SOURCE: Fidelis Energy Inc.

June 10, 2010 11:57 ET

Fidelis Energy Progress Report on 5MW Solar Energy Facility in India

BEVERLY HILLS, CA--(Marketwire - June 10, 2010) -  Fidelis Energy Inc. (PINKSHEETS: FDEI) is pleased to report on the progress of the 5MW Solar Energy Facility near Jaisalmer, India. The 5MW project is part of a larger proposed 100 MW project and will be the first of its kind in India.

"It has been and exciting and rewarding journey for us as a company this past year in working towards the goal of becoming a pioneer in the solar industry in India. This is a very exciting time for solar and for the alternative energy sector worldwide, and we are proud to be part of it," stated Mr. James Poole, President and CEO of Fidelis Energy Inc.

Dear Shareholders,

I am pleased to write to you today with an update on the various activities we as a company have been engaged in and an overview of our current objectives. I am proud of our accomplishments to date and am excited about our future prospects with a sharp focus on becoming a leader in solar power generation.

Since signing the Agreement with Esar Solar Power Pvt. Ltd. (ESP), the key objectives have been:

1. Produce a Detailed Project Report for presentation to government officials in Rajasthan
2. Produce a Feasibility Study for the government officials in Rajasthan
3. Identify and purchase a sufficient area of land suitable for a 100 Megawatt Solar Energy Facility
4. Secure Power Purchase Agreement(s) with the state's government-owned power distribution company
5. Obtain financing in the form of debt or a Joint Venture partner
6. Secure an implementation agreement with the government
7. Complete Phase I-A construction of the Solar Energy Facility (5MW) and connect to the grid

Detailed Project Report & Feasibility Study

The Detailed Project Report and the Feasibility Study are both well underway. We have engineers both here and in India compiling the data required. The company has a planned presentation date of July 31, 2010, to present these reports to the government officials in Rajasthan. These reports are the base documents for planning and implementing the project in Rajasthan. 

Land

The team, including a number of Indian Government officials, targeted the land most suited for the project. The location is perfectly suited for the project because it is located in the Thar desert. The region basks in an average of 330 days of sunshine per year and receives up to 6.2KW per hour of solar energy per square meter everyday, which is the highest in the world. The entire 960 acres are secured by deposit and being purchased from a syndicate of landowners at a cost of approximately $3.7 million. This site is approximately 5 kilometers to the nearest government substation connecting to the electrical grid system. 

Financing

The company is currently in negotiations with 6 (six) separate entities interested in additional funding for this project. Three of which are well known financial institutions looking for solar projects and the other three are very well known solar companies. Management feels that a Letter of Intent from one or more of these sources could be signed within the next 15 days. The Company has already secured a $30 million financing with Swiss-based Empres Voss Capital (EVC) announced early this year on January 19, 2010.

Complete Construction of Phase I-A of the Solar Energy Facility

This project will be the largest Solar Energy Facility in India. Phase I-A calls for the construction of 5 MW of power at a construction cost of approximately $25 million USD. Currently all of India has a total of approximately 3.2MW of installed grid-interactive Solar Power capacity. Just this first phase is almost twice more solar power than currently installed. It will provide enough electricity to power approximately 18,000 homes.

India's National Solar Plan

In July 2009, India unveiled a $19 billion plan, to produce 20 GW of solar power by 2020. Under the plan, solar-powered equipment and applications would be mandatory in all government buildings including hospitals and hotels. On November 18, 2009, it was reported that India was ready to launch its National Solar Mission under the National Action Plan on Climate Change, with plans to generate 1,000 MW of power by 2013.

Advisory Board

In early March we elected to form an Advisory Board in order to bring on seasoned experts to assist the company with expert advice including Technical, Political and Business. Demyan Bondarenko was announced on March 10, 2010 as the company's Director of Solar Project Development and Fedir Ruzicka as the European Solar Energy Operations Manager. The company plans to announce 4 to 5 more advisors to the board shortly. These board members will help the company as it grows and tackles the challenges of putting together large industrial size solar projects. The Advisory Board members are successful individuals chosen because of their knowledge and experience in their respect fields of expertise.

Sincerely Yours,

James Poole
President & CEO, Fidelis Energy Inc.

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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