Motech to Purchase GE Energy Delaware Solar Module Assembly Operation

Motech Industries Inc. has signed an agreement to acquire GE Energy’s Delaware solar module assembly operation. The plant, which is located in Newark, Delaware assembles crystalline silicon based photovoltaic modules. The plant currently employs 75 people.

In the purchase agreement, Motech will be entrusted to maintain GE’s high standards for solar module manufacturing at the existing factory site.

With the acquisition, Motech will be granted the rights to use GE Energy’s module trademark for two years. In addition, Motech will assume the responsibility to provide warranty services to GE’s existing module clients.

The agreement is built on the foundation of an existing relationship between Motech and GE Energy where Motech has been a supplier of solar cells to GE Energy for the past four years.

"We are pleased to announce this agreement to purchase the solar module operation from GE Energy" said Dr. Simon Tsuo, Chairman and CEO of Motech. "We will do our best to maintain the high quality and safety standards GE has established at this factory."

The transaction is subject to customary closing conditions and is expected to close in early January 2010.