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Proceeds to expand Thin-Film Solar Modules Manufacturing Capacity
Energy Photovoltaics, Inc. (EPV), a leading solar technology company that designs and manufactures thin-film photovoltaic modules, announced that it has closed on $77.5 million of senior secured notes that are convertible into common stock of EPV. Jefferies & Company acted as the sole placement agent for EPV, who will use the proceeds to increase its manufacturing capacity. This new capacity will enable the Company to meet unprecedented global demand for the Company's thin-film solar modules and products.
"This funding is a significant milestone for EPV," said Scott T. Massie, the Company's Chief Executive Officer. "It represents a strong endorsement for the market position of EPV and the growth potential of our commercially proven solar technology. This capital will allow us to take our solar technology and proprietary manufacturing process and transition EPV into a high-volume, low-cost producer of world class thin-film solar modules and products. EPV's 15 year experience in developing its own manufacturing equipment, means that we can expand our manufacturing capacity quickly and on a highly competitive cost basis. Funding at a level of $77.5 million demonstrates that investors wish to participate in EPV's cost-effective solar electric (photovoltaic) technology growth, positive environmental profile, and vision of making solar energy available and affordable for all types of customers throughout the world", added Mr. Massie.
EPV's plans call for an increase of over 85 mega-watts (MW) of manufacturing capacity over the next 18 months. Up to 25 MW of this expansion will be completed in stages in the New Jersey region by the 2nd Quarter of 2008. EPV is currently considering several U.S. states and European countries as locations for remaining capacity expansion beginning in 2008 and beyond. Joint ventures in Portugal and Taiwan are moving toward completion. The Company has signed memorandums of understanding with several customers for production commitments through 2010. As next generation equipment is rolled out, EPV plans to expand capacity by approximately 85 MW per year for the next several years.
About EPV
Energy Photovoltaics, Inc. (EPV), was founded in 1991 as a thin-film solar energy (photovoltaic) equipment manufacturing company based near Princeton, New Jersey, USA. EPV develops and builds its own manufacturing equipment for production of amorphous-silicon high-performance, low-cost thin-film photovoltaic modules. Due to its proprietary and unique manufacturing process, EPV's low-cost production process is noted for excellent energy pay- back resulting in a highly-competitive and desirable product. EPV's volume scalability is one of the best in the solar industry. EPV maintains its headquarters in central New Jersey, USA. Visit the company at www.epv.net.

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