Proceeds Allocated to Scalable Cadmium Telluride (CdTe) Solar Cell
Manufacturing Facility and High-Efficiency LED Lighting Solutions
SARASOTA, Fla. and BOLINGBROOK, Ill., April 30 /PRNewswire-FirstCall/
-- Sunovia Energy Technologies, Inc. (OTC Bulletin Board: SUNV) is pleased
to announce that it has completed its mezzanine round of financing. The
company has currently raised a total of $12 million, and continues to
allocate proceeds to the development of the scalable CdTe-based solar cell
manufacturing facility and sales of the EvoLucia(TM) LED-based solid-state
lighting solutions.
Sunovia and EPIR Technologies, Inc. (EPIR) have exclusively partnered
to demonstrate a scalable manufacturing system for the production of
low-cost, high-efficiency CdTe solar cells. More than $25 million has been
invested into the companies' core CdTe research, development and design for
the high-throughput CdTe-based manufacturing facility. Unlike other solar
cell manufacturers that require substantial square footage for
manufacturing, the companies' advanced manufacturing concepts should allow
them to produce more than 100 megawatts (MWs) of high-efficiency CdTe solar
cells within a 10,000 square foot area. The companies anticipate that the
first scalable manufacturing system will be operational in less than 24
months and will have the capacity to produce more than 10 MWs of CdTe-based
solar cells during the first year immediately thereafter.
"Initially, the high-efficiency CdTe-based solar cells are targeted at
concentrated solar photovoltaic (PV) systems that support the commercial
and utility-scale renewable energy markets. After demonstrating the
scalable 10 MW high-throughput CdTe manufacturing system, we believe that
the company will be ideally positioned to add additional capacity within a
relatively short period of time in a cost-effective manner. In addition,
the core manufacturing system is designed to have a very small footprint
and can be scaled to meet the increasing demands, which are anticipated for
this market throughout the foreseeable future," said Carl Smith, CEO of
Sunovia. "Our aim is to achieve, or even undercut, the cost-per-watt
manufacturing targets and timeframes, which are identified within the
Department of Energy's Solar America Initiative, and we believe that we are
uniquely positioned to accomplish this."
In addition, Sunovia's LED lighting subsidiary, EvoLucia(TM), recently
completed a commercial installation of its ceiling or wall-mounted
LED-based solid-state lighting solution. The installation called for the
replacement of antiquated 120 watt incandescent fixtures with the new 22
watt EvoLucia(TM) fixtures which represents more than an 81% reduction in
carbon emissions and more than a $1,000 savings per light over the life of
the EvoLucia(TM) product. The energy and maintenance savings to this
customer allow the fixture cost to be recovered within 18 months of the
installation. EvoLucia products are guaranteed for five years and have a
projected lifetime of at least 50,000 hours, or more than 15 years for
products that are utilized eight hours everyday.
"LED lighting is the smartest and most efficient answer to
energy-efficient lighting. When compact fluorescent bulbs are thrown away,
the mercury (Hg) component poisons the land, and runoff allows the mercury
to pollute our waterways. Our cost-efficient and environmentally
responsible LED lighting products are the smartest answer to
energy-efficient lighting. If you use compact fluorescent bulbs, please
recycle them properly as future generations will pay severely for these
shortsighted 'solutions'," added Smith.
About Sunovia Energy Technologies, Inc.
Sunovia Energy (http://www.sunoviaenergy.com) is a Sarasota, Fla.-based
renewable energy and energy conservation company that is working to develop
an advanced and cost-effective cadmium telluride (CdTe) solar cell
technology. Sunovia is also the owner of the proprietary EvoLucia(TM) LED
lighting product line, the incredibly energy-efficient solid-state lighting
solutions have received CE, FCC, TUV and IP23 regulatory approvals, and are
now being marketed worldwide.
Sunovia owns a significant equity interest in Illinois-based EPIR
Technologies, Inc. (http://www.epir.com), one of the most advanced IR
sensor and IR imaging companies in the world. EPIR's knowledge, experience
and expertise in the growth of CdTe, HgCdTe and other II-VI semiconductors
equal or exceed any other company in the world. Their unmatched prowess in
this area has been endorsed by the award of unprecedented congressional
funds for the development of a manufacturing capability for CdTe on Si and
the award of a patent for growing CdTe directly on a Si readout integrated
circuit. EPIR and Sunovia have a network of close collaborative
relationships with the major Defense Department and industrial labs
involved in IR detection and imaging, including the Army Research
Laboratory, the Night Vision Electronic Sensors Directorate, BAE Systems,
Lockheed Martin, DRS, Raytheon, Rockwell, Texas Instruments and other
laboratories around the world.
More information about the exclusive partnership may be viewed in the
company's filings with the Securities and Exchange Commission (SEC),
available online at http://www.sec.gov.
The Sunovia Energy logo is a registered service mark of Sunovia Energy
Technologies, Inc. in the United States and/or other countries. Sunovia
Energy products and services are provided by Sunovia Energy Technologies,
Inc.
Forward-Looking Statement
Some of the statements made by Sunovia in this press release are
forward-looking in nature. Actual results may differ materially from those
projected in forward-looking statements. Sunovia believes that its primary
risk factors include, but are not limited to: development and maintenance
of strategic acquisitions; domestic and international acceptance of our
product lines; defending our intellectual property and proprietary rights;
development of new products and services that meet customer demands and
generate acceptable margins; successfully completing commercial testing of
new technologies and systems to support new products and services; and
attracting and retaining qualified management and other personnel.
Additional information concerning these and other important factors can be
found within Sunovia's filings with the Securities and Exchange Commission.
Statements in this press release should be evaluated in light of these
important factors. Projected life expectancy for EvoLucia(TM) LED products
is dependent upon daily usage.
SOURCE Sunovia Energy Technologies, Inc.
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Related links:
http://www.sunoviaenergy.com
http://www.epir.com
CONTACT:
Craig Hall of Sunovia, +1-941-751-6800,
craig.hall@sunoviaenergy.com
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