Solar Integrated Enters Greece With Two Projects With UPC Energy Management For $7 Million

Athens, Greece, London, UK and Los Angeles, California, May 23, 2008 – Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has won its first two orders from UPC Energy Management, a developer of solar energy projects in Europe, the Middle East, North Africa and Asia, aggregating U.S. $7 million.  The orders are for BIPV roofing systems to be installed at two bottling plants in Greece owned by one of the world’s largest bottlers of non-alcoholic beverages.  The systems, to be installed by Istor, a leading commercial roofing specialist in Greece, are expected to be completed in 2008 subject to any required regulatory approvals.  The BIPV roofing systems will be owned and operated by UPC Energy Management under a long-term joint development agreement with the bottling company.

“What an exciting way to enter the emerging solar market in Greece,” stated R. Randall MacEwen, President & CEO of Solar Integrated.  “These two projects also mark our initial business with UPC Energy Management.”

“Solar Integrated’s proprietary BIPV roofing system are ideally suited for these buildings,” stated Angelos Kostopoulos, VP & Regional Manager of UPC Energy Management Hellas.  “We are attracted to Solar Integrated’s ‘no compromise’ product approach for long-term solar roofing development projects.  We are looking for additional opportunities to work with Solar Integrated in selected markets in Europe, the Middle East, North Africa and Asia.”

Brian E. Caffyn, the non-executive Chairman of Solar Integrated’s board of directors, and Nicholas A. Wrigley, a non-executive director of Solar Integrated, are part of a small group of owners of UPC Energy Management.  Mr. Caffyn is also the chairman of UPC Energy Management.  These projects with UPC Energy Management were approved by Solar Integrated’s board of directors, excluding Brian E. Caffyn and Nicholas A. Wrigley who did not participate in the relevant board discussions and did not vote on the relevant board resolution given their relationship with UPC Energy Management and Solar Integrated, including as nominees of UPC Energy to the Company’s board of directors. The independent directors consider, having consulted with KBC Peel Hunt, that the terms of this transaction are fair and reasonable in so far as shareholders are concerned.   

About Solar Integrated:
Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops.  We are a leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications.  Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. 

Our proprietary ‘no compromise’ approach for solar roofing is fundamental to our vision of BIPV solutions.  Unlike typical after-market solar panel providers, we provide an integrated BIPV roofing system that meets the customer’s energy, environmental and roofing requirements.  Our lightweight, flexible and durable product typically forms the top layer of the customer’s roof with no additional roofing penetrations, thereby preserving the roof’s structural integrity and aesthetics, while also delivering the full benefits from electricity generation through clean, secure natural sunlight.

Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Metro, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield. 

About UPC Energy Management:
UPC Energy Management LLC, an affiliate of UPC Renewables, develops, owns, constructs, finances, operates and maintains wind power and solar power projects in Asia, Europe, the Middle East and North Africa.  For more information, please visit www.upcrenewables.com .

For more information, please contact:

Solar Integrated Investor Contacts:


Solar Integrated Technologies, Inc
R. Randall MacEwen
President & Chief Executive Officer
 Los Angeles, California, USA
+1.562.299.0136

Solar Integrated Technologies, Inc
John M. Palumbo
Chief Financial Officer
Los Angeles, California, USA
+1.562.299.0121

 

 

KBC Peel Hunt Ltd.
Nominated Advisor and Joint-Broker
Jonathan Marren or Oliver Stratton
+44.20.7418.8900

Mirabaud Securities Limited
Joint-Broker
Peter Krens or Kim Richardson
+44.20.7878.3362

 

 

Solar Integrated Media Contacts:
Pelham Public Relations                                            
Chelsea Hayes or Robert Koh                                                          
+44. 20.7743.6675

Thinking Integrated. Building Integrated.
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