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Apollo Solar Energy, Inc. (OTCBB: ASOE) a refiner and producer of tellurium-based compounds and other metals for the solar photovoltaic (PV) industry, announced a non-binding collaboration agreement to build scaled thin-film solar power plants in China.
Apollo Solar signed the agreement with state-owned China Energy Conservation Solar Energy Technologies, Inc. (CECS). China's government has charged CECS with responsibility for constructing and operating scaled solar power stations in China. CECS is currently the largest investor and systematic operator of solar photovoltaic technology in China.
According to the agreement, the collaboration will work in three ways: first, Apollo Solar intends to provide CECS with thin film solar panels, upon request, on a long-term basis; second, the parties intend to work jointly to construct thin film solar energy power stations; and third, CECS intends to acquire the thin film solar energy power stations that may be built independently by Apollo Solar through its separate financing and technology.
Renyi Hou, CEO of Apollo Solar said CECS is the only solar energy oriented company currently funded by the China Energy Conservation Investment Corporation, a state-owned company responsible for leading the new renewable energy industry by directing development throughout China.
Mr. Zhao Youmin, senior vice president of CECS, said: "The Chairman of China's State Electricity Corporation, in a recent interview on CCTV News, announced that according to the Chinese government's recent promise to limit emissions, the State Electricity Corporation intends to accelerate the pace of construction of renewable energy sources, including solar power stations and photovoltaic grid-connected systems. The Chairman also estimated that, in his opinion, renewal energy sources, including wind and solar energy, will capture about a 20% share of nationwide energy demand in China by the year 2020."
Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in refining and producing tellurium (Te) and high-purity tellurium-based metals for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra-high purity metals and commercial-purity metals. Apollo Solar also expects to be a constructor and operator in future government-funded solar farm projects in China, including a possible 10 gigawatts (GW) solar community in Anhui province, China.
Website: www.apollosolar.com
