Arise suffers heavy losses

WATERLOO – Arise Technologies Corp. reports a $42.3 million loss over the 2008 fiscal year, due in part to a $9-million silicon purchase agreement enacted prior to a steep drop in the material’s price. The huge increase in the Euro’s value also cost the solar technology company roughly $4 million in currency exchange losses. Arise plans to hold off solar cell production at its German plant and silicon refinery in Kitchener until market conditions improve significantly.

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