Evolution Solar Enters Into Negotiations to Acquire China-Based R&D Corporation

June 20, 2008 9:00 AM EDT

GILBERT, Ariz.--(BUSINESS WIRE)--

Evolution Solar Corp. (Pink Sheets: EVSO) has entered into negotiations to acquire a Hong Kong corporation specializing in R&D and procurement.

"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 providence of Shanghai, China," said Robert Kaapke, President and CEO of Evolution Solar.

Technology currently exists for analyzing cost and performance of solar systems, developing parabolic trough technology for solar electricity generation, and developing advanced technologies such as concentrating photovoltaics (solar panels).

The Holy Grail for solar panel manufacturers is to engineer and commercially manufacture solar panels that can produce one watt of power for under a dollar, without subsidies, making solar energy generally cheaper than coal generation. Currently the best crystalline silicon solar panels sell for about $3.40 to $4.00 per watt.

"We see our competitors trying to reduce the cost per watt by scaling up production or using less than industrial grade materials," Mr. Kaapke explained. "We believe better engineering and technological innovations are the keys to delivering increasingly cost-effective solar panels."

Industry analysis have predicted the cost per watt should decrease to $1 by 2010. First Solar (NASDAQ: FSLR) is currently making solar modules that are twice as cost-effective as the industry standard, selling at $2.40 per watt.

According to AmTech, JA Solar Holdings Co., Ltd. (NASDAQ: JASO) reportedly met its production targets for 2008 and continues to be significantly over-procured in terms of raw materials supply for 2008 and 2009.

About Evolution Solar Corporation

Evolution Solar Corporation (Pink Sheets: 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," "anticipate" 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.

Source: Evolution Solar Corporation

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