SOURCE: Solar Energy Initiatives

Solar Energy Initiatives

March 17, 2010 08:30 ET

Solar Energy Initiatives Announces Agreement With a Leader in Solar Thermal Products

Agreement Allows SNRY to Market Cutting Edge Solar Heating and Air Conditioning Products to All 50 States

PONTE VEDRA BEACH, FL--(Marketwire - March 17, 2010) -  Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in solar project development, distribution and workforce training, today announced a strategic partnership with Ireland based Surface Power, a leading designer and manufacturer of solar thermal products. The agreement allows SNRY to expand into the multi-billion dollar solar heating and solar air-conditioning market.

The agreement will allow SNRY to focus on the sale and distribution of Surface Power's SP501 solar thermal collector to the United States. The SP501 is one of the most productive and flexible hot water, heating and solar air-conditioning applications available for the use in residential, commercial and industrial buildings. Solar Power's SP501 solar thermal collector was designed, developed and rigorously tested across a wide range of climates, including those with a high incidence of wind, rain and clouds. The SP501's main competitive advantage is that it is a direct flow non-metal transfer (DFNMT) solar hot water collector designed for high water temperatures. It can be used for simple year-round domestic hot water systems or for more challenging heating and cooling, air conditioning and water treatment applications. SP501 solar collector provides the blueprint that delivers the best value for solar thermal deployment and carbon reduction.

In congratulating the Surface Power team on their partnership with Solar Energy Initiatives, Prime Minister Cowen said, "I'm pleased to know that technology developed in Ireland will be making a valuable contribution to the solar industry in the U.S."

"We are excited to have Solar Energy Initiatives and their vision of bringing the solar industry to the State of South Carolina. Their 'Renew the Nation' and 'Renew South Carolina' state of the art programs bring needed jobs, and high technical training for the solar industry to the state, region and nation," said Senator Yancey McGill.

"What makes this product ultra unique is that while it performs in sunny climates; it also excels in cloudy and wet climate conditions allowing solar to be a year round solution even in poorer climates," stated Mr. David Fann, CEO of Solar Energy Initiatives. "Our expansive dealer network is excited to have the opportunity to cross sell the SP501 product with our other solar products throughout the United States. We will soon open our Solar Showcase which includes our solar academy and state-of-the-art solar demonstration facility. This project, with the assistance of the State of South Carolina will showcase our products, provide training and create jobs. Surface Power will assist Solar Energy Initiatives in developing a distribution center on these premises for us to use in the marketing of their products. Based on this new facility all the products will qualify for the Buy American Act which will make us a premier solar provider in all 50 States. We believe our ability to successfully market these solar products should increase our revenues and margins throughout 2010 and beyond." 

The agreement was announced today, March 17, 2010 in Washington, DC at a Trade and Investment Mission to the U.S. led by Ireland's Prime Minister, Brian Cowen.

John Quinn, Surface Power's CEO stated, "Our SP501 is the world's most productive solar thermal collector per dollar invested, and demonstrates excellent performance in all conditions, including Northern climates. Now, for the first time, the solar industry can offer solutions for large-scale commercial applications, including solar air-conditioning."

About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB: SNRY), d-b-a SNRY Solar, is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. The Project Services Group (PSG) is a developer and manager of municipal and commercial scale solar projects. The SolarEos Group is dedicated to the education and continuous improvement of solar energy trade professionals. The Integrated Supply Group (ISG) is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Solar Energy Initiatives also owns SolarEnergy.com, one of the most visited solar websites on the internet and a digital property committed to driving consumer traffic, while serving as a platform for awareness of the benefits of solar and a source of business lead generation to SNRY Solar's channel partners. Through its diversified portfolio of solar businesses, SNRY Solar is committed to restoring the nation's economy through a grassroots campaign called 'Renew the Nation.' Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit www.solarenergy.com.

About Surface Power
Surface Power is a specialist designer, manufacturer and distributor of specialist renewable technology equipment. The company covers domestic, commercial and industrial products. The company is also a strategic partner in a number of EU funded projects to generate next generation cleantech innovation. It offers unrivalled support in the areas of solution provision and technical expertise. Support services include pre sales, installation, training and maintenance on all products and solutions. Surface Power has offices in USA, UK, Ireland, New Zealand & China. 

Contact Information

  • Investors:
    Solar Energy Initiatives, Inc.
    David Fann, Chief Executive Officer, 904-644-6090
    Email Contact

    or

    Alliance Advisors, LLC
    Chris Camarra or Bryan Kobel, 212-398-3487
    Email Contact