QSolar Claim Grid Parity

QSolar has announced that it will be the first solar company in the world to achieve grid parity in the manufacturing of high efficiency crystalline silicon solar panels on a commercial scale. This will apply when the Company commences volume production of its new Kruciwatt panels during Q4 of 2011. QSolar will begin producing the Kruciwatt panels during Q4 at its newly opened manufacturing facility in Shanghai, China. This manufacturing facility is owned and operated by the Company with the express purpose of manufacturing the panels on a commercial scale in order to safeguard its proprietary technology. The initial production run that will achieve grid parity status will be to fulfil the $75.4 million order that was previously announced for Commercial Solar Design Inc. of California.

Andreas Tapakoudes, President & CEO of QSolar commented, "The ultimate objective for solar industry participants is to achieve grid parity, which means that they can produce electricity from the sun at the same overall cost as the commercially available cost of electricity produced by fossil fuels. Until now this objective has not been achieved on a commercial scale of production. With QSolar's proprietary Kruciwatt wafer manufacturing process, the Company has already achieved grid parity in the laboratory and is now working on scaling up its production to commercial quantities. The Company believes this grid parity status will be achieved in Q4 this year. With the manufacturing cost of our Kruciwatt panels below $0.74/W, and in view of the fact that commercially available panels are selling at around $1.50/W in volume quantities, QSolar will be in an extremely strong position in terms of market penetration and operating profits."