Aurora (TSX-V: ACU, OTCBB: AACTF, FSE: A82) Opens Office in China and Obtains Export Development Canada Facility
North Vancouver, British Columbia - May 1, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Aurora Solar Technologies Inc. ("Aurora")("Company")(TSX-V: ACU, OTCBB: AACTF, FSE: A82) is pleased to announce that it will open a representative office in Shanghai effective May 1, 2018 to support sales and service efforts in China. The Company's sales team for Asia will be based out of this office and will be able to rapidly respond to customers in their language. The Company currently has two employees focused on sales and application engineering in China and Asia Pacific and is looking to add a third given the substantial opportunities the Company has secured and continues to develop in this region.
During the past two years, Aurora has experienced major commercial success in Korea, Taiwan and Singapore. The Company received its first volume order from a customer in China for multiple DecimaTM Gemini systems and VeritasTM wafer and process mapping software last year. The Decima and Veritas products were successfully delivered and integrated into new high-efficiency bifacial cell production lines enabling the customer to accelerate its plant start up and begin competing in the high end of the market using advanced bifacial technology. Aurora has also delivered a DecimaTM Gemini system to one of the world's leading solar panel manufacturers and testing began last month on their first bifacial line. Aurora is also in the final stages of securing a testing arrangement with a second top 5 Chinese solar cell manufacturer. This company is expanding its capacity with new bifacial technology and will evaluate Aurora's DecimaTM Gemini quality measurement system during the initial start up of their new bifacial line.
With more than 80% of global solar cell production in China, the regional producers are focused on improving efficiency and manufacturing yields. Bifacial technology has emerged as a major advancement enabling the doping and activation of both sides of the cell to increase cell power generation by 8% to 25%. Common quality measurement methods in China currently use a four-point probe in the lab to manually test a small number of Wafers per batch. Due to the application of doping on both sides of the cell, the use of four-point probe systems are not possible for bifacial applications as they cannot independently measure each layer. Aurora's inline infrared non-contacting DecimaTM Gemini solves this problem providing comprehensive quality measurement of both sides of the bifacial cell in an automated system which can test 100% of cells in each batch in a matter of minutes. By integrating this data with Aurora's VeratisTM Insight software, Aurora provides the customer with important operational information in real time about problems on the manufacturing line as well as the opportunity to control the critical steps of the process.
"With the advancement of solar cell design and growing complexity of the production methods, the opportunity for Aurora's measurement and control systems have never looked brighter," said Michael Heaven, President & CEO. "Opening a regional office means our customers in China and Asia Pacific will be dealing with Aurora in real time and receive the support they need from initial testing through to optimization of their commercial installations of Aurora's hardware and software products. We are anticipating a break-through year in China based on the systems we have now installed in the region and are increasing our sales and support team accordingly," he continued.
The Company is also pleased to announce that it has received a USD $600,000 Performance Security Guarantee Facility from Export Development Canada (EDC) to provide performance guarantees to customers related to delivery and warranty provisions on a case-by-case basis. With this facility in place and a growing order book expected Aurora can apply to EDC to guarantee the performance provisions of sales orders instead of tying up the Company's working capital. In an unrelated transaction, the Company issued 430,000 stock options to employees and consultants to the Company at the April 20, 2018 closing price.
About Aurora Solar Technologies:
Aurora's mission is to deliver exceptional results to the photovoltaic industry through measurement, visualization and control of critical processes during solar cell manufacturing. We measure and map the results of critical cell fabrication processes, providing real-time visualization of material properties, cell parameters and production tool performance. Our products provide process engineers and production-line operators with the means to rapidly detect, analyze and correct process excursions, limit variations, and optimize processes, thereby increasing yield and profits. We are creating the quality control standard for the global photovoltaic manufacturing industry. For more information, Aurora's website is located at www.aurorasolartech.com.
For further information contact:
Michael Heaven, P.Eng., MBA
President & Chief Executive Officer
Aurora Solar Technologies Inc.
Phone: +1 (778) 241-5000
Paradox Public Relations
Phone: +1 (514) 341-0408
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forwardlooking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The Company does not assume the obligation to update any forwardlooking statement.
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