Solar Integrated Wins U.S. $70 Million Contract In Italy
London, UK and Los Angeles, California, December 20, 2007
Source: Solar Integrated Technologies, Inc /press release
http://www.solarintegrated.com/PR_Intalyseven_07.htm
Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has won a supply contract in Italy for more than U.S. $70 million. The contract, believed to be one of the largest announced solar deals in Italy, is with an Italian solar project developer and will involve BIPV installations on multiple large buildings. The Company expects to complete a significant portion of the contract in 2008, with the remainder in 2009.
“We are positioned to enter 2008 as a compelling growth story with a defined pathway to profitability,” stated R. Randall MacEwen, President & CEO of Solar Integrated. “Recent contract wins, punctuated by this $70 million Italian order, along with additional prospects, indicate a trend towards larger projects with positive impact as we transition our focus to EBITDA and cash flow performance metrics.”
Mr. MacEwen continued: “Our market strategy is simple – to be the trusted solar roofing partner for our customers across their full portfolio of big-box buildings. We provide our customers with solar roofing systems that meet their financial, energy, roofing and environmental objectives. Our ‘no compromise’ solar roofing philosophy is gaining market attention.”
Robert W. Campbell, Executive Vice President, Sales & Marketing commented: “Italy has rapidly become an important market for us. Over 35% of our European revenue in 2007 relates to Italian projects, and we expect this to increase. Italy has premium feed-in tariffs for BIPV systems, which range from 10% to 25% higher than standard Italian feed-in tariffs for ground-mount PV systems. Italy also has high electricity rates and a robust sun profile. As an illustrative example, Italy typically has 30% more annual sun hours than Germany, currently the world’s largest solar market.”
Solar Integrated’s BIPV products feature UNI-SOLAR® photovoltaic laminates. UNI-SOLAR laminates offer superior cost-effective solutions for roofing applications because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real world conditions. The laminates are supplied by United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (NASDAQ:ENER).
About Solar Integrated:
Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that designs, manufactures and installs building integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops. We are a leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications. Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, Metro, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield.