San Diego, California, November 21, 2006
Kostas Liapis
President & CEO Lion Energy S.A.
E-mail:
kostas@lionhellas.com
Website: www.lionhellas.com
Telephone: +30-210-689-8909 Doug Carriger President & CEO Pyron Solar, Inc. E-Mail: info@pyronsolar.com
Website: www.pyronsolar.com
Telephone: (858) 270-3567
Lion Energy, S.A. and Pyron Solar, Inc. have signed a Letter of Intent to jointly develop solar opportunities in Greece and the Middle East.
San Diego, California, November 21, 2006
Pyron Solar, Inc. and Lion Energy S.A. announce the signing of a letter of intent to jointly develop solar opportunities in Greece and the Middle East.
The agreement contains the plans for the companies to form a joint venture for manufacturing and distribution of Pyron Solar systems in Greece. Initially, Lion Energy will purchase entire systems from Pyron Solar to develop utility scale solar farms for electricity generation in Greece. As the new systems are brought on line in 2007, the JV will establish manufacturing capabilities for certain elements of the system in Greece while the integration of the Boeing-Spectrolab multijunction solar cell will continue to occur at the Pyron facilities in San Diego, CA. The agreement includes the initial sale of nearly 1 mega watt of systems from Pyron Solar to Lion Energy for delivery in 2007.
The Greek energy market is supported by a new renewable energy law that provides a feed-in tariff guaranteed to increase in line with electricity prices over 20 years, and grants for up to 45% of system costs. The current feed-in rate in Greece is 0.46 euro/kwh. Doug Carriger, CEO of Pyron Solar, Inc. said, “The joint venture with Lion Energy is an important part of our global strategy to build manufacturing and distribution agreements in key markets that enjoy support from policy and legislation that enhance the returns on utility scale renewable energy projects.” Further, Kostas Liapis, CEO of Lion Energy added, “Together with the Pyron Team, we will contribute to the preservation of the environment and to the increase in the quality of life of many people. Indeed, this will be a meaningful part of the major transformations occurring in the world in this century, while generating profits for our shareholders.”
Pyron Solar, Inc. is an engineering and manufacturing company headquartered in San Diego, California. The company has developed and patented a revolutionary design for large scale solar electricity generators. The Pyron Solar system integrates the Boeing – Spectrolab multijunction photovoltaic cell into its proprietary electronics package at its San Diego factory. The remainder of the system is sourced from Pyron’s global network of manufacturing partners including locations in the United States, Germany, India and China. The innovative solar system employs a low-profile system with a proprietary system of lenses to concentrate the sun’s energy by 400 times onto the Spectrolab cell which results in a high-efficiency conversion of sunlight into electricity. More information about Pyron Solar is available at www.pyronsolar.com .
Lion Energy S.A. of Athens Greece has a portfolio of clean technologies ranging from electrochemical thermal energy conversion, desalination technologies, and hydrogen production and storage technologies. Lion energy will use the Pyron Solar generating systems to independently develop its own utility scale solar farms to produce electricity for sale in Greece. The company will also have exclusive rights to distribution of Pyron Solar generating systems for projects located in Greece. More information about Lion Energy is available at www.lionhellas.com.
