Evolution Solar Corp. (OTC:EVSO) has acquired Synergy Design and Development Company Limited, a Hong Kong R&D and Procurement Company based in Shanghai, China. Evolution Solar most recently announced its plans to develop alternative energy technologies using thin film solar panels.
"The acquisition of Synergy should give Evolution Solar an edge over the competition in sourcing materials and the manufacturing process of photovoltaic technology," stated Robert Kaapke, CEO of Evolution Solar. "The historical growth within the solar industry is creating a huge demand on suppliers and manufacturers in the market."
Evolution Solar is planning to establish a footprint with the manufacturing capabilities in the Asian markets that can assist in the reduction in the manufacturing and procurement of materials in the heavy technology manufacturing province of Shanghai, China.
China, which passed a landmark renewable energy law in January 2007, has pledged to spend some $200 billion over the next 15 years on renewable energy. The goal: Achieve 20 percent total energy consumption from green fuel sources.
China's interest in renewables has translated into a rapidly expanding base of at least a dozen publicly held domestic solar energy and wind energy concerns, among them: Solarfun Power Holdings (NASDAQ:SOLF) and JA Solar Holdings (NASDAQ:JASO).
Some think the U.S. could be generating 10% of its electricity from the sun within 10-15 years, and Scientific American published a scheme last year for drawing almost 70% of our power using solar by 2050. Merrill Lynch's Mark Heller noted that solar startups raised more money in 2007-8 than Internet stocks did in their 1998 heyday. With companies such as First Solar (NASDAQ:FSLR) crushing expectations and posting a 246% increase in sales, the future for solar companies certainly looks bright.
About Evolution Solar Corporation
Evolution Solar Corporation (OTC:EVSO) commercializes leading-edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities. For more information please visit our homepage at: http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Story Source: Business Wire
