Evolution Solar to Acquire Hong Kong-Based R&D Company

GILBERT, Ariz.--(BUSINESS WIRE)--Evolution Solar Corp. (OTC:EVSO) signed a Letter of Intent to acquire a Hong Kong based R&D and Procurement Company. Evolution Solar most recently announced its plans to develop alternative energy technologies using thin film solar panels.

“The process of purchasing of the Hong Kong-based R&D Company is tracking well,” stated Robert Kaapke, CEO of Evolution Solar. “We believe better engineering and technological innovations are the keys to delivering increasingly cost effective solar panels.”

Evolution Solar is planning to establish a footprint with the manufacturing capabilities in the Asian markets that can assist in the reduction in the manufacturing and procurement of materials in the heavy technology manufacturing providence of Shanghai, China.

China, which passed a landmark renewable energy law in January 2007, has pledged to spend some $200 billion over the next 15 years on renewable energy. The goal: Achieve 20 percent total energy consumption from green fuel sources.

China's interest in renewables has translated into a rapidly expanding base of at least a dozen publicly held domestic solar energy and wind energy concerns, among them: Solarfun Power Holdings (NASDAQ:SOLF) and JA Solar Holdings (NASDAQ:JASO).

Having captured a good portion of the wind market, General Electric Co’s (NYSE:GE) energy division, GE Energy, has announced its entry into the solar market with GAF Materials Corp. GAF is North America's largest manufacturer of residential and commercial roofing, with more than 12,000 contractors.

Exxon Mobil (NYSE:XOM) projects that by 2030, global energy demand will be 40 percent higher than in 2005. In developing countries such as those in Asia-Pacific, per capita energy use is expected to soar by 70 percent by 2030.