PHOENIX--(BUSINESS WIRE)--Evolution Solar Corporation (PinkSheets: EVSO) announced today that it is moving its primary business office to China. New technologies, such as thin film solar, are emerging from China at an impressive rate. The Company feels China represents an ideal base for operations for two reasons: first, use of solar in China is growing very rapidly due to strong government incentives, and second, China will serve as a source of products at competitive prices to allow the company to engage in projects in other parts of the world.
New management is expected to take the helm as the company begins its focus on China as a source of operations. The Company will have a U.S. subsidiary that will manage and supervise opportunities in the United States.
“This step allows us to gain significant efficiencies in both serving the Chinese market and sourcing products for the United States,” stated Robert Kaapke, CEO of Evolution Solar Corp. “We expect our China office to drive rapid growth in the company in the months ahead.”
China’s new $2.70 per watt government solar incentive has delivered a strong stimulus to solar stocks. China’s stimulus program represents a 50% government participation in the cost of many solar projects. Clearly this changes the economics for solar companies with a footprint in China. Yingli Green Energy Holdings (NYSE: YGE) was up 43% on the news. ReneSola (NYSE: SOL) was up 31% and Suntech Power Holdings (NYSE: STP) was up 50%.
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