Signet Solar Chooses Saxony for New Facility

Signet Solar Chooses Saxony for New Facility

June 18, 2007

    DRESDEN, Germany, June 18 /Xinhua-PRNewswire/ -- The
California-based solar module manufacturer Signet Solar
broke ground today on its main European factory. The
facility, located near the eastern German city of Dresden,
will serve as a production line as well as headquarters for
research and development.

    The start-up will invest EURO50 million into the
facility that should begin operations mid-way through the
year 2008. The company expects then to have 130 employees
at the location. On the site, the company will design and
produce solar (photovoltaic) modules. These devices convert
the sun's rays into electricity.

    Signet Solar hopes that its products can help achieve
the goal of "grid parity" for solar energy within
the next 5 years. "Grid parity" means that
electricity derived from solar energy sources will cost the
same as energy originating from conventional sources such as
fossil fuels.     The company's investment is another
success story for the eastern German region known as
"Silicon Saxony" because of the concentration of
solar and semi-conductor firms in the area. Currently there
are 250 companies, with a total of 17,000 employees engaged
in the semi-conductor, electronics, and micro system
industries in the Saxony area. Their total turnover is
EURO3 billion annually.

    Invest in Germany advised Signet Solar through its
investment decision process and helped the company see the
advantages of an investment in Saxony. The firm chose the
Dresden area largely because its primary silicon supplier,
U.S. based Applied Materials Inc., has a facility in
Dresden. Additionally, support from the state government,
and minimal bureaucratic hurdles from the local authorities
were deciding factors.

    According to Nikolai Dobrott, Director for Renewable
Energies and Resources at Invest in Germany, Signet Solar's
decision to invest in 'Silicon Saxony' further bolsters the
region's reputation as a location for high-tech
investments. "The investment of Signet Solar is proof
not only of the strengths of eastern Germany as an
investment location, but also for all of Germany as a
center for research and development. Our universities and
research institutions are on the cutting edge in scientific
discovery, especially in fields such as solar energy and
microelectronics that are certain to grow in significance.
Additionally, the German government at both the federal and
state levels offers financial support to these industries,
further strengthening the chances that international
companies will succeed with an investment in
Germany."

    Invest in Germany is the official investment promotion
agency (IPA) of Germany. Its mandate is to assist and
advise international companies about investment
opportunities in Germany. Invest in Germany was formed by
the merger of the Industrial Investment Council (IIC), the
former IPA for eastern Germany, and Invest in Germany, the
former federal marketing agency for all of Germany.


    Media Contact:

     Eva Henkel
     Invest in Germany
     Friedrichstrasse 60
     10117 Berlin
     Phone: [phone]
     Fax:   [phone]
     Email: [e-mail]
     http://www.invest-in-germany.com