Once again, Solar EnerTech Corp. (OTCBB: SOEN) may be of interest to speculative investors this morning as the company continues it quest to "get the word out". Yesterday the company, a Photovoltaic solar energy cell manufacturer, issued a press release announcing its support of the Solar America Initiative proposing the largest funding increase for solar energy research in U.S. budget history.
The continuing news out of the company may get the attention of traders. President Bush's Fiscal Year 2007 Budget proposes a new $148 million Solar America Initiative with a 78% increase of $65 million over Fiscal Year 2006 appropriations for solar energy technology. Solar EnerTech is focused on the development and manufacture of quality solar cells, applications and advanced technologies and applauds the U.S. Department of Energy's commitment to clean solar energy.
According to the U.S. Department of Energy the Solar America Initiative is designed to accelerate the development of advanced photovoltaic (PV) materials that convert sunlight directly to electricity, with the goal of making solar PV cost-competitive with other forms of renewable electricity by 2015. The goal of the initiative is to generate enough solar energy by 2015 to provide 5 to10 gigawatts of electricity, enough to power 1 to 2 million homes.
This should be a stock for speculative investors to watch. Solar EnerTech is working to meet the growing worldwide demand for solar energy. Solar electric energy demand has grown consistently by 25% every year for the past 15 years. World solar PV market installations reached a record high of 1,460 megawatts in 2005, representing annual growth of 34% (MarketBuzz). Worldwide the solar PV industry generated approximately $6.5 billion in revenue in 2004 and is expected to reach $9.9 billion in 2006 and $18.6 billion in 2010 (SolarBuzz). Like the U.S.'s Solar America Initiative, many countries are implementing programs and policies in support of clean energy and government support is one factor driving industry growth and market adoption.
As recently announced, construction of Solar EnerTech's new state-of-the-art solar cell manufacturing plant in Shanghai is running ahead of schedule and within budget. According to the company's press release, the projected production capacity for its facility is estimated at an output of 20 megawatts per production line. At current prices this projection translates into roughly $37.5 million dollars in annual revenue per line. The Company's strategic plan is to have the initial 20 megawatts in production by fourth quarter of this year.
A profile of Solar EnerTech can be found at: http://www.wallstreettradingalerts.com/SOEN062706.html
A separate report has been provided to WSEN and is available at http://www.smallcapstockalert.com/
Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Other Stocks of interest yesterday were:
General Electric Company (NYSE: GE) down 0.9% on 23.5 million shares traded.
General Electric Company, a diversified technology, media and financial services company.
AMD (NYSE: AMD) down 1.6% on 19.7 million shares traded.
AMD designs and produces innovative microprocessors, Flash memory devices and low-power processor solutions for the computer, communications and consumer electronics industries.
Oracle Corp. (NASDAQ: ORCL) down 1.1% on 41.8 million shares traded.
Oracle is the world's largest enterprise software company.
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