SAN JOSE, Calif., Dec. 14, 2010 /PRNewswire/ -- Twin Creeks Technologies, Inc., a Silicon Valley-based manufacturer of crystalline silicon solar panels, committed to changing the economics of solar generated electricity, today announced it has broken ground on its new 100-megawatt (MW), solar cell and panel manufacturing facility to be located at the Perak High Tech Park in Ipoh, Malaysia.
A joint venture between Twin Creeks Technologies and the Perak State Economic Development Corporation through its associate company, The Red Solar Inc., the new 250,000 square-foot production facility, Twin Creeks Malaysia Sdn Bhd (TCMSB),represents a substantial investment by Malaysia. This partnership, signed on June 4, 2010, was the result of a successful Perak trade and investment delegation mission led by the Perak Chief Minister, Dato' Seri Dr. Zambry Abdul Kadir, and Tan Sri Datuk Dr. Ahmad Zaharuddin, Chairman of the Malaysian Biotechnology Corporation Sdn Bhd.
"Over the long term, energy needs across the world are projected to increase – and renewable sources such as solar will play an important role in fulfilling those needs," said Siva Sivaram, CEO of Twin Creeks Technologies. "The government of Malaysia recognizes the need to move away from purely fossil fuel based energy production and we are proud today to announce the groundbreaking of our first solar panel manufacturing facility in Malaysia. With their support, this plant will bring economic development and clean, reliable, domestic-sourced solar energy."
The TCMSB facility will expand production of Twin Creeks' proprietary crystalline silicon photovoltaic technology to address the growing solar market in Malaysia and ASEAN (The Association of Southeast Asian Nations) countries. Phase one output of the facility will be 100-megawatts(MW) with an expansion agreement to reach 500-megawatts(MW) of crystalline silicon-based solar cell and panel capacity. Expected to have a considerable impact to job creation within the state of Perak, the TCMSB facility will be built in multiple phases. Once in full production in 2012, Twin Creeks' solar modules will enable an immediate "grid parity" with the conventional means of producing electricity at an average delivered cost that is competitive with fossil fuels.
"Combined with responsible development of solar panels and new technologies, Twin Creeks Technologies will help to secure our energy independence, strengthen our national and economic security and conserve our natural resources," said Deputy Prime Minister of Malaysia, YAB TansriMuhyidddin Bin HjMohdYassin. "I am proud to participate in this groundbreaking event."
"Twin Creeks Technologies is clearly committed to lowering the cost of solar panels with development of their differentiated, high quality, cost efficient cell and panel technology," said Perak Chief Minster, Dr. Zambry. "Their innovative solar energy production methodology will help Malaysia in achieving independence from power constraints. We look forward to a long-term partnership with Twin Creeks Technologies as they ramp to full production in Malaysia."
About Twin Creeks Technologies, Inc.
Twin Creeks Technologies was founded in 2008. Headquartered in San Jose, California, the venture backed solar technology company has a portfolio of over 60 patent applications and operates engineering and manufacturing locations in San Jose, Danvers, Massachusetts, Senatobia, Mississippi, and Ipoh, Malaysia. Twin Creeks' innovative manufacturing processes are changing the economics of crystalline silicon photovoltaic technology. Twin Creeks Technologies Inc., the Twin Creeks Technologies logo, and other designated brands included herein are trademarks of Twin Creeks Technologies in the United States and other countries. For more information please visit: www.twincreekstechnologies.com
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SOURCE Twin Creeks Technologies, Inc.