May 29 2010
Apollo Solar Energy, Inc. (OTC Bulletin Board: ASOE) ("Apollo Solar" or "the Company"), a refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, today announced that the Company has entered into a non-binding collaboration agreement with China Energy Conservation Solar Energy Technologies, Inc. ("CECS" or "China Energy Conservation") to build scaled thin-film solar energy power stations.
According to the non-binding collaboration agreement, both parties anticipate working jointly in three ways: first, Apollo Solar intends to provide CECS with thin film solar panels, upon request, on a long-term basis, which panels the parties intend to use in the construction of thin scaled film solar power stations and photovoltaic grid-connected systems; second, the parties intend to work jointly to construct thin scaled film solar energy power stations; and third, CECS intends to acquire the thin film solar energy power stations that may be built independently by Apollo Solar through its separate financing and technology.
"We are very pleased to sign a non-binding collaboration agreement with CECS," Mr. Renyi Hou, the CEO of the Company commented, "CECS is the only solar energy oriented company currently funded by the China Energy Conservation Investment Corporation, a state-owned company responsible for leading the new renewable energy industry by directing development throughout China."
"CECS, a wholly-owned subsidiary of China Energy Conservation Investment Corporation, is the largest operator of wind and solar power stations in China. CECS is in charge of the construction and operation of scaled solar power stations, and is the largest investor and systematic operator of solar photovoltaic technology in China," Mr. Zhao Youmin, senior vice president of CECS commented. "It is our duty to lead the direction of new renewable energy industry in China as a state owned investment corporation. We select Apollo as strategic partner for developing thin film solar power station since Apollo is a pioneer in thin film solar PV section with resource, technologies and network. We expect long term cooperation with Apollo under mutual benefit."
Mr. Hou further commented, "The Chairman of China's State Electricity Corporation, in a recent interview on CCTV News, announced that according to the Chinese government's recent promise to limit emissions, the State Electricity Corporation intends to accelerate the pace of construction of renewable energy sources, including solar power stations and photovoltaic grid-connected systems. The Chairman also estimated that, in his opinion, renewal energy sources, including wind and solar energy, will capture about a 20% share of nationwide energy demand in China by the year 2020."
"Today, renewable energy only accounts for less than 1% of the energy market share in China," Mr. Hou stated, "As a high-purity Te supplier, Apollo Solar expects to provide high-quality solar panel products with competitive pricing through OEM agreements with manufactures. We believe that working with CECS will improve our competitive advantage in our future construction of scaled solar energy power stations. Our management team believes the cooperation with CECS will lay a stable and sustainable base for the Company's future development."