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Spire to Provide ATmicro Solar, a Cyprus Company, With Solar Electric Module Manufacturing Line; $2.7 Million Contract from ATmicro Solar to Deliver 10MW Per Year Production Line
Spire to Provide ATmicro Solar, a Cyprus Company, With Solar Electric Module Manufacturing Line; $2.7 Million Contract from ATmicro Solar to Deliver 10MW Per Year Production Line
Published 05-10-02
Submitted by Spire Corporation
BEDFORD, Massachusetts - Spire Corporation (NASDAQ:SPIR), a leading supplier of photovoltaic manufacturing equipment and solar electric systems, today announced that it was awarded a $2.7 million contract to provide a SPI-LINE(TM) turnkey photovoltaic (PV) module production line to ATmicro Solar, a new company located in Cyprus. This integrated module assembly line, to be operational by year-end, is specifically designed for ATmicro Solar. ATmicro is building the country's first solar electric module manufacturing facility in Ergates, Cyprus.
Spire's advanced PV module assembly equipment and process technology will enable ATmicro Solar to manufacture photovoltaic modules from solar cells at the rate of 10 megawatts per year. These modules will be used for PV systems for electrification projects in Cyprus and throughout the eastern Mediterranean region.
Cyprus is completely dependent on imported fossil fuels and has a sunny climate so that solar power has proven to be financially attractive. More than 90% of the homes and 50% of the hotels are equipped with solar water heaters, making Cyprus one of the leading solar areas in the world in terms of installed solar collectors per capita.
"The establishment of PV manufacturing capacity in Cyprus is part of the global trend towards distributed local manufacturing of photovoltaic modules. Our experience has shown that local assembly of modules stimulates local demand for PV products, causing markets to grow faster," said Roger G. Little, Spire's President and CEO. "ATmicro chose Spire as its partner because of our reputation for having established successful PV module manufacturing operations all over the world in the past three decades. We fully support customers such as ATmicro Solar with specialized equipment, process technology, training and field service."
Mr. Andreas Tapakoudes, Chairman of ATmicro Solar said, "We will be signing contracts for the supply of several large PV system projects shortly. Given our ambitious goals, Spire was the logical choice to supply the line and technology to meet our needs on time."
Spire Corporation is a leading supplier of solar electric module manufacturing equipment, turnkey production lines and solar energy businesses. The company's advanced module manufacturing equipment and turnkey production lines have been installed in more than 140 factories in 40 countries; over 90% of photovoltaic modules in use today have been made using some Spire equipment.
Spire Biomedical Inc., a wholly owned subsidiary of Spire Corporation, provides premium medical products and biotechnology surface engineering services for improving the performance of implantable medical devices.
For more information, please visit our web site at www.spirecorp.com
Certain matters discussed in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company's Form 10-KSB filed with the Securities and Exchange Commission.
