SHANGHAI, China, Jan. 15, 2009 (GLOBE NEWSWIRE) -- Perfectenergy International Limited (OTCBB:PFGY), a global manufacturer and marketer of customized and standard photovoltaic ("PV") solar cells, modules and systems, today announced that its subsidiary, Perfectenergy (Shanghai) Co. Ltd., has entered into a sales contract valued at more than $150 million with Abidas AG of Germany, pursuant to which Abidas will purchase 50 MW of mono solar modules from Perfectenergy scheduled for delivery over the next four quarters of 2009. Perfectenergy's total PV module order-backlog since October 2008 exceeds $170 million for calendar year of 2009.
Jack Li, chief executive officer of Perfectenergy commented: "We are very pleased to announce our business relationship with Abidas, who is a well-known energy consultant and systems integrator based in Germany with significant projects throughout Europe. This contract demonstrates the growth potential of our photovoltaic module product line."
The photovoltaic modules will be manufactured at Perfectenergy's 60-megawatt factory in Shanghai, China. Prices reflect market conditions and are fixed until June 2009 when they will be fixed again based on market developments. Perfectenergy currently has fixed sufficient silicon supplies for meeting its production demands for 2009.
The multibillion-dollar photovoltaic industry has thrived in recent years as the solar market has expanded in Japan, Germany, Spain, and the United States. According to the European Photovoltaic Industry Association (EPIA), by 2030 cumulative global installed capacity will reach 728 gigawatts, which will achieve electricity production of 1,027 terawatt hours.
About Perfectenergy International Limited
Perfectenergy specializes in designing, developing, and manufacturing solar cells, solar modules and PV systems for the global solar market. Perfectenergy implements a proprietary manufacturing process that enables the production of photovoltaic solutions at a substantially lower cost than the industry norm and is quickly establishing itself as a leading source of high-quality photovoltaic (PV) systems and solar modules. The Company began producing its solar products in 2005 from its state-of-the-art 67,000-square-foot production facility located in Shanghai, China, and currently sells its products throughout Europe and Asia.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.