New Energy Corporation (OTCBB:NECO), an alternative-renewable energy/thermal generator systems provider -- today announced that it has contracted with Teixeira Farms Inc., of Santa Maria, Calif., to provide the company with High Concentrate Photovoltaic (HCPV) Solar Energy for a period of 10 years. The contract includes four 1-megawatt HPCV generators, to be delivered by the third quarter of 2002.

John McDonald, president and director of New Energy Corporation, commented: "This deal with Teixeira Farms Inc. is a significant accomplishment for New Energy Corporation, as they are the third largest agricultural packaging concern in the United States. This first contract with Teixeira is only the beginning of what we expect will be an increasingly lucrative relationship, as they plan a near-term increase in their solar electricity energy needs that will eventually exceed 100MW. Also, our relationship with Teixeira positions us to better take advantage of the vast opportunities that exist within the agricultural marketplace."

McDonald further commented: "New Energy has recently refocused its business objective to the selling of long-term energy contracts, in addition to the selling of its HCPV solar generators. Because of state and federally funded programs that provide rebates and tax credits for renewable energy systems, we are now able to provide our energy customers with the use of our generators at no expense to them. This makes the switch from fossil fuel-derived energy to HPCV solar energy virtually seamless for the end user."

Norm Teixeira, president of Teixeira Farms Inc., commented: "By signing this contract with New Energy Corporation, we will see an immediate reduction of our energy expenditures by 20%, which is unheard of in this time of energy scarcity. Because the generators are provided to us free of cost, there is no downside to the transition from fossil fuel-derived energy to solar power. Also, we are now able to meet our energy needs without negatively impacting the environment."

About New Energy Corporation

New Energy Corporation is a U.S. solar energy generator systems provider deploying the most advanced High Concentration Photovoltaic (HCPV) technology in the world. The emerging HCPV technology enables the company to deliver electrical and thermal solar energy generators to residential, commercial, industrial and utility scale end users on an economic basis superior to all other forms of renewable energy generators and more than competitive with fossil fuel generators. For more information on New Energy, visit their Web site at www.newenergyco.com.

About Teixeira Farms Inc.

Teixeira Farms Inc., of Santa Maria, was founded in 1937, and is the third-largest agricultural concern in the United States. The company grows, harvests, warehouses, packages and ships agricultural goods, including various varieties of lettuce, cauliflower, celery, broccoli and cabbage, to customers throughout the United States.

The matters set forth in this news release may contain forward-looking statements. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from expectations. Contributive factors to such differences include those identified in the company's filings with the Securities and Exchange Commission ("SEC").

New Energy Corporation

New Energy Corporation

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