News Article
First Project Funded By Australian Government
Spark Solar are the first beneficiaries of the recently announced Solar Strategy by the Australian government.
Spark Solar Australia has announcement that it is the first project to be awarded Major Project Facilitation status by the Australian Government. The status recognises Spark's planned manufacturing operations as "of strategic significance to Australia". About 115 permanent new jobs will be created under Spark's plan to build a $60 millon high-tech solar cell factory. The operation will initially produce more than 10 million solar cells each year, or 40 megawatts - enough to power about 9,000 Australian homes. Initial planned capacity expansion would see this number triple to over 120 megawatts (30 million cells).
"Spark will produce premium quality cells using a proven, best-of-breed cell technology from Germany," said Interim CEO, Dr Michelle McCann.
Dr McCann, who together with Chairman Dr Peter Fath, holds the world efficiency-record for Spark's type of cell, said that the company had already assembled an excellent team. "The market for solar cells is "enormous" and that "demand is strong and growing. Even before the factory is built, we expect to pre-sell almost all of our output for the first few years of production."
The company last year completed its first round of capital raising with cornerstone investor Swiss fund New Energies Invest.
"We are now looking for Australian investors," said Dr McCann.
Several potential sites for the factory have been identified. Building is planned to start late this year with the first cells to be produced in late 2010.
Spark also has plans to develop its own high efficiency technology, the Angled Buried Contact cell or ‘ABC cell'. The company has forecast revenues of close to $150 million per annum, with much higher revenues expected following further investment and capacity expansion. The company will initially export its cells, but Dr McCann said the company has high hopes for the growing Australian market.
"The Australian market is taking off, and we are well-placed to lead the charge," Dr McCann said.
The company says that the operation will inject $84 million into the local economy in its first five years.
"Spark will produce premium quality cells using a proven, best-of-breed cell technology from Germany," said Interim CEO, Dr Michelle McCann.
Dr McCann, who together with Chairman Dr Peter Fath, holds the world efficiency-record for Spark's type of cell, said that the company had already assembled an excellent team. "The market for solar cells is "enormous" and that "demand is strong and growing. Even before the factory is built, we expect to pre-sell almost all of our output for the first few years of production."
The company last year completed its first round of capital raising with cornerstone investor Swiss fund New Energies Invest.
"We are now looking for Australian investors," said Dr McCann.
Several potential sites for the factory have been identified. Building is planned to start late this year with the first cells to be produced in late 2010.
Spark also has plans to develop its own high efficiency technology, the Angled Buried Contact cell or ‘ABC cell'. The company has forecast revenues of close to $150 million per annum, with much higher revenues expected following further investment and capacity expansion. The company will initially export its cells, but Dr McCann said the company has high hopes for the growing Australian market.
"The Australian market is taking off, and we are well-placed to lead the charge," Dr McCann said.
The company says that the operation will inject $84 million into the local economy in its first five years.
