Siemens Solar Opens New Florida Office to Support Growing Market for Solar Products in Latin America; Siemens Begins Shipping Solar Cells as Part of $2.4 Million Project in Argentina

Business Wire, June 1, 1995

BOCA RATON, Fla--(BUSINESS WIRE)--June 1, 1995--Siemens Solar Industries opened its new office at 5600 Broken Sound Blvd. in Boca Raton, Fla., with the announcement that it has begun shipping solar cells as part of a $2.4 million project to power rural schools in Argentina. Siemens Solar's new office will support the rapidly growing demand for solar products in Latin America which analysts say is the industry's fastest growing market.

According to Elias Behar, Latin American regional manager for Siemens Solar Industries, Siemens has begun shipping solar cells to Solartec, Siemens Solar's partner in Argentina, which will assemble the modules for a project in Santa Fe, Argentina. The project will provide electricity to remote schools in districts that are not connected to electrical utility grids. Behar added, "The receipt of this order underscores the tremendous market opportunities for photovoltaic (solar electric) products in Latin America."

Strategies Unlimited of Mountain View, Calif. reports that the market for solar products in Latin America is currently growing at a rate of 31 percent per year -- the fastest growing region in the world for commercial solar power applications.

Solartec and Siemens Solar have been working together since 1988 to develop the market for photovoltaic (PV) solar products in Argentina. Under license, Solartec assembles solar modules using Siemens PowerMaxd solar cell technology. Solartec also designs and installs PV systems. To date, Solartec has supplied 90 percent of all PV systems installed in Argentina. PV modules are typically used for powering telecommunications repeater stations, water pumping and electric fence charging for livestock, rural electrification for remote homes and small villages, and telemetry and cathodic protection for gas pipelines.

The new office in South Florida will support all Latin American sales and assembly operations, such as Solartec in Argentina, by unifying the Latin American sales effort and identifying new business opportunities in the region.

Siemens Solar Industries (SSI), based in Camarillo, Calif., is the world's leading manufacturer of solar cells and modules. Siemens Solar Industries exports more than 70 percent of its products. It is part of the worldwide Siemens Solar Group with locations in the U.S., Germany, Singapore and Japan. -0-

Note to Editors: PowerMax is a trademark of Siemens Solar Industries.

CONTACT: Siemens Corporation

Anita Giani, 408/777-4546

or

Bob Bartolotta, 407/994-7433