SOURCE: Worldwide Energy & Manufactuing USA, Inc.

Worldwide Energy & Manufactuing USA, Inc.

December 16, 2010 07:30 ET

Worldwide Energy & Manufacturing USA, Inc. Poised to Benefit From Rising Demand for Solar Energy

Solar Demand Estimated to Grow at Roughly 64% CAGR to 19.3 GW by 2011, According to iSuppli Corporation

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - December 16, 2010) - Worldwide Energy & Manufacturing USA, Inc. (OTCBB: WEMU) ("Worldwide" or the "Company"), a rapidly growing international supplier of photovoltaic (PV) solar modules, announced today that it anticipates strong demand for its photovoltaic (PV) modules based on the continued shift to alternative energy sources such as solar.

iSuppli Corporation, a provider of market intelligence services, estimates that global PV installations will grow at a CAGR of 63.7% from 2009 to reach 19.3 GW by 2011. The data provider noted that Germany, the world's largest solar market, experienced stronger than expected growth this year, causing it to boost its 2010 forecast to 15.8 GW from 14.2 GW. In addition, Pike Research, a market research and consulting firm that provides in-depth analysis of global clean technology markets, believes that several key factors will lead to a "remarkable increase" in solar demand over the next three years, including:

  • Largely untapped U.S. solar market that it expects will increase substantially in 2011 and beyond as States seek to reach renewable portfolio standard (RPS) goals and the federal government reinstates and adds to solar incentives;
  • China's large need for solar power in grid-isolated regions to supply peak power demand and reduce emissions from coal-fired power plants, which it is anticipated will drive a national FIT and other incentives by the second half 2011;
  • A much wider array of countries that are contributing to solar demand, most notably Italy, France, the United Kingdom, and Canada;
  • Anticipated grid parity that may be reached by more than 50% of the world's regions by 2013 as grid power costs continue to climb and solar costs continue to fall;
  • Significantly improved project financing ability.

"Demand for clean solar energy and PV modules is increasing around the world as government incentives spur solar usage going into 2011 and beyond," commented Jimmy Wang, CEO of Worldwide Energy & Manufacturing USA, Inc. "There is a very strong market for our products in Europe as additional countries increase their demand for PV energy. We achieved strong revenue growth in our Solar Division during third quarter based on international demand for our AmeriSolar modules, and our solar backlog currently stands at a record $106 million. We are excited by the outlook for our industry and anticipate that demand for renewable energy from solar will climb in a wider number of countries and offer even more opportunities for growth."

About Worldwide Energy & Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the solar energy, wireless telecommunications, aerospace, automobile and medical equipment industries. Subsidiaries include Shanghai Intech Electro-Mechanical Products Co. Ltd., LLC, Shanghai Intech-Tron Electric and Electronics Co., Ltd., LLC, Shanghai Detron Electric & Electronics Co., Ltd., Shanghai Intech Precision Machinery Co., Ltd., LLC, Shanghai Shutai Precision Casting Company, Limited, LLC, Worldwide Energy and Manufacturing (Ningbo) Co., Ltd., LLC, Worldwide Energy and Manufacturing (Nantong) Co., Ltd., LLC, and Worldwide Energy and Manufacturing (Shanghai) Co., Ltd.

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