Fidelis Signs Definitive Agreement to Build up to a 100 MW Solar Park in Spain

Fidelis Energy Inc. (pinksheets:FDEI) announced it has signed a definitive long-term agreement with ASD Lusiona Solar ("ALS") to develop approximately 1,500 acres of land for the design, construction and operation of up to a 100 MW solar park in Spain.

The agreement formalizes the Letter of Intent Fidelis announced with ALS on November 15, 2010 said Fildelis President James Poole. "This ALS agreement is another important milestone for Fidelis," James said. "The fact that ALS has agreed to move forward affirms the potential our proprietary technology holds for the renewable energy and solar industry."

It is anticipated that the project will generate up to $350 Million in revenue if fully completed. Fidelis will partner with a Spanish developer to complete the project. The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies’ board of directors and is expected to close in the first quarter ending March 31, 2011.

Fidelis Energy Inc. ("FDEI") is an energy company focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. Fidelis is also in the development stage of designing solar photovoltaic (PV) cell technology products and plans to manufacture and distribute these products in the future. Fidelis owns a unique patent pending solar cell technology based on photovoltaic cells with integral light-transmitting wave guides in a ceramic sleeve. The advantage of this technology is the efficiency of less exposed surface area being required to generate electricity. The light-transmitting particles act as wave guides and allow the sun-exposed conversion area of the solar cell to be shifted readily from horizontal to vertical to capture more sunlight. The ceramic sleeve eliminates the need for expensive vacuum chambers, thereby allowing less expensive materials to be used in solar cell production.

We are developing, with plans to eventually manufacture and market, innovative solar cells and solar power products for a wide range of applications based on our technology that increases light-trapping while enabling a variety of materials to be used. Our technology employs multiple stacked solar cells in a ceramic sleeve that uses nano-particles and crystal wave guides to carry light from the opening down to the last junction in the solar cell. Competitors’ processes that use vacuum chambers (instead of a ceramic sleeve) generally don’t allow for material substitution because of contamination issues. We believe our technology will also allow manufacturers to quickly and economically shift to new materials if a shortage of any one type of material occurs. In general, our technology will offer a flexible, cost-effective solution for increased light-trapping and will provide increased efficiency.