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Spire Corp. (SPIR) Signs Contract with South Korean Uni-CHEM Co., Ltd.

Today, Spire Corporation announced that it has entered into two contracts to supply South Korea-based company Uni-CHEM Co., Ltd. with a 60 megawatt (MW) per year turnkey Cell Line and a 50MW per year turnkey Module Line. The contract also includes associated utilities and infrastructure support. The company projects that the Uni-CHEM integrated Cell and Module Lines will become operational in 2010.

Uni-CHEM has agreed to form a US entity, which will purchase 51% of Spire Solar Systems, Spire Corporation’s system integration business. Definitive agreements have not yet to be finalized. Additionally, Uni-CHEM indicated its intent to lease space at the Spire Semiconductor facility in Hudson, New Hampshire to house the automated Cell and Module lines. The companies are currently negotiating the terms of the sublease.

Roger G. Little, Chairman and CEO of Spire Corporation, commented, “We are excited to have finalized the cell and module turnkey manufacturing agreements with Uni-CHEM. We believe their cell and module manufacturing will position them to participate in the US solar market, which is anticipated to be one of the world’s fastest growing. The total value of the contracts, including those relating to the investment in the systems integration business, is approximately $60 million.”

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