Cleantech America, Inc. Receives Strategic Investment from Asian Solar Manufacturers

03.07.2008: (SAN FRANCISCO, CA USA) Cleantech America, Inc., a leading developer of utility-scale photovoltaic (PV) solar farms headquartered in San Francisco, Calif., has received a substantial strategic investment in its Series B equity round from an allied Asian manufacturer of silicon wafers -- Wafer Works Corp., a Taiwan-based company that has expanded its business portfolio into the solar power industry through its investment in Solargiga Energy Holdings Ltd., announced Bill Barnes, CEO, Cleantech America, Inc.

“We are delighted to be in a business relationship with Wafer Works Corp. and Solargiga Energy Holdings, Ltd. There is great synergy between our companies,” Barnes said. “Our business is developing a large, long-term pipeline of utility-scale renewable projects. Wafer Works and Solargiga provide the critical mid-stream components in the manufacture of highest quality crystalline silicon solar panels and as such, are in a unique strategic position to increase the efficiencies while impacting costs and supply of end product solar panels.”

For example, he added, Solargiga Energy Holdings Ltd. has announced an agreement for significant interest in a Chinese polysilicon raw material manufacturer and plans to expand its production capacities from 200 megawatts to 300 megawatts by 2009. In addition, the company is increasing vertical integration across the solar value chain, which positions the firm to offer value to downstream partners. Barnes noted that Cleantech America Inc.’s relationship with the two Asian firms provides operating capital and a unique window to partnering opportunities in Asia. In return Wafer Works Corp. and Solargiga Energy Holdings, Ltd. have better access to and understanding of the complex solar development process in the U.S. and especially California and the western states which are leading growth markets for photovoltaic solar power.

Wafer Works, with offices in Taiwan, China, and Fremont, CA, is a global electronic materials supplier for high quality crystalline silicon wafers. Operating under a vertically integrated manufacturing process, Wafer Works offers a broad product line that provides customers with a wide array of business solutions.

As part of the company’s solar strategy, Wafer Works Corp. holds a major interest in Solargiga Energy Holdings, Ltd., which supplies solar manufacturers with high quality single crystal silicon ingots and wafers used in many of today’s highest efficiency solar cells, backed by long-term manufacturer warranties for quality and performance. With manufacturing facilities in Jinzhou city and Shanghai (Peoples Republic of China), Solargiga Energy Holdings, Ltd. has implemented the same strict solar quality assurance programs originally established by Wafer Works in the semiconductor materials industry.

Cleantech America, Inc. is a leading U.S. developer of utility-scale, environmentally clean solar farms and other renewable energy projects. The firm’s principal business is providing renewable electricity for sale to utilities, municipalities and other customers. Two of its current projects, the 5 megawatt CalRENEW-1, being developed under long-term power purchase agreement with PG&E, and the 80 megawatt Kings River Conservation District Solar Farm, will be among the largest utility-scale photovoltaic solar farms in the world upon completion.

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