Hague Corp./Solterra Renewable Technologies Makes Significant Progress in Selection Process to Establish a Solar Cell Production and Distribution Facility in Saudi Arabia
TEMPE, Ariz., June 16 /PRNewswire-FirstCall/ -- CEO Stephen Squires of Solterra Renewable Technologies Inc., a wholly owned subsidiary of Hague Corp. (OTC Bulletin Board: HGUE), announced today that the company has made significant progress in the selection process by an agency of the Government of Saudi Arabia to establish a thin-film quantum dot solar cell manufacturing and distribution facility in the country.
If selected, the Solterra solar cell facility would be part of an initiative to build a transmission super grid of power plants and power lines to supply energy to Europe and to seawater desalination plants in the Middle East and North Africa. The initiative has been spearheaded by the Trans-Mediterranean Renewable Energy Cooperation, or TREC, a consortium led by the renowned "Club of Rome," which includes the German Aerospace Bureau and several universities in Europe and the Middle East.
Squires said, "We have been engaged in preliminary discussions for more than six months and are now in advanced discussions with the Saudi government agency responsible for these decisions. We have undergone an incredibly in-depth due diligence review of our science and our business plan. The due diligence process was conducted on-site by a European consulting and analysis firm. Early discussions have led us to believe that we are a frontrunner in the selection process."
He added, "The super grid initiative has attracted a growing number of powerful backers. Nicolas Sarkozy, the President of France, and UK Prime Minister Gordon Brown have both publicly endorsed the super grid project. It is our belief that if we are able to realize this opportunity we will receive significant financial support, facility set up, personnel subsidies and other benefits."
"While our competitors attempt to reduce the cost per watt by scaling up production or using less than industrial grade materials," Squires explained, "we believe our proprietary quantum dot semi conductor processing technology and technological innovations will be the keys to delivering increasingly cost effective solar cells."
About Hague Corp. /Solterra Renewable Technologies, Inc.
Solterra is singularly positioned to lead the development of truly sustainable and cost-effective solar technology as the first company to introduce a new dimension of cost reduction by replacing silicon wafer-based solar cells with low-cost, highly efficient Quantum Dot-based solar cells.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contact Information
Hague Corp. / Solterra Renewable Technologies, Inc.
ASU Research Park
7700 S. River Parkway
Tempe, AZ 85284
Phone: 604-569-3184 x 103
Email: info@solterrasolarcells.com
Web Site: www.solterrasolarcells.com
