Solar EnerTech Raises $21.4 Million in Private Placement

MENLO PARK, Calif., Jan. 15 /Xinhua-PRNewswire/ -- Solar EnerTech Corp.
(OTC Bulletin Board: SOEN) (the "Company") today announced that on January 11,
2008, the Company sold 24.3 million shares of its common stock and 24.3
million Series C Warrants to purchase shares of common stock for an aggregate
purchase price of $21.4 million in a private placement offering to accredited
investors. The exercise price of the warrants is $1.00 per share. The
warrants are exercisable for a period of 5 years from the date of issuance of
the warrants.
The Company intends to use the net proceeds from the offering for working
capital and general corporate purposes, including the financing of its recent
$21.8 million purchase order with Sky Solar and the installation of a second
25Mw production line.
This transaction is described in more detail in its Form 8-K filed with
the Securities and Exchange Commission on January 15, 2008.
About Solar EnerTech Corp.
The Company is a PV solar energy cell manufacturing enterprise based in
Shanghai, China, where the Company has established a 42,000 square foot
manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently
the facility is capable of producing 25Mw of solar cells from its existing
production line. The Company plans to install a second 25Mw production line
to better utilize the capacity of the plant and to meet expected future
customer demand.
The Company has also established a Joint R&D Lab at Shanghai University to
research and develop higher-efficiency cells and to put the results of that
research to use in its manufacturing processes. Led by one of the industry's
top scientists, the Company expects its R&D program to help bring the Company
to the forefront of advanced solar technology research and production. The
Company also has a marketing, purchasing and distribution arm in Northern
California's Silicon Valley.
Safe Harbor Statement
Statements contained in this press release, which are not historical
facts,
are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
are based largely on current expectations and are subject to a number of known
and unknown risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from these
statements. These statements are not guarantees of future performance, and
readers are cautioned not to place undue reliance on these forward-looking
statements, which are relevant as of the date of the given press release and
should not be relied upon as of any subsequent date. The Company undertakes
no obligation to update any forward-looking statements.
For more information, please contact:

Bill Zima or Dan Joseph
ICR Inc.
Tel: +1-203-682-8200

SOURCE Solar EnerTech Corp.

Bill Zima or Dan Joseph of ICR Inc. for Solar EnerTech Corp., +1-203-682-8200
(Investor Relations)