SOURCE: Fidelis Energy Inc.

December 19, 2011 08:00 ET

Fidelis Signs Additional $77 Million Contract to Supply 42MW Capacity Solar Modules

LOS ANGELES, CA--(Marketwire - Dec 19, 2011) - 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 42 megawatts (MW) of PV Solar modules to TSEL for installation in the development and build-out of numerous solar park locations across the African continent. Fidelis has completed shipments of 76 megawatts (MW) of solar modules to date, leaving a balance of 131 megawatts (MW) yet to complete in TSEL's long-term supply agreement of 207 megawatts (MW) of PV Solar modules for a total product value of $475 million.

The Company expects to begin shipments against this new contract during the second quarter of 2012. The solar modules will ship from the Fidelis manufacturing facility in southern China.

Mr. Wes L. Volker, Managing Director of TSEL, commented: "We are extremely satisfied that we have selected Fidelis as our partner to supply our large solar projects in Africa, they have diligently delivered above and beyond of our expectations. This fourth contract is another step toward a long and prosperous relationship with Fidelis and their partners as we develop and expand our solar energy operations in Africa."

Over the past year, Fidelis management has spent significant time overseas procuring its solar sector business relationships and building the necessary foundation for future expansion. The Company has also been focused on the development of its production facilities and general operations abroad.

Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list at www.fidelissolar.com.

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 has designed and is developing solar photovoltaic (PV) cell technology products for manufacture and distribution worldwide. 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.

The Company is developing, manufacturing, and marketing 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.

Contact Information

  • Fidelis Energy Inc.
    Investor Relations
    (213) 457-3385
    Email: Email Contact