SOURCE: Fidelis Energy Inc.

June 22, 2010 16:00 ET

Fidelis Signs Additional $210 Million Contract to Supply 93MW Capacity Solar Modules

LOS ANGELES, CA--(Marketwire - June 22, 2010) -  Fidelis Energy Inc. (PINKSHEETS: FDEI) announced today that it has entered into a long-term solar module supply agreement with Lagofrio Energy Solutions (LES), a wholly-owned subsidiary of TinSol Energy (pty) Ltd. (TSEL), Johannesburg, South Africa. Under the terms of the contract, Fidelis Energy will supply 93 megawatts (MW) of PV Solar modules to TSEL for use in the development and build-out of several solar parks in Africa. Fidelis will begin shipments against this contract during the first quarter of 2011. Product will ship from the Fidelis module plant in China, scheduled to come online during the fourth quarter of 2010.

Mr. Wes L. Volker, Managing Director of TSEL, commented: "We have continued to select Fidelis as our partner to supply our large solar installations due to the cost and performance advantages afforded by the Solar Cell technology owned by Fidelis. This second contract is another step toward a long and prosperous relationship with Fidelis as we develop and expand our energy business in Africa."

"We are very pleased to have secured another large capacity contract for Fidelis Energy," stated Mr. James Poole, CEO of Fidelis Energy. "This second deal with TSEL validates our ever improving position in the international solar market. Along with the substantial investment commitment we secured in February, additional large megawatt capacity agreements are under negotiation that will facilitate Fidelis to command a leadership position in the high growth solar market. We are extremely pleased to be working closely with TinSol Energy (pty) Ltd. to accelerate our growth in Africa." Mr. Poole added, "The environmental benefits of solar energy are critical to addressing the global warming challenge facing all of us. The electricity generated as a result of the deployment and use of the PV modules we will sell to TSEL will avoid the annual emission of nearly 600,000 metric tons of CO2 that would result if the electricity were generated by coal-fired power plants." Fidelis Energy announced up to $80 million of new financing in February 2010, for the purpose of expanding its photovoltaic manufacturing capacity. The Company plans to expand its annual manufacturing capacity by approximately 150 MW in each of the next several years.

About Fidelis Energy Inc.
Fidelis Energy Inc. ("FDEI") is an energy company focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. Fidelis is also in the development stage of designing solar photovoltaic (PV) cell technology products and plans to manufacture and distribute these products in the future. Fidelis owns a unique patent pending solar cell technology based on photovoltaic cells with integral light-transmitting wave guides in a ceramic sleeve. The advantage of this technology is the efficiency of less exposed surface area being required to generate electricity. The light-transmitting particles act as wave guides and allow the sun-exposed conversion area of the solar cell to be shifted readily from horizontal to vertical to capture more sunlight. The ceramic sleeve eliminates the need for expensive vacuum chambers, thereby allowing less expensive materials to be used in solar cell production.

We are developing, with plans to eventually manufacture and market, innovative solar cells and solar power products for a wide range of applications based on our technology that increases light-trapping while enabling a variety of materials to be used. Our technology employs multiple stacked solar cells in a ceramic sleeve that uses nano-particles and crystal wave guides to carry light from the opening down to the last junction in the solar cell. Competitors' processes that use vacuum chambers (instead of a ceramic sleeve) generally don't allow for material substitution because of contamination issues. We believe our technology will also allow manufacturers to quickly and economically shift to new materials if a shortage of any one type of material occurs. In general, our technology will offer a flexible, cost-effective solution for increased light-trapping and will provide increased efficiency.

Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.

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