Matinee Energy Signs a 240 MW Solar Energy MOU with Hyundai Heavy Industries and LG Electronics

Matinee Energy, Inc. (Matinee) has announced today that it has signed a Memorandum of Understanding and formed a strategic alliance with Hyundai Heavy Industries Company Ltd. (Hyundai) and LG Electronics, Inc. (LG), both of Korea.

Matinee has invited Hyundai and LG to join as lead partners for a total of 240 megawatts or $1 billion contracts in the initial phase and building environmentally friendly solar energy power plants, and both companies have accepted that invitation. Matinee also plans to add additional alliance partners that are complementary to all parties.

Michael Pannos, Chairman of Matinee stated, “Through the alliance, we can improve our competitiveness and overall contribution in the green energy markets. We are excited by the unprecedented synergy that is attainable by bringing together high quality solar solutions, world-class construction, financial strength, localized green energy solutions, and infrastructure-based services. This announcement combined with the engagement of JP Morgan Securities, Inc. to help with the Permanent Project Finance segment of the project, has finalized Matinee’s total financing solutions for those projects. This strategic alliances gives Matinee the ability to reach economies of scale in both solar and wind turbine energy projects.”

“We are sharing our expertise with the world-class competencies that are not readily obtainable and scarce in the home market and we rely upon highly efficient technologies to develop world class green energy solutions for our planet’s needs,” said Chin Kim, CEO of Green Power Management of Matinee who is responsible in selecting and managing EPC (Engineering, Procurement and Construction) contractors.

According to Matinee, The Industrial Company (T.I.C.), which is based in Colorado, as well as other construction and technology companies located in the U.S., will join in supporting this announcement and provide their specific services and resources. T.I.C. is a division of Peter Kiewit & Sons, a construction organization with combined annual revenues of over $9 billion.

Hyundai and LG are both major participants and hold a significant place in the green energy markets worldwide and this alliance is expected to help deliver products and solutions along with local community impact, local employment, and long term service. Matinee is targeting utility scale solar energy plants in excess of 900 MW primarily in the Southwest United States.

Established in 2006, Matinee Energy, Inc. has completed its plans, designs and financing for large scale renewable green energy solar power plants in the U.S. Matinee is teamed with strategic partners who are major industry leaders and investors with extensive experiences in major green energy initiative projects. Matinee is expected to make a major wind turbine energy announcement. Matinee is well positioned as the major power player in the renewable energy industry.

Hyundai Heavy Industries Co. Ltd. (HHI) is the world’s largest shipbuilder. It also provides offshore construction and exploration services and has expanded into areas such as robotic systems and large industrial pumps and presses. Additionally, HHI makes diesel engines and engine parts with industrial and marine applications. Other HHI offerings include electrical products (circuit breakers, switchgear, and transformers) and construction equipment (excavators, forklifts, and loaders). HHI manufactures wind turbine and solar energy solutions.

LG Electronics (LG); “Life is Good!” makes products that have tech-savvy consumers hungry for their products – in the kitchen, in the media room, and on the go. Its consolidated annual revenue is $50 billion in 2009 from more than 110 subsidiaries worldwide designing and producing displays and media products such as TVs, VCRs, plasma display panels, home appliances such as refrigerators, washing machines, microwaves, air conditioners, and telecommunications devices such as wireless phones, handsets, switchboards. LG is also a major manufacturer of solar solutions.