Andalay Solar Completes License Agreement with Hyundai Heavy Industries
FREMONT, Calif., June 22, 2015 /PRNewswire/ -- Andalay Solar (OTCPink: WEST), a leading supplier of integrated solar power systems, has entered into a License Agreement with Hyundai Heavy Industries whereby Hyundai has licensed Andalay's Instant Connect ® frame technology to manufacture solar modules. The new Hyundai-branded TG-Series solar modules are available now in the US market. They use 60-cell monocrystalline or polycrystalline technology (260w-280w) with a black Andalay frame, and are manufactured in South Korea.
"This is an enormous milestone for Andalay to have for the first time a $50 billion company like Hyundai license our patented technology to produce solar modules," said Andalay Solar's President & CEO, Steven Chan. "The Hyundai brand and 'bankability' factor immediately help widen the addressable market for Andalay technology to include residential solar lease and financing companies, which service the largest share of the US residential solar market."
"We believe that no other rail-less solution can match the speed and ease of our Instant Connect wire management and plug and play technology, and feel that the companies who adopt our solution will save on labor and other soft costs such as logistics and long term maintenance," continued Mr. Chan.
Andalay was the first in the residential solar industry to receive a patent from the United States Patent and Trademark Office for its Instant Connect integrated solar technology which eliminates conventional racking and provides a cleaner look, safer wire management, and faster installation.
Andalay Solar products can be found at Amazon.com, Lowes.com, and www.andalaysolar.com.
About Andalay Solar: (OTCPink:WEST)
Founded in 2001, the Company is a designer and manufacturer of integrated solar power systems. The Company has been a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel. The company's AC solar panel reduces the number of components for a rooftop solar installation by approximately 80% and lowers labor costs by approximately 50%. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. The Company currently sells its new generation "Instant Connect®" products in both AC-ready and DC format which provide the best combination of safety, performance and reliability. For more information on the Company, visit www.andalaysolar.com.
Forward-Looking and Cautionary Statements - Safe Harbor
Statements made in this release that are not historical in nature, including those related to market acceptance of products, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "can," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. The statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with actual availability of products, the expansion of the addressable market, and the "speed and ease" of the Instant Connect® products. All forward-looking statements included in this release are made as of the date of this press release, and Andalay Solar assumes no obligation to update any such forward-looking statements.
SOURCE Andalay Solar
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