MONTREAL, CANADA: ICP Solar Technologies Inc., a developer and marketer of innovative, proprietary solar panels and products, announced that as part of its 2010 growth strategy, ICP Solar plans to enter the lucrative solar energy utility sector, which is gaining significant momentum in North America and abroad.
ICP announced that as a first step in its new strategic direction, it has entered into a binding LOI with EPOD Erneuebare Energien (EEE), to acquire a 9 percent stake in its wholly owned subsidiary, Volkersleier GmbH & Co-KG, a 730kw producing photovoltaic solar facility, located in Volkersleier, Germany, with an option for ICP to buy the remaining stake in Volkersleier; additional terms are outlined in a Form 8K to be filed with the SEC.
ICP Solar intends to leverage its retail relationships for roof tops in the Ontario, Canada market. ICP Solar will also continue its financing efforts as part of its overall strategy.
“ICP Solar’s new strategic direction is exciting and should allow us to attain significant growth,” said Sass Peress, CEO.
“The solar energy industry is expected to grow at a CAGR of 39 percent and reach approximately $100 billion by 2013. ICP Solar plans to position itself to benefit from this growth and add to shareholder value. The growth which will come as a result of this new direction will also help the consumer products division in enhancing its supply chain through larger solar equipment purchases in the future.”