Spire Corporation's Joint Venture Wins Largest Solar PV Installation for a Manufacturer in Connecticut
Gloria Spire Solar Installing a 308kW Solar System for The Lee
Company; One of the Largest Solar Projects in New England
BEDFORD, Mass.--(Business Wire)--Gloria Spire Solar, LLC, a joint venture company formed by solar
industry leaders Spire Corporation (Nasdaq: SPIR) and Gloria Solar
Co., Ltd., today announced that it has won a contract to design and
install a 308-kilowatt photovoltaic (PV) solar electric system at The
Lee Company's manufacturing facility in Westbrook, Connecticut. This
is the largest solar electric system to be installed for a
manufacturing company in Connecticut, and one of the largest in New
England.
The system, consisting of 1,760 photovoltaic panels on the roof of
the newly constructed facility, is approximately half the size of a
football field, covering nearly 29,000 square feet of roof space. At
peak power, the system will generate enough electricity to cleanly
provide 17 percent of the manufacturing facility's power consumption.
This is equivalent to the power usage of 34 homes for one full year.
In addition, this installation will eliminate the emission of 282 tons
of carbon dioxide associated with combusting conventional fossil
fuels.
For more than 50 years, The Lee Company has been a pioneer in the
development of miniature fluid control components for aerospace and
other industrial applications. The company employs nearly 800 people
in Connecticut and more than 100 at its Westbrook facility. The
installation of the 308-kilowatt system will play a crucial role in
the company's plans for new facilities and jobs in the area.
"We are committed to employing renewable energy sources to lower
costs while reducing the environmental impact of our operations in
Connecticut," said William Lee, CFO of The Lee Company. "We chose
Gloria Spire Solar because they are a recognized leader in providing
turnkey solar systems and because they have the proven capability to
manage the entire project from system design to installation and
commissioning."
Gloria Spire Solar has installed a variety of PV systems across
the Unites States, and The Lee Company project reflects the joint
venture's current emphasis on large-scale business, government, and
utility solar energy solutions.
Mark Goodreau, CEO of Gloria Spire Solar, LLC, said, "We are
pleased that The Lee Company selected Gloria Spire for this
substantial project. Solar is an attractive option for any company
looking to utilize clean renewable energy while lowering their
electricity costs. Gloria Spire Solar is unique in its ability to not
only manage the entire design and installation process, but to work
directly with government agencies and utilities to ensure a smooth
approval process, as well as maximizing available grants, rebates, and
other solar incentives."
"This is precisely the type of project we were targeting when we
formed the Gloria Spire Solar joint venture," said Roger Little, Spire
Corporation's chairman and CEO. "Spire is dedicated to making solar
energy as prolific and cost-effective as possible. The strengths and
focused efforts of Spire Corporation, Gloria Solar, and Gloria Spire
Solar will help us to do just that."
The Lee Company solar energy project is made possible, in part, by
a $1.2 million grant from Connecticut Innovations, which will defray
approximately half of the cost of the photovoltaic system. Connecticut
Innovations is a quasi-public organization dedicated to stimulating
high-tech growth and clean energy initiatives.
About Gloria Spire Solar, LLC
Gloria Spire Solar is a full-service photovoltaic (PV) system
integrator that provides turnkey solar solutions - everything from
system design through module manufacturing, installation,
commissioning, and ongoing maintenance. For more information, visit
www.gloriaspire.com or contact us at 781-275-6000.
About Spire Corporation
Spire Corporation is a global solar company providing turnkey
production lines and capital equipment to manufacture photovoltaic
modules worldwide. The company's Spire Solar subsidiary is the world's
leading supplier of turnkey photovoltaic manufacturing lines and
module manufacturing equipment. Spire Semiconductor, formerly
Bandwidth Semiconductor, develops and manufactures custom gallium
arsenide solar cells and other related products for the commercial,
biomedical and defense markets. For corporate or product information,
contact Spire Corporation, "the turnkey solar factory company,"
at 781-275-6000, or visit www.spirecorp.com.
Certain matters described in this news release may be
forward-looking statements subject to risks and uncertainties that
could cause actual results to differ materially from those indicated
in the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the risk of dependence on market
growth, competition and dependence on government agencies and other
third parties for funding contract research and services, as well as
other factors described in Spire Corporation's Form 10-KSB and other
periodic reports filed with the Securities and Exchange Commission.
Gloria Spire Solar, LLC
Mark Goodreau, 781-275-6000
Chief Executive Officer
mgoodreau@gloriaspire.com
or
Sharon Merrill Associates, Inc.
Paul Sagan, 617-542-5300
Vice President
spir@investorrelations.com
Copyright Business Wire 2008
