Evolution Solar Acquires China-Based R&D Corporation

Evolution Solar Corp. has acquired Synergy Design and Development Company Limited, a Hong Kong R&D and procurement company based in Shanghai.

Recently Evolution Solar announced its plans to develop alternative energy technologies using thin film solar panels.

Robert Kaapke, CEO of Evolution Solar stated that the acquisition of Synergy should give Evolution Solar an edge over the competition in sourcing materials and the manufacturing process of photovoltaic technology. He went on to say that the historical growth within the solar industry is creating a huge demand on suppliers and manufacturers in the market.

Some industry experts think the USA could be generating 10% of its electricity from the sun within 10-15 years, and Scientific American published a scheme last year for creating almost 70% of the total US electricity requirement using solar power by 2050. Merrill Lynch's Mark Heller noted that solar startups raised more money in 2007-8 than Internet stocks did in their 1998 heyday. With companies such as First Solar exceeding expectations and posting a 246% increase in sales, the future for solar companies looks optimistic.

Evolution Solar is planning to establish a base with manufacturing facilities in Asia that can assist in the reduction of the manufacturing and procurement of materials in the heavy technology manufacturing province of Shanghai.

China, which passed a landmark renewable energy law in January 2007, has pledged to spend some USD200 billion over the next 15 years on renewable energy. The goal is to produce 20% of its total energy consumption from green sources.

China's interest in renewable energy has translated into a rapidly expanding base of at least a dozen publicly held domestic solar energy and wind energy concerns, including Solarfun Power Holdings and JA Solar Holdings.

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