QSolar Limited

March 22, 2011 20:40 ET

QSolar Ltd. Announces Near Grid Parity

CALGARY, ALBERTA--(Marketwire - March 22, 2011) - QSolar Ltd., ("QSolar" or the "Company") is pleased to announce that it is set to achieve grid parity by breaking the $1/W barrier using its all new fully automatic integrated Crucible Cell ®-Spraytek79® manufacturing processes.

QSolar is a private technology company in the solar photovoltaic ("PV") panel manufacturing field with unique proprietary patent pending manufacturing processes, these processes result in significantly lowering the cost of solar panels, and this in turn reduces the overall cost of solar energy.

QSolar is set to achieve the long standing goal of the solar industry that is of grid parity. This means that the cost of solar electricity will be equal or lower than the cost of conventional electricity produced by fossil fuel. The cost of the solar wafer which is used for the manufacturing of solar cells, the main component of solar panels, accounts for 40% of the overall cost of the solar module. Any savings in the production costs of the wafer, results in significant savings in the overall module price.

QSolar, following the development of its highly successful Spraytek79® process and in continuing its efforts to lower the solar panel costs, has now developed a new cost effective solar wafer manufacturing process. Conventional wafer manufacturing processes consist of growing large ingots of silicon crystals in furnaces and then cutting them with wire saws into thin wafers. This process results in material loses of up to 50% from the silicon dust produced during cutting. This can not be reused as it is no longer pure to the level required for solar wafer manufacturing. QSolar's new Crucible Cell® process eliminates this waste by using a proven metal casting method to manufacture individual wafers in graphite crucibles without any cutting that leads to waste. This process leads to up to 50% saving in silicon material which in turn results to up to 20% saving on the cost of the finished solar module. Solar industry has been making efforts for a long time to achieve grid parity i.e. to have comparable costs of solar electricity to conventional costs of electricity produced by fossil fuels; the Crucible Cell process goes a long way in achieving this goal.

QSolar will be implementing a fully automated integrated manufacturing line starting with solar grade silicon and a piece of glass and ending up with a complete solar module. Solar manufacturing has been unchanged for many years and QSolar is changing that with its proprietary patent pending manufacturing processes. Implementation of this fully automatic Crucible Cell- Spraytek process will enable QSolar to manufacture its Spraytek panel range at a cost significantly lower than $1/W as well as offering volume pricing for its panels for under $1/W. In view of the fact that competitive crystalline panels are selling at minimum volume prices of about $1.60/W and the world solar PV market approaching $100bn a year QSolar expects the sales of its panels to reach record levels in 2011.

QSolar has been granted conditional listing approval on the Canadian National Stock Exchange ("CNSX") through a reverse take-over of a reporting issuer and anticipates being able to announce the listing date on CNSX very soon.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act (U.K.) of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.

Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar is able to meet price, performance, quality and delivery requirements. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

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