Arise Technologies signed a non-binding letter of intent (LOI) with an undisclosed turnkey supplier for the purchase of two 60MW PV cell production lines, which will be added to its German plant. The LOI gives Arise four weeks to complete the definitive purchase agreement and acquire the required debt, equity and government funding necessary to buy the new production lines.
Once the two new production lines are installed, Arise will have an annual capacity at its Bischofswerda plant of 205MW with customer shipments from the third and fourth lines beginning in the second and fourth quarter of 2011, respectively.
“We are pleased to be taking the next step to increase our production capacity and capitalize on the resurgent growth in the global solar market,” said Dan Shea, Arise's president and CEO. “We expect the additions of Lines 3 and 4 to help us meet strong demand from our existing customer base, while providing us with the capacity necessary to aggressively pursue new customers.”
Additionally, Arise has begun advanced discussions with a private European-based alternative energy company for a purported arrangement to commercialize Arise’s 7N+ silicon SiRF technology. Executives at both companies have come to the decision to continue with the final technology sign-off and the business terms of the commercialization arrangement.
The agreement has a proposed use of both cash and right to use components. Arise anticipates the deal to be completed by the end of the year once final technology evaluations conclude.
“We are encouraged by the strong progress made in advancing these discussions with this European partner and look forward to finalizing a framework to unlock the value of our disruptive proprietary silicon technology,” continued Shea. “While we are very pleased with the pace of these discussions, we also continue to receive strong interest from other potential strategic partners.”
