US solar company sets up Bermuda subsidiary
US-based Evolution Solar Corp. has announced the setting up of a new subsidiary in Bermuda to focus on the Island's solar power market.
The solar energy and photovoltaic technology company is looking to take advantage of any opportunities that will be created as a result of Government's Solar Photovoltaic Rebate Initiative for residential users.
The initiative, which was launched in September 2009, offers residents a rebate of up to $5,000 for the installation of solar panels, with rebates available at $1 per watt up to a limit of 5,000 watts, or five kilowatts, per home.
Government has signalled its intent to move from current fossil-fuel supplies to non-fossil fuel based energy in the future and Evolution Solar said it wants to play a role in helping to reduce dependency on expensive oil imports.
"We feel very confident that we are undertaking the moves necessary to reap the lucrative future certainties from the Bermuda solar marketplace - from large multi-acre solar farm construction to numerous residential upgrades and the supply and distribution of solar panels," Robert Hines, president of Evolution Solar, stated in a press release.
Mr. Hines did not respond to a request for further comment by press time.
The company expects the alternative energy industry is expected to sustain strong international growth in years to come, enabling Evolution Solar to create a competitive niche with larger industry players, such as First Solar Inc., GT Solar Int. and Trina Solar Ltd.
Evolution Solar specialises in commercialising leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances.
Evolution Solar is an emerging industry leader capitalising on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organisations. The company is also an expert consultant agency to organisations in their strategic and procurement plans for alternative energy contracts with public utilities.
