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.”