BOEING-SPECTROLAB-PYRON and Lion Energy, S.A. have signed a Letter of Intent to jointly develop solar opportunities in Greece and the Middle East

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Source: Lion Alternative Energy PLC

San Diego, California - The agreement contains the plans for the companies to form a joint venture for manufacturing and distribution of Pyron Solar systems in Greece. Initially, Lion Energy will purchase entire systems from Pyron Solar to develop utility scale solar farms for electricity generation in Greece. As the new systems are brought on line in 2007, the JV will establish manufacturing capabilities for certain elements of the system in Greece while the integration of the Boeing-Spectrolab multijunction solar cell will continue to occur at the Pyron facilities in San Diego, CA. The agreement includes the initial sale of nearly 1 mega watt of systems from Pyron Solar to Lion Energy for delivery in 2007.

The Greek energy market is supported by a new renewable energy law that provides a feed-in tariff guaranteed to increase in line with electricity prices over 20 years, and grants for up to 45% of system costs. The current feed-in rate in Greece is 0.46 euro/kwh. Doug Carriger, CEO of Pyron Solar, Inc. said, “The joint venture with Lion Energy is an important part of our global strategy to build manufacturing and distribution agreements in key markets that enjoy support from policy and legislation that enhance the returns on utility scale renewable energy projects.” Further, Kostas Liapis, CEO of Lion Energy added, “Together with the Pyron Team, we will contribute to the preservation of the environment and to the increase in the quality of life of many people. Indeed, this will be a meaningful part of the major transformations occurring in the world in this century, while generating profits for our shareholders.”

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