Solar Enertech Corp. SOEN – The QualityStocks Daily Blog for Micro-cap and Small-Cap Companies
Solar EnerTech Corp. is a manufacturer of high quality photovoltaic (PV) solar energy cells and state-of-the-art solar applications. Their headquarters, in Menlo Park, California, is also the location where marketing, purchasing, and distribution activities take place. The company trades on the OTCBB and invests in photovoltaic cell research to develop higher efficiency solar cells.
Solar EnerTech has constructed a 63,000-square-foot manufacturing and research facility in Shanghai’s Jinqiao Modern Science and Technology Park in China, where they manufacture PV solar cells and design advanced PV modules for roof panels, solar arrays, and modules incorporated directly into exterior walls, as well as for other applications. The company is currently able to produce 25MW of solar cells from their existing production line, and is currently working to complete a second 25MW production line to make better use of all their capacity and to meet future customer demand.
The company’s main target for solar products is in Europe. This is due to the different government incentive programs, which are causing people to turn to solar power. Their secondary market is in the United States, where California is aggressively pursuing a solar initiative with their One Million Solar Roof incentive program for residences and businesses.
Solar EnerTech has also established a partnership with Shanghai University. This is in a joint research and development facility to increase the efficiency of solar cells. The company also has a strategic relationship with InfoTech Energy Efficiency. This enterprise is a U.S.-based power-system supply firm. They make components in the United States and then export them to China.
The company announced in early September their entry into an equity purchase agreement in which they acquired two million shares of common stock of 21-Century Silicon, Inc. for one million dollars.
This company is a polysilicon manufacturer in Dallas, Texas. The two million shares are roughly 7.8 percent of 21-Century Silicon’s outstanding equity. The equity purchase agreement further provides that Solar EnerTech would acquire an additional two million shares upon 21-Century Silicon meeting certain milestones.
21-Century Silicon, through their proprietary technology, processes, and methods, is concentrating their efforts on manufacturing solar-grade polysilicon more efficiently and cost-effectively than their major competitors. Leo Young, chief executive officer of Solar EnerTech said, “Our relationship with 21-Century is a positive development for our business and further increases the visibility of our production supply.”
Solar EnerTech continues to make products that soak up the sun. They also continue to work with others to further solar power use. They were a sponsor of the Energy Round Table in Beijing,
with Governor Arnold Schwarzenegger of California, and established consensus with the state for future involvement with California’s solar programs.
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Solar EnerTech Corp (OTCBB: SOEN) announced an equity purchase agreement with 21-Century Silicon, Inc, a privately-held Dallas-based polysilicon manufacturer. The company bought two million common stock shares for $1 million, with a provision to buy two million more if the first polysilicon that 21-Century ships meets quality specifications of the Shanghai-based Solar EnerTech. The first material polysilicon shipment is expected in the spring of 2009.
A second, following element of the purchase agreement is a memorandum of understanding for a four-year deal to supply polysilicon for solar cells. 21-Century Silicon seeks the ability to manufacture solar-grade polysilicon at a lower manufacturing cost and with reduced time for new plant setup
”We are pleased to take this first step towards vertical integration with this agreement,” said Leo Young, Solar EnerTech CEO, “and at the same time, to secure a polysilicon supply source at a time when demand and prices remain high.”
“We are excited to provide Solar EnerTech with our high-quality polysilicon to help meet the rising energy demands in the world today,” said Peter Mei, 21st-Century Silicon CEO. “The synergy between our management teams has been very strong and we look forward to strengthening our relationship going forward.”
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Working with a developing technology can often put blinders on a company and its researchers. The next product and quarter’s results are usually the focus. But if a company can keep the blinders off for a few moments, it may realize that there are many ways to look at running and funding itself. The company that has a wide vision in a new technology is likely the one that will profit in the end.
Solar Enertech Corp., a solar photovoltaic panel manufacturer and research company, works to research, develop and manufacture solar panels from its Shanghai, China base of operations. Additionally, the company has a unique relationship with Shanghai University to develop leading-edge solar technology through 2016.
Apparently, the company has structured itself to take advantage of solar development and sales opportunities on both sides of the Pacific. It has opened a Menlo Park office to keep pace with sales and technical programs in the US, while also using research facilities in China at a nice discount. As China is quickly becoming a solar power hub, the company does appear to have a solid foot in the door as solar – in general -works to bring kilowatt costs down and manufacturing capacity up.
To keep the company on track with the latest developments in solar power, it has arranged a deal with the Chinese government to make minimal investment payments while the government provides skilled workers, a 42,000 sq. ft. manufacturing facility and a market hungry for alternative power. Apparently the arrangement is working, as the company plans a production expansion of its panels from 25Kw to 50. There is still plenty of solar power jockeying going on for the different parts of the market. Solar Enertech, however, is looking well-positioned for whatever the outcome may be.
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Solar EnerTech announced today that it has appointed Mr. Donald Morgan and Mr. Kevin Koy as directors of the company. The President and Chairman of the board stated, “I am very pleased to have Mr. Morgan and Mr. Koy join our board. The Company is at a critical juncture. We started shipments in the second calendar quarter and we are now executing our plan to grow the Company.”
Mr. Morgan has extensive experience as a senior financial executive. He has worked with U.S. and international companies ranging from small-cap to Fortune 500. He holds a M.S. degree in Business Administration and an M.S. degree in Finance.
Mr. Koy has over two decades of experience in business management and development. Prior to joining Solar Enertech, he was the Director of Corporation Development, Business School, University of Chicago. This position was supported by his entrepreneurial background and experience. Mr. Koy holds a BA degree from Grinnell College in Grinnell, Iowa.
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Solar Enertech is actively establishing a sophisticated 42,000-square foot manufacturing and research facility in Shanghai, and plans to invest in PV cell research to develop higher efficiency solar cells.
The company’s Research & Development team is led by one of the industry’s top scientists, who gives the company great potential to become one of China’s top solar cell producers.
According to the U.S. Department of Energy, the demand for electricity is expected to rise from 14.3 billion megawatt hours to 26.0 billion by 2025, which may mean that the current non-renewable energy sources will not be able to meet demand.
The sun’s virtually unlimited supply of energy gives Solar Enertech great opportunity expand as the solar industry continues to grow 20-25% each year.
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Investors are taking notice of Solar Enertech as share prices escalate 6.49% on approximately 530,000 traded shares. The company is positioned in a rapidly growing sector which is expected to rapidly grow significantly in the near future.
Non-renewable sources of energy such as oil, coal, and natural gas will not be sufficient to fulfill the electricity demand in the near future. Solar power offers a source of energy which has the potential to last for thousands of years.
The recent Research & Development accomplished in the solar industry has significantly decreased the manufacturing costs, and has made it a key choice for future energy needs.
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SolarEnertech is well positioned in an industry that has tremendous potential to grow. The world-wide demand for Solar photovoltaic (PV) energy is much greater than supply.
The costs for PV systems have come down 25 fold over the last 20 years and are often considered as the most cost effective application. PV systems have been shown to have outstanding reliability and can operate for 30 plus years without the need for major maintenance.
The sun offers a virtually unlimited supply of solar energy unlike coal and oil fields which may be depleted one day. Also unlike other fuel sources, solar energy doesn’t emit carbon dioxide, methane or other gases which contribute to global warming.
Solar Enertech is expected to significantly benefit from solar technology as the Sun becomes a major supplier for the world’s source of energy.
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Solar EnerTech Corp. (SOEN.OB) reports that the International Electrotechnical Commission (“IEC”) has issued its important IEC 61215 Certification to the Company, thereby enabling the Company to sell its products to most countries in Europe.
IEC is the leading global organization that prepares and publishes international standards for all electrical, electronic, and related technologies.
These standards and certifications serve as a basis for national conformity and standardization as well as providing correlative references when drafting international tenders and contracts.
“We at Solar EnerTech are very pleased to have achieved the IEC Certification,” stated Y. H. Zhang, the Company’s Associate CTO, who was previously a senior solar specialist in the Chinese space program. “We are doubly proud as we are the only China-based PV manufacturing company that passed the IEC test on our first submission, without any negative results or defects that would have required a lengthy retesting process.”
Solar EnerTech is a photovoltaic (“PV”) solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai’s Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second 25Mw line that the Company anticipates will be fully operational in the fourth quarter of this year.
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Solar EnerTech was pleased to announce this morning that the International Electrotechnical Commission (“IEC”) issued important Certification to the company which allows Solar EnerTech to sell its products to most countries in Europe.
For over a century, the International Electrotechnical Commission has been leading global organizations and publishing international standards for all electrical, electronic, and related technologies. The IEC 61215 Certification is known as one of the most critical measurement, testing, and certification standards.
Companies which receive the Certification have gone through 5 months of rigorous testing which is required to complete the process. To receive the IEC 61215, a test batch of modules must endure environmental test protocols which include UV radiation exposure, temperature extremes including prolonged high temperatures and humidity, mechanical loading and twisting as well as resistance to hail stone impact.
Solar EnerTech’s Associate CTO, Y. H. Zhang stated, “We at Solar EnerTech are very pleased to have achieved the IEC Certification. We are doubly proud as we are the only China-based PV manufacturing company that passed the IEC test on our first submission, without any negative results or defects that would have required a lengthy retesting process.”
The IEC Certification broadens SolarEnertech’s reach and prepares the way for the company to market and ship directly to European buyers.
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Solar EnerTech Corp. (SOEN.OB) reports that effective June 1, 2007 Ming Wai Anthea Chung was named Chief Financial Officer. Ms. Chung’s role will be to oversee the Company’s worldwide finance and accounting operations.
Ms. Chung brings a wealth of experience as a financial officer including significant accounting expertise. Since August 2004, Ms. Chung served as Vice President and Corporate Controller of AMEX-listed RAE Systems, Inc. of San Jose, California, a leading global developer and manufacturer of rapidly deployable, multi-sensor chemical and radiation detection monitors and networks.
Prior to this, Ms. Chung worked as Corporate Controller of TLZ Inc., a global distributor of laser measurement tools located in Mountain View, California.
Ms. Chung began her career at PricewaterhouseCoopers as an auditor, where she worked for five years within the United States, and for three years within the organization’s practice in China.
Ms. Chung holds a Bachelor of Science degree in accounting from Indiana University at Bloomington and is a certified public accountant registered in the state of California.
With this appointment, Ms. Chung replaces Frank Fang Xie as the Company’s CFO. Mr. Xie remains as a director of the Company as well as its Secretary and Treasurer.
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Solar EnerTech is pleased to announce that Ming Wai Anthea Chung has been appointed to serve as the Chief Financial Officer. Ms. Chung will oversee the company’s accounting operations and worldwide finance.
Ms. Chung brings an impressive resume as she has served as the Vice President and Corporate Controller of, AMEX-listed, RAE Systems, Inc., and as a Corporate Controller at TLZ Inc.
The new CFO began at PricewaterhouseCoopers where she worked as an auditor. She holds a Bachelor of Science degree in accounting and is a certified accountant.
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Solar EnerTech Corp. (SOEN.OB) reports the signing of a five-year sales agreement with ErgonSolair-WonlexTech Group, an Italian solar products distributor.
The sales and distribution agreement comes as a result of trial purchases and recent visits undertaken by the Italian company at Solar EnerTech’s Jin Qiao Technology Park manufacturing facility and was executed in Shanghai between Lorenzo Colacicchi, ErgonSolair-WonlexTech Group’s Operating Manager, and Jack Yin, COO of Solar EnerTech.
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Solar EnerTech announced this morning that they have entered a 5-year sales agreement with ErgonSolair-WonlexTech Group, an Italian solar products distributor.
Recent trial purchases and visits by ErgonSolair played a key part in beginning negotiations. SolarEnertech will supply PV cells and modules at 10 Mw per year. As part of the terms, ErgonSolair will be required to assit SolarEnertech in their marketing efforts by displaying SolarEnerTech’s product brand name on the products. ErgonSolair is now the official distributor for the Italian Market.
At the current prices, the company expects the sales agreement will bring in a yearly amount of $35 million in revenue. The company has been accelerating its manufacturing capacity since April to meet the increased demand from Europe, Asia, and Africa.
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With a Chinese “firecracker” sendoff, Solar EnerTech Corp. (SOEN.OB) reports that it has shipped its first container of solar modules produced for the South African market from its facility in Shanghai.
The shipment is part of the Fan Qie Trading, Ltd. sales order that the Company announced earlier this year. The container is being shipped to the Port of Capetown for delivery to one of Africa’s largest solar system integrators. Fan Qui Trading has advised Solar EnerTech that the integrator brings 13 years of experience at successfully installing solar PV systems in remote rural areas throughout the continent.
Solar EnerTech believes that the needs of this particular regional integrator in 2007 may reach 15 Mw, and that the shipment could help the Company towards becoming a designated supplier for this African company.
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Solar EnerTech is pleased to announce the latest shipment from the Company’s facility in Shanghai. The solar modules are being shipped to the Port of Capetown for delivery to one of Africa’s largest solar system integrators.
The company believes the demand in Africa will grow in 2007 potentially reaching 15 Mw. The recent shipment could assist the company in being an exclusive supplier for this African company.
Because of Africa’s strategic location in relation to the sun, it is believed to be one of the best natural locales for solar applications. The continent receives very high direct irradiation and long periods of sunlight, with an average temperature exceeding 75 degrees.
The President of Solar EnerTech, Leo S. Young, stated, “With this first shipment to Africa, and with the relationship resulting from the visit of Mme Jeanne Dambendzet, senior Minister of the Congolese government last month, we’re really excited to be at the vanguard of companies breaking into the African solar market.”
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The news at Solar EnerTech Corp. (SOEN.OB) is very good, as the Company reports the awarding of six new purchase orders in April.
The Company is greatly increasing its manufacturing capacity, to meet this demand by formally launching a two-shift work schedule for its 25Mw solar cell production line.
The recent orders consist of 65% foreign buyers and 35% domestic buyers, and the delivery deadlines vary from as early as May through to October. These new orders coupled with existing contracts currently in production, are a major reason behind the Company’s decision to adopt two-shift production scheduling slated to commence right after the Mayday holidays in China.
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Revenue will soon be pouring in as Solar EnerTech completes six new purchase orders this year. Many internal changes have been made in order to meet the deadlines.
The company will be launching a two-shift work schedule for its 25Mw solar cell production line, the pace has been quickened, new employees were added, and the examination team was doubled.
In order to ensure quality stays in check during the rush, Solar EnerTech is testing the produced materials for durability before shipment to their clients.
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Investors are responding to the key value represented by the solar industry sector, and in particular the emerging solar firm Solar EnerTech Corp (SOEN.OB) sending the shares strongly upward 18.98% in late trading on Wednesday.
Over the last year, SOEN has made great strides forward in lauching its business model including the ramp up of its new production facility in China.
Solar EnerTech is a photovoltaic (“PV”) solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai’s Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second 25 Mw line which the Company anticipates will be fully-operational in the fourth quarter of this year. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry’s top scientists, the Company’s R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California’s Silicon Valley.
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Since the opening of the market, SOEN.OB prices have been going up on a steady trend. Right now it is trading at the high-of-the-day with a 15% gain.
Investors are taking notice of the great potential Solar Enertech offers. In Monday’s Press Release, the company revealed that they have acquired the interest of the Congo Government. An official 11-member governmental trade delegation from The Republic of Congo stated that he is interested in purchasing Solar EnerTech’s products.
The solar program is an endeavor by Congolese officials to introduce renewable energy solutions for the nation’s under-developed rural areas.
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Solar EnerTech Corp. (SOEN.OB ) recently welcomed an official 11-member governmental trade delegation from The Republic of Congo at the Company’s solar cell plant in Shanghai with the stated intent as a purchasing mission.
The visit comes as a result of the Sino-Africa Economic Cooperation Summit held last November in Beijing, which was attended by 54 leaders from a number of African nations. Following the summit the Chinese government announced a renewable-energy aide program aimed at launching solar energy initiatives within Africa. Mme Jeanne Dambendzet, a senior Minister of the Congolese government and a proponent of alternative energy solutions for her country, led the delegation for a pre-purchase manufacturing inspection.
The solar projects enjoy financial support by both the Congolese and Chinese governments with China Industrial and Agricultural Machinery Import and Export Company, a Chinese state-owned entity, acting as intermediary agent to manage the export of completed solar modules and integrated systems to the project locations in Congo.
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Solar EnerTech announced this morning that they have received a visit by an official 11-member governmental trade delegation from The Republic of Congo stating that the country is interested in purchasing Solar EnerTech’s products.
The visit is a result of the Sino-Africa Economic Cooperation Summit held last November in Beijing. After the Summit, Chinese officials announced that they are beginning a renewable-energy aide program focusing on solar technology. The solar projects are supported financially by both the Congolese and Chinese governments with China Industrial and Agricultural Machinery Import and Export Company acting as a mediator to manage the export of completed solar modules and integrated systems to the project locations.
During S.J. Yin’s visit with Solar EnerTech, he was provided with an overview of the solar manufacturing process and a guided tour of the state-of-the-art 42,000 square foot facility. In order to show the sophistication of the development process, visitors were shown the systematic process of solar cell fabrication from an ultra-thin silicon wafer through to module lamination, testing, and completion.
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In announcing that Mr. Cai Qizhuang has joined Solar EnerTech Corp. (SOEN.OB) to lead the Company’s Systems Integration and Application Division, the Company is planning the rapid addition of staff.
Mr. Cai adds significant depth to the Company’s ability to penetrate new sectors of the solar market. Mr. Cai brings an existing client base that includes approximately 30 customers from Korea, Thailand, Malaysia, Singapore, Spain and Turkey.
As the Company grows, management is increasingly able to attract additional quality sales and marketing professionals from all throughout Asia, as well as skilled workers predominately from within the Chinese solar manufacturing sector.
“This is a major part of our overall strategy,” says S.J. Yin, Solar EnerTech’s COO. He continues, “We are focusing efforts on our workforce buildup to coincide with the Company’s anticipated growth and development.”
In preparation for the anticipated workforce build-up, the Company has initiated plans to locate permanent accommodation solutions for future employees. With the expectation that many new recruits will be from all parts of the country, the Company is exploring options for employee accommodations.
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Solar EnerTech is pleased to announce that Mr. Cai Qizhuang will be strengthening their company by integrating Solar EnerTech’s products into both residential and commercial installations in addition to building integrated PV systems. He will also be heading the development and management of Company’s business relationships.
Mr. Cai Qizhuang has many years of experience in the solar industry. Prior to joining Solar EnerTech he co-founded a solar systems company which has generated approximately $4.5 million in the past three years.
Skilled workers are attracted to the growing company, and many come across the globe. Solar Enertech will soon be soon offering an accommodation solution to their employees. Illumination, hot water and Air Conditioning will all be run with solar power.
Attracting additional quality sales and marketing professionals is a major part of Solar Enertech’s Overall strategy. The company is focused on building the workforce in order to prepare for the Company’s anticipated growth and development
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The new raw material contract is great news for SOEN.
Solar EnerTech Corp. (SOEN.OB) announced that it has signed a long-term material supply contract with Jiangsu Photovoltaic Industry Development Co., Ltd. (“JPID”) of China. The 10-year framework of the agreement is for the provision of polysilicon refined as semiconductor-grade material that will meet Solar EnerTech’s initial needs, as well as the Company’s currently projected future demands.
Analysts suggest that silicon feedstock shortages appear to be a constant factor until post 2009, when projected supply could finally meet with demand.
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At the beginning of this year, share prices were $0.75. Today we reached $1.53 with astounding volume compared
in fact over 1.35 million shares were traded.
SolarEnertech is quickly becoming a leader in the solar industry by aggressively meeting their business goals. In 2006 they started their first production line, had their first batch of solar modules produced soon after, they launched their market identity and brand name, and they released a beta version of their Power Conditioning software.
According to the US Department of Energy, global demand for electricity is expected to rise from 14.3 billion megawatt hours in 2002 to 26.0 billion megawatts by 2025. Non-renewable energy sources will be hard presse consequently new solutions will be required to meet the need. These new solutions must have unlimited resources, and SolarEnertech has the technology to meet the requirement.
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