CHENGDU, China, July 6, 2011 /PRNewswire-Asia-FirstCall/ -- Apollo Solar Energy, Inc. (OTCBB: ASOE) ("Apollo Solar" or "the Company"), a leading vertically integrated refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, today announced that the Company has launched a project to utilize Tellurium in the production of thermal energy. The Company has formed a subsidiary in Anhui province to develop a tellurium based thermal energy system at Shengli Oil Field, a major oil field in China.
The Shengli Oil Field, owned by SINOPEC, is the second-largest oil field in The People's Republic of China, with daily production of approximately 650,000 barrels. The field contains more than one hundred transportation stations, which are powered, in part, through thermal exchange systems. Apollo's R&D team, in collaboration with Chinese thermal control experts, has developed a new tellurium based material that is ideal for use in thermal exchange technology at oil transportation stations. The Company believes that the new thermal exchange systems, combined with a small solar power station that will be used in each station, will reduce total annual energy costs at the Shengli Oil Field by approximately 40%. The first demonstration station will be started in July of 2011 and the entire project is expected to be completed within 3 years.
Dr. Jingong Pan, CEO of the Company, commented, "Included in our strategy for Apollo's growth is to increase revenue and profit margins of the Company by developing new materials and entering new markets. The use of our materials and technology to reduce energy costs at the thousands of oil transportation stations in major oil fields in China represents an untapped market that provides us the opportunity to substantially increase revenue."
About Apollo Solar Energy, Inc.
Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in mining, refining and producing high purity tellurium (Te), tellurium-based compounds and other metals for thin film solar PV industry as well as for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, ultra- high purity metals and commercial-purity metals.
Safe Harbor Statement
The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expected growth of the CdTe thin film PV industry in 2011, the expected demand for the Company's products, and the ability of the Company's research and unique processing of core materials to help its clients improve their efficiencies and cost competitiveness are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
For more information, please contact:
Mr. Henry Ke, COO,
Apollo Solar Energy, Inc.
Joseph Pettinelli, IR consultant
J and M Group LLC
518 Virginia Avenue suite 301
Towson, MD 21286
SOURCE Apollo Solar Energy, Inc.