed over more than two decades.” Spire Solar provides solar electric systems for distributed power generation for a broad range of applications with a strategy to establish a network of domestic turnkey photovoltaic (PV) module and systems factories to address local markets created by the growing demand for clean and reliable power. The foundation for these factories rests on Spire Solar’s core module manufacturing equipment and technology. Spire Solar Chicago provides large grid connected systems for public, residential and commercial buildings in the Chicago area including a PV array to convert an environmental brownfield into a solar brightfield. Spire Solar Chicago works in concert with ComEd, the City of Chicago, the Illinois Department of Commerce and Community Affairs and BP Solar. The company has provided equipment to more than 140 customers in 42 countries. Spire Solar, Inc. will further capitalize on the growing PV market by offering new equipment and production lines to its broad customer base and new industry participants.
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