Open Energy Corp. (OEGY.OB) and Suntech Power Holdings Co., Ltd., one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, reported the signing of a letter of intent for broad initiatives targeting the expansion of the Building Integrated Photovoltaic (BIPV) products sales of each company.
Suntech will provide cost effective and high quality production for Open Energy’s SolarSave® PV Tiles. The companies will market each other’s broad portfolio of BIPV products within the North American market.
Suntech will also have the right to acquire up to 5% of the outstanding shares of Open Energy as part of this strategic cooperation.
David Saltman, CEO of Open Energy, stated, “This alliance with Suntech is of major strategic importance to our company. Suntech is a high volume manufacturer of quality solar photovoltaic products and in our meetings with its Chairman and CEO, Dr. Zhengrong Shi and Suntech’s production and engineering staff, we were convinced that Suntech is the ideal partner to manufacture SolarSave® tiles in China thus enabling us to enhance our sales volumes and margins.
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