News Article
First Order Of Business
Fidelis ships first PV Solar modules order to South Africa
Fidelis Energy has announced it has manufactured and shipped more than 23 megawatts (MW) of its photovoltaic (PV) solar modules, to its first customer, TinSol Energy (pty) Ltd. ("TSEL") in South Africa.
Fidelis has begun production at its manufacturing facility in China earlier this year. The Company accelerated the manufacturing process and came ahead of its anticipated shipping date, scheduled for the first quarter of 2011. This shipment is the first of many to follow in order to complete TSEL's long-term solar module supply agreement for 207 megawatts (MW) of PV Solar modules worth $475 million.
The Company expects shipment to be received and $52.5 Million paid in full by December 15, 2010. Total revenues by the end of Q1 2011 are expected to be in the range of $95 Million to $160 Million based on the current Company's manufacturing capabilities.
"We are pleased to deliver a quarter of robust growth," said James Poole, Fidelis' CEO and President. "During this fourth quarter, we achieved record revenues and shipments, both of which exceeded our previous targets. We continued to execute on our solar integration strategy, increasing our capacities and improving control over manufacturing processes and costs. Fidelis has also secured additional solar module contracts for 2011 with both existing and new leading solar companies. We expect to continue our strong momentum in the first quarter of 2011 and believe we are well positioned to become a leader in the solar industry."
