Solar EnerTech's new $8M sale and OEM agreement

Publicly-traded Chinese solar company Solar EnerTech (OTCBB: SOEN) has signed a 2 MW sales and OEM agreement worth a total of $8 million USD.

Shanghai Very Sun Technologies [ed.: "all your cells are belong to us!"] is to receive cells and modules from Solar EnerTech through the balance of the year.

Solar EnerTech is to supply Very Sun with solar cells and modules, and to manufacture OEM orders on Very Sun's behalf. Very Sun also plans to make its own modules using Solar EnerTech's cells.

Both companies plan to share common technologies and pool industry and government relations resources.

Shanghai Very Sun Technologies Co. is a solar manufacturing and distribution business originally formed as an outgrowth between a local university and a state-owned company. Among other products, the company makes a line of power inverters.

The solar cells that Solar EnerTech will produce for Very Sun are slated for delivery on a number of projects located in Africa.

Solar EnerTech is a photovoltaic solar cell manufacturer based in Shanghai, China. It's capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second line slated for Q4 of this year. The company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.

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