AE Polysilicon Awarded $44.85M U.S. Tax Credit

Motech Industries Inc. today announced its subsidiary, AE Polysilicon Corporation, has been awarded a tax credit of US$44.85 million for Phase I under section 48C of the IRS Tax Code by the U.S. Department of Energy (DOE).

On January 8, 2010, U.S. President Obama awarded a total of US$2.3 billion in tax credits for clean energy projects across the United States as part of the American Recovery and Reinvestment Act. According to the DOE, the Projects were competitively selected throughout a rigorous metric review process and address the board spectrum of manufacturing capabilities needed to support a robust clean energy economy.

AE Polysilicon Corporation, a polysilicon manufacturing firm, is one of 183 projects in 43 states that will help create tens of thousands of high-quality clean energy jobs and meet President Obama’s goals of doubling the country’s renewable energy usage in the next three years.

“This is a great news for us and it will provide an incredible return on investment once we are in production.” said by York Tsuo, President of AE Polysilicon Corporation.

About Motech

Motech Industries Inc. was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999, and is a pioneer in the manufacturing and marketing of high-quality single and multi-crystalline silicon solar cells in Taiwan. Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output. "Modern Technology for a Sustainable World" is the company’s motto to emphasize its strong dedication to developing a sustainable world and to encouraging the use of renewable sources of energy so that we, as citizens of the world, can breathe easier in the years to come. Motech is a publicly traded company on Taiwan's Over-the-Counter (OTC) market with the trading code of 6244.

Source: Motech