Spire Corporation Provides Strategic Update on Solar Expansion

January 10, 2008

Expanded Manufacturing Facility Provides Annual Revenue Potential of $200 Million; Company Projects Approximately $80 Million in Total Revenues for 2008

Spire Corporation (Nasdaq: SPIR), a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules worldwide, today announced that its recent 53,000 square foot solar manufacturing facility expansion, together with its refocused Spire Semiconductor solar-cell concentrator operations, are on track to significantly grow the companys revenues in the solar energy and solar capital equipment markets. 

The company estimates that at full capacity, its Bedford headquarters facility can produce solar capital equipment valued at approximately $200 million in annual revenues. Based upon currently contracted backlog and anticipated delivery schedules for equipment, the company projects total revenues for 2008 to be approximately $80 million, primarily generated from the sale of solar capital equipment and turnkey solar factories.

Were in the midst of a historic expansion of capacity in the solar field, with manufacturers around the globe scrambling to bring factories on line to take advantage of the coming availability of silicon solar feedstocks, said Roger Little, Spire Corporations Chairman and CEO. Weve undertaken a dramatic increase in our facility to meet this demand, nearly doubling our manufacturing square footage and more than doubling our headcount in the past year. This expansion is progressing well and were on track to generate roughly $80 million in total revenues for 2008, largely on the strength of our unique ability to provide a one-stop-shop for manufacturers wanting to enter the global solar market.

Our newly refocused Spire Semiconductor facility also will participate in this expansion by servicing the fast-growing gallium arsenide (GaAs) concentrator solar cell market, continued Little. This facility alone has the capacity to produce the equivalent of approximately 50 megawatts (MW) of 500-sun concentration, high efficiency multiple-junction concentrator cells. With nearly 30 years of experience in GaAs concentrators, we expect robust growth from this operation going forward.

About Spire Corporation

Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic modules worldwide. The companys Spire Solar subsidiary is the worlds leading supplier of turnkey photovoltaic manufacturing lines and module manufacturing equipment. Spire Semiconductor, formerly Bandwidth Semiconductor, develops and manufactures custom gallium arsenide solar cells and other related products for the commercial, biomedical and defense markets. The companys Spire Biomedical subsidiary is a leader in hemodialysis catheters and implantable device processing services.

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