Centrosolar to Create U.S. Unit to Boost Sales of Solar Systems

Centrosolar AG, a German provider of solar systems for homes and businesses, will establish a U.S. unit to attract more customers in a growing market.

Centrosolar America Inc. will be based in Phoenix and led by Ronald Tovella, former sales director for North and Central America for BP Solar, the Munich-based company said today in a statement distributed by DGAP Newswire.

``The U.S.A. is considered to be the biggest market of the future for solar energy,'' Centrosolar said in the statement.

More than 135,000 homes in California alone have solar systems, making it a bigger market than Spain, the company said.

Centrosolar's U.S. revenue was 2 million euros ($2.6 million) last year. The company had total revenue of 172.7 million euros in 2006, short of its forecast of 200 million euros, it said in January.

Centrosolar said its strategy is still to identify candidates as acquisition or investment targets in the U.S.

``Rapid expansion in the U.S. and also in the expanding markets of Southern Europe remains the priority of the Centrosolar group for the next few years,'' the company said.

Shares of Centrosolar rose 58 cents, or 5.5 percent, to 11.08 euros at 1:04 p.m. in Frankfurt.

To contact the reporter on this story: Chris Staiti in London at cstaiti@bloomberg.net

To contact the editor responsible for this story: Victoria Richards in London at vrichards@bloomberg.net

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