May 24, 2006 - Lawrenceville, NJ, USA:

Energy Photovoltaics, Inc. (EPV), a solar energy products manufacturer in New Jersey, USA , has received a major contract from Titan Energy Systems, Ltd., of India, worth more than $20 million. According to the contract, Titan Energy Systems will purchase EPV amorphous silicon (a-Si) photovoltaic plates. EPV has commenced delivery of the solar plate and will continue to execute the supply arrangement over the next several years.

Titan Energy Systems, Ltd., is located in Hyderabad, the capital city of the state of Andhra Pradesh, India. Titan Energy is one of the leading Indian manufacturers of photovoltaic modules for both the Indian and export markets. Titan Energy builds and sells photovoltaic systems and products from both thin-film and crystalline photovoltaic technologies. EPV will supply the a-Si plate for use in Titan's new photovoltaic product line--theTitan-EPV 120, a 120 watt a-Si thin-film module. “Titan Energy is delighted to enter into a multi-year supply contract with EPV for their superior dual-junction a-Si plates, especially at this point in time, when the availability of crystalline silicon is scarce,” said Rao Chodagam, Managing Director of Titan Energy Systems, India.

EPV, a thin-film solar energy technology developer and a manufacturer of thin-film photovoltaic modules and products, is located near Princeton, New Jersey, USA. Thin-film photovoltaic products are becoming more and more highly regarded in the solar industry. One reason for this is thin-film's low raw materials requirements; unlike crystalline silicon modules, thin-film modules do not use crystalline silicon wafers, of which there is an increasing shortage. In addition, EPV's thin-film a-Si modules offer critical performance advantages over their crystalline silicon counterparts: greater electricity production per rated watt, a uniform and aesthetically pleasing appearance, and shorter energy-payback time. The current high demand for photovoltaic products combined with a shortage of silicon has rendered thin-film photovoltaics in demand. Formed in 1991, EPV is experiencing unprecedented requests for its modules, technology, and manufacturing systems.

This major contract with Titan Energy underscores the critical role that thin-film photovoltaics will be playing to supply the world's demand for solar energy. "Our research and dedication to developing the best thin-film photovoltaic products is paying off. This contract represents only the beginning of our participation in what has already become a thriving market," said James F. Groelinger, CEO of Energy Photovoltaics.

In addition to selling its products worldwide, EPV designs and builds thin-film photovoltaic manufacturing systems. EPV has delivered manufacturing systems to Hungary, China, and the U.S. A joint venture project for an a-Si manufacturing facility in Portugal was recently announced, and joint ventures are currently in development in Greece and numerous other locations in Europe. EPV is also advanced in the development of a unique approach to commercial production of CIGS thin-film products and the parallel development of a process for the low-cost production of, among other things, high performance transparent conducting oxides.