SOLANA BEACH, CA and WUXI, CHINA--(MARKET WIRE)--May 15, 2007 -- Open Energy Corp. (OTC BB:OEGY.OB - News) and Suntech Power Holdings Co., Ltd. (NYSE:STP - News), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the signing of a letter of intent for broad initiatives targeting the expansion of the Building Integrated Photovoltaic (BIPV) products sales of each company. Suntech will provide cost effective and high quality production for Open Energy's SolarSave® PV Tiles. The companies will market each other's broad portfolio of BIPV products within the North American market. Suntech will also have the right to acquire up to 5% of the outstanding shares of Open Energy as part of this strategic cooperation.
David Saltman, CEO of Open Energy, stated, "This alliance with Suntech is of major strategic importance to our company. Suntech is a high volume manufacturer of quality solar photovoltaic products and in our meetings with its Chairman and CEO, Dr. Zhengrong Shi and Suntech's production and engineering staff, we were convinced that Suntech is the ideal partner to manufacture SolarSave® tiles in China thus enabling us to enhance our sales volumes and margins. This agreement secures our product supply at competitive pricing, and positions Open Energy as an innovative developer and aggressive marketer of solar solutions in North America. In addition, with its acquisition of MSK in Japan, Suntech now has considerable expertise in architectural PV glass, a product set that is gaining traction among developers here in the States as well as deep design support for BIPV projects. We are additionally excited to welcome Suntech as a future strategic core shareholder."
Len May, Suntech America's Vice President of Business Development, spoke positively about the newly formed alliance, "This agreement is an important step forward in demonstrating the synergies of our acquisition of MSK Corporation by combining Suntech's manufacturing strength with MSK's strength of high-end and innovative BIPV solutions. We believe that this marketing alliance with Open Energy will accelerate the momentum that we have achieved since we acquired MSK with its BIPV product offerings and development expertise which will enable us to broadly address the performance and project demands of a rapidly growing market for BIPV products here in America as well as in Asia, Europe and other parts of the world. We also intend to engage in joint development with Open Energy of innovative next generation BIPV products. We are also pleased to have warrants to acquire shares in our new partner Open Energy who we think will have a bright future particularly as we together grow our mutual BIPV initiatives."
The transactions contemplated by the letter of intent are subject to the execution of definitive agreements which are currently contemplated to be completed by the end of June 2007.
About Open Energy
Open Energy Corporation (OTC BB:OEGY.OB - News) is a renewable energy company focused on the development and commercialization of a portfolio of technologies capable of delivering low-risk, cost-competitive electricity, fresh water and related commodities on a global basis. Open Energy offers building-integrated photovoltaic (PV) roofing materials for commercial, industrial, and residential markets. Marketed under the trade name SolarSave®, the product line includes roofing membranes, roofing tiles, custom architectural PV glass, and balance of systems equipment such as inverters, combiners, and accessories. The Company also holds an exclusive, worldwide license to a solar thermal technology called SunCone(TM) CSP (Concentrating Solar Power), which is currently being developed to generate potable water and distributed power. The company's mission is to enhance life by harnessing the power of the sun. For more information on Open Energy Corporation, please visit www.openenergycorp.com.
About Suntech and Suntech America
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, Japan, China and the United States. For more information, please visit http://www.suntech-power.com.
Suntech America, Inc. is a wholly owned subsidiary of Suntech Power Holdings Co., Ltd. Established in August 2006 as a Delaware corporation, Suntech America is dedicated to promoting a greener America through the use of Suntech's clean solar modules and cells.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of either Open Energy or Suntech 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, customer demand for its products, the execution of definitive agreements related to the transactions described within this release, the ability of either or both party's to perform under such definitive agreements, either company's ability to scale up manufacturing to meet demand, and other factors over which either Open Energy or Suntech has little or no control. Neither Open Energy nor Suntech undertakes any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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