SOURCE: Solar EnerTech Corp.

June 21, 2006 16:30 ET

Solar EnerTech Corp. Provides Corporate Update on Planned Manufacturing Capabilities, Favorable Analyst Coverage, Silicon Procurement, Leadership Role at Renewable Energy Summit and Recent

Appointment to the Board

MENLO PARK, CA -- (MARKET WIRE) -- June 21, 2006 -- Solar EnerTech Corp. (OTCBB: SOEN) (the Company) today provides a corporate update to review its progress establishing manufacturing capabilities, executing a LOI to secure potential silicon supplies, earning favorable analyst coverage, and taking a lead role in the China Renewable Energy Summit and recent appointments. Solar EnerTech is focused on the development and manufacture of quality solar cells, applications and advanced technologies, taking advantage of rapidly increasing demand in the solar power market, which grew 55% last year to $11.2 billion.

Solar EnerTech is making excellent progress toward the rapid start-up of its manufacturing operations. Construction of the Company's new state-of-the-art solar cell manufacturing plant in Shanghai is running ahead of schedule and within budget. The project management team has overseen the installation of the majority of the infrastructural equipment for its first production line and construction of the second line is proceeding on track.

The projected production capacity for Solar EnerTech's facility is estimated at an output of 20 megawatts per production line. At current prices this projection translates into roughly $37.5 million dollars in annual revenue per line. The Company's strategic plan is to have the initial 20 megawatts in production by fourth quarter of this year.

Last week it was announced that independent fee-based research provider Wellington Research has initiated coverage on the company with a price target of $5.17 and a rating of "Outperform." The report asserts: "Solar EnerTech Corp. plans to establish a strong presence in the emerging solar energy market. With its manufacturing facility in China, the Company has been able to capitalize on the availability of low-cost resources. Further, the Company's management team has significant experience in the solar market. By successfully executing its business plans and entering into strategic partnerships along the value-chain, Solar EnerTech may be able to become one of the leading operators in the industry. The Californian market (which the Company is heavily targeting) has a huge potential and is expected to provide the right platform for the Company's growth."

Solar EnerTech has executed of a Letter of Intent with PAIS Industries Group whereby PAIS Industries would supply the Company with 1,200 metric tons of solar grade silicon ingots for the next three years. This cooperative arrangement is designed to supply Solar EnerTech with silicon feedstock needed to manufacture its leading edge solar cells and ensure access to affordable materials in spite of industry-wide silicon shortages. It is contingent upon completion of an agreement between PAIS Industries and the government of the Inner Mongolia Autonomous Region for the development and processing of locally mined solar grade silicon.

This week Solar EnerTech attended and co-sponsored the China Renewable Energy Summit at the National Congress Conference Center in Beijing. Company CEO and President Leo. S. Young delivered a keynote speech to the audience of industry insiders, legislators and policy makers. Company management was able to conduct talks and forge ties with a variety of key governmental officials.

In related Management news this month, Solar EnerTech announced the formal appointment of Company COO, Mr. Shi Jian Yin to the board of directors. Mr. Yin is a respected veteran of industrial start-up companies in the development of solar energy, aerospace technology and agri-bio manufacturing applications throughout China. He holds multiple patent rights and has received several Science and Technology Awards by the Chinese government for his research accomplishments.

About Solar EnerTech Corp. (OTCBB: SOEN)

Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.

On Behalf of the Board

Solar EnerTech Corp.
Leo Shi Young, President

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