Dec 22 2010
OPEL Solar, a USA-based high concentration photovoltaic (HCPV) solar and other solar products manufacturer, declared that it has formed OPEL Solar Asia, in Hong Kong in alliance with Ecotech Environmental Technology, a Hong Kong-based company.
The joint venture will allow the company to enter into the East Asia markets with its HCPV products. The signing of the contract will allow the HCPV technology of the company to penetrate one of the fastest developing solar markets in the world especially the Chinese solar market.
Frank Middleton, OPEL Solar’s COO, said that by signing the joint venture with Ecotech his company has found a well-established associate to penetrate the markets of East Asia and advance its opportunities in China, which is predicted as the most robust solar photovoltaic market in the world. He added that the sound knowledge of Ecotech over the region and its large client-base will put OPEL Solar in an advantageous position with least start-up expenses. Middleton explained that the new venture, OPEL Solar Asia (OSA) has commenced its operations with a 2 MW order for its HCPV system products, which include its solar and tracker modules. He explained that the products, which are meant to meet an order obligation of Ecotech within the People’s Republic of China has opened up a multimillion dollar sales opportunity for the company and resulted in profits in the first year of the joint venture operations.
Leon M. Pierhal, OPEL Solar’s CEO, said that the growing CPV markets in East Asia will allow the company to earn over $100 million as profit in the next four or five years period. He explained that the joint venture decision is taken to sustain the growth of the company in the region.
Source: http://www.opelinc.com/