SES SOLAR | Schweizer Solarhersteller 10% (!!!) unter Pari | STRONG BUY - 500 Beiträge pro Seite (Seite 2)

[MK_27]

Ich meinte natürlich die Adresse in Genf, nicht Zürich

[gozi-frizi]

Antwort auf Beitrag Nr.: 33.725.139 von WMaahn am 26.03.08 00:49:22

kann das sein das ETHANEX PLEITE ist!!!!! JA!!!!

ses solar nur abzokerei!!!!!!!!!!!!!!!!!!!!!!!!!!JA

INSOLVENT WIRD KOMMEN!!!JA

also verkaufen Ich habe auch gemacht leider

[WMaahn]

Antwort auf Beitrag Nr.: 33.725.699 von MK_27 am 26.03.08 08:48:36

Leider nein, auf deren Webseite findet man aber immerhin folgendes zum Office:

Geneva Office:
Standard Atlantic (Suisse) SA
3 Rue Bellot
1206 Geneva, Switzerland

Impressum:
S.E.S. -
Route de Saint-Julien 129 -
1228 PLAN-LES-OUATES (Geneva) Switzerland

Leider ohne Adress-Angabe:
GENEVA, Jul 25, 2007 (MARKET WIRE via COMTEX News Network) -- SES Solar Inc. (OTCBB: SESI), a European-based developer of cost-effective, high productivity solar panels and solar roof tiles, is pleased to announce that it has commenced construction of its new manufacturing facility in Plan-les-Ouates, Geneva, Switzerland. The new facility will produce solar panels, solar modules and solar tiles and is expected to be completed before December 31, 2007.

[lerchengrund]

dann muss es ja bald losgehen!

[lerchengrund]

# 500 !!!

[lerchengrund]

Das sind news die dem Kurs gut tun sollten !!

[lerchengrund]

komisch,
momentan gibt es auch gar keine aktuellen Informationen auf der homepage mehr!

[katz86]

servus lohnt es sich hier einzusteigen?

Wird hier schon produziert ?
weil hier nichts nach oben schisst!(aktien)(infos?)
war schon jemand in genf und hat sich dort mal umgeschaut?

[lerchengrund]

nein, leider noch nicht.

Kennt jemand eine person, die dort in der Nähe wohnt?

[katz86]

Antwort auf Beitrag Nr.: 33.817.563 von lerchengrund am 05.04.08 17:27:55

hat da schonn einer angerufen?

[Superzukunft]

Ruf doch selber an, Du "Schlaumeier"!!!


Gruß SZ

[lerchengrund]

Tel.Nr.?

[WMaahn]

Antwort auf Beitrag Nr.: 33.821.212 von lerchengrund am 06.04.08 19:40:21

Ihr könnt hier anrufen oder ein Fax schicken:
Contact Us
S.E.S.- Société d’Energie Solaire
Route de Saint-Julien 129
1228 PLAN-LES-OUATES
(Geneva) Switzerland
Tél. : [phone]
Fax : [phone]

[Superzukunft]

Antwort auf Beitrag Nr.: 33.849.689 von WMaahn am 09.04.08 19:47:09

Bin mal gespannt, ob es hier auch mal so eine Run wie bei ARISE gibt. Dann wären wir ja schnell mal bei einem EURO


Gruß SZ

[Motox1982]

Antwort auf Beitrag Nr.: 33.860.835 von Superzukunft am 10.04.08 20:23:13

Hallo!

Bin neu hier und auch im Aktienmarkt.

Bin stark am überlegen ob ich in SES Solar investieren soll.

Es gibt ja schon sehr viele Solar Unternehmen die schon voll in Fahrt sind, warum soll ausgerechnet noch SES Solar da noch mitziehen können?

Habe vorhin dort angerufen und bin zu einem deutschsprachigen Ing. durchgekommen, er meinte das wäre Glück weil ich sonst wenn ich vor 17:00 angerufen hätte zur Geschäftsführung gekommen wäre die nur französisch/Englisch spricht.

Habe Ihn gefragt wies so aussieht mit der Fertigungsanlage/wann sie fertig sei, aber er meinte nur er dürfe keine Infos rausgeben, und ich solle mich an die Geschäftsleitung wenden (habe ich schon per Email, hat auch nix gebracht, ausser einen Link zu den Filings).
Der Ing. war sehr freundlich und nett!
Leider bringt mich das auch nicht weiter

Was sagt ihr? Ist das wohl eine Goldgrube oder soll man getrost die Finger davon lassen, hmm.....

mfg, Mario

[katz86]

hi natürlich kannst du einsteigen bloß würde ich nicht soviel Geld reinstecken weil solange die Produktion nicht läuft ist es zu riskant außerdem kommen noch nicht solche nachrichten die wir brauchen sodass die Aktie nach oben schießt

[Motox1982]

Antwort auf Beitrag Nr.: 33.887.077 von katz86 am 15.04.08 12:13:28

Hallo!

Naja nur wenn man jetzt einsteigt, steigt man noch mit einem niedrigen Kurs ein, wenn die Produktion läuft, wird wohl auch der Kurs ansteigen und nicht mehr so schnell fallen, oder auch nicht, wer weis...
Hoffe das die dann auch Aufträge bekommen nicht das die solange mit der Fertigung brauchen das auch die ganzen möglich Aufträge weg sind.

Bin grad total am überlegen, Solar wird sich sicher durchsetzen, aber wird es SES Solar auch?

Habe mich ein wenig umgehört im Arbeitskreis, die ebenfalls mit Aktien spekulieren, die kannten aber alle SES Solar gar nicht.
Ist das Unternehmen noch so unbekannt?

mfg, Mario

[WMaahn]

Antwort auf Beitrag Nr.: 33.881.372 von Motox1982 am 14.04.08 17:17:50

Mir sind die Umsätze ein bisschen niedrig z.Zt.

[katz86]

du hast ja recht mit dem einsteigen denk ich eigentlich genau so!
WAS HALT BLÖD IST isch dass es keine gescheiten nachrichten gibt!
wenn aber richtig ohne risiko einsteigen willst musst bei 3s swiss solar einsteigen ! kann man inmoment günstig machen sind bei 11 50 kursziel 17 euro . ses ist noch zu riskannt ! aber man weiss ja nie vieleicht wird dass noch aber wenn gute nerven hast und viel gedult dann kannst auch hier investieren!

[lerchengrund]

Antwort auf Beitrag Nr.: 33.892.100 von katz86 am 15.04.08 20:34:24

Zieht wieder kräftig an; ich hoffe, dass noch einige auf den fahrenden Zug aufspringen werden.

[lerchengrund]

Antwort auf Beitrag Nr.: 33.892.100 von katz86 am 15.04.08 20:34:24

Wer weiss eigentlich, wo der Wert empfohlen wird?

[lerchengrund]

Antwort auf Beitrag Nr.: 33.902.617 von lerchengrund am 16.04.08 21:04:55

hier ist die Antwort:

Dutton Associates Announces Investment Opinion: SES Solar Speculative Buy Rating In Update Coverage By Dutton Associates
ROSEVILLE, Calif.--(BUSINESS WIRE)--April 16, 2008--Dutton Associates updates its coverage of SES Solar (OTCBB:SESI) maintaining a Speculative Buy rating and a $1.25 price target. The 11-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

SESI researches, develops, produces, and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. SES reported 2007 revenue of more than $1.3 million, up from $129,275 in 2006, and a net loss of $1.52 million or $0.027 per share, versus a 2006 loss of $1.24 million or $0.041 per share. Year-end balance sheet highlights include cash of US$3.4 million, negative working capital of $5.9 million, total debt of $6.2 million, and shareholders' equity of $4.0 million. Management expects the negative working capital position, which resulted in part from an increase in short-term debt to $6.1 million at year end from $410,000 a year earlier, to be temporary, since it anticipates restructuring the Company's financial arrangements into long-term loans with more favorable terms. SES's business plan is based on consolidating production in a new, specially designed manufacturing facility near Geneva, Switzerland. The new plant, which is under construction, will be fully automated and will incorporate innovative manufacturing techniques expected to result in lower labor costs, greater operating efficiencies and higher production volumes. The Company's revenue should be modest until the new plant is fully operational in 2009, and we believe that its long-term prospects are bright.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received US$65,500 from the Company for 8 Research Reports with coverage commencing on 10/16/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

CONTACT: Dutton Associates
John M. Dutton, 916/960-0623


SOURCE: SES Solar

[lerchengrund]

Antwort auf Beitrag Nr.: 33.902.994 von lerchengrund am 16.04.08 21:40:42

[lerchengrund]

Antwort auf Beitrag Nr.: 33.902.994 von lerchengrund am 16.04.08 21:40:42

wer kann ein neueres Bild von der Baustelle liefern?

[WMaahn]

Antwort auf Beitrag Nr.: 33.902.994 von lerchengrund am 16.04.08 21:40:42

heisst im Klartext:
0.01 Eur - Betrügerwert - Danke Markus Frick
wertloser Börsenmantel.

[katz86]

Woher hast du das Bild?

[lerchengrund]

Antwort auf Beitrag Nr.: 33.907.825 von katz86 am 17.04.08 13:30:49

das Bild war in arriva

[lerchengrund]

Antwort auf Beitrag Nr.: 33.907.825 von katz86 am 17.04.08 13:30:49

schau mal:

http://www.ariva.de/img_00162_a159721

[lerchengrund]

Antwort auf Beitrag Nr.: 33.907.825 von katz86 am 17.04.08 13:30:49

einfach doppelklicken, und dann sollte esklappen.

[lerchengrund]

Antwort auf Beitrag Nr.: 33.914.057 von lerchengrund am 17.04.08 23:50:23

sorry, ariva schreibt man nur mit einem "r".

[katz86]

mh dann muss es ja demnächst rihtig hoch gehen!

[katz86]

Antwort auf Beitrag Nr.: 33.917.546 von katz86 am 18.04.08 12:43:04

die Aktie geht nur seitwärts die halle muss doch normaler weiße schon fertig gebaut sein oder?

[frankinvestor]

Antwort auf Beitrag Nr.: 33.917.546 von katz86 am 18.04.08 12:43:04

Nach Wochen "SEITWÄRTS" kommt jetzt der Rebound....sehe Kurse bis
Jahresende um die 0.80 EUR !!!

[frankinvestor]

Problem ist einfach:

Die habe keine Aufträge, die sie vermelden können...da nützt auch kein "NEUES WERK"...erst wenn d. der Fall ist geht d. Ding wieder über 1.- EUR !!!

[frankinvestor]

Hier muß einfach mehr Vol. "REIN" bei diesen Umsätzen, ist kein
Blumentopf zu gewinnen !!!

[lerchengrund]

Antwort auf Beitrag Nr.: 34.024.894 von frankinvestor am 04.05.08 20:42:18

schade,
mehr INFOS von Unternehmensseite dürfte doch den Kurs beflügeln
aber man beschäftigt sich halt dann doch eher mit dem Tagesgeschäft - für die Nachhaltigkeit ist das natürlich auch besser.

[frankinvestor]

Antwort auf Beitrag Nr.: 34.024.914 von lerchengrund am 04.05.08 20:47:15

Nicht den Kopf hängen lassen...bald kommen bessere Zeiten !!!

[lerchengrund]

Antwort auf Beitrag Nr.: 34.025.002 von frankinvestor am 04.05.08 21:06:37

Umsatz?
EBIT?
Angaben zum Management?
Geschäftstätigkeit?
Anzahl der Mitarbeiter?
Produktionsstandorte?
Aktionärsstruktur?
Corportate Governance?
Zwischenberichte?
Geschäftsberichte?
Wertpapierprospekt?
Strategie und Ziele?
Vermögenslage?
Finanzlage?
Ertragslage?
Anzahl Aktien?

[frankinvestor]

Ist doch ein Anfang:

Anzahl Aktien 73.081.000 Stk.

[frankinvestor]

Fundamentales findest "DU" in d. SEC -Filings...

Oder hier:

http://finance.yahoo.com/q/sec?s=SESI.OB

[frankinvestor]

Wenn jemand neue Bilder hat..."BITTE" einstellen...
ansonsten warten wir bis Mitte Mai !!!

Dann haben wir "HANDFESTES" v. "UNTERNEHMENSSEITE" !!!

[lerchengrund]

Antwort auf Beitrag Nr.: 34.025.105 von frankinvestor am 04.05.08 21:37:09

scon in 10 tagen ist "Mitte Mai" -

bin mal gespannt !

[lerchengrund]

Antwort auf Beitrag Nr.: 34.025.113 von lerchengrund am 04.05.08 21:39:26

Eine neue Ära der Solarenergie wird eingeläutet

Die Integration ökologisch sinnvoller Lösungen, die sauber sind und unsere Umwelt schützen, trägt zu einem besseren Bild unserer ländlichen, städtischen und industriellen Bereiche bei.

Es beweist unser Umweltbewusstsein und das Bestreben, Schäden zu begrenzen, die durch fortgesetzte Nutzung fossiler Brennstoffe verursacht werden. Die Nutzung erneuerbarer Energien leistet einen positiven Beitrag für die gesamte Lebenswelt. Sie ermöglicht uns den Schutz der Flora, Fauna und aller Lebensformen auf unserem Planeten. Der Beitrag zur Erforschung und Entwicklung sauberer Energiequellen ist eine Investition in unsere eigene Zukunft und die der nächsten Generation.

[poersi]

kann mal jemand, der der englischen sprache sehr gut mächtig ist, übersetzen, was das genau zu bedeuten hat?


FORM 8-K

CURRENT REPORT

Date of Report (Date of earliest event reported): May 13, 2008

John Veltheer, a member of the Board of Directors of SES Solar Inc. (the “Company”) since September 2006, resigned from the Company as a member of the Board of Directors effective May 13, 2008 due to a disagreement with the Company over its policy of compensation to directors

JC -

I have now endured 17 months of nil compensation from SES Solar Inc. (“the Company”).

After myriad requests to address the issue of compensation for the directors of the Company to both yourself and the Company’s counsel, I have received no reasonable response other your unilateral resolution NOT to pay directors for their efforts on the Company’s behalf and for the personal and financial risks they take as directors of a public company.

Since you seem to have no issue paying yourself and your Swiss associates and do not seem to value the work of the North American directors, I can no longer continue to act as a director for the Company.

Please accept this letter as my resignation effective Tuesday, May 13, 2008.

I would hope that the Company quickly seeks to appoint several independent directors to its board as any company wishing to mature to a major exchange listing will require that the majority of the Company's board of directors be independent.

I would also advise you and counsel that when a resigning director furnishes the registrant with written correspondence concerning the circumstances surrounding his resignation, the registrant shall file a copy of the document as an exhibit to a Form 8-K filing.

I would hope that in the future you treat shareholders with more respect than you have given me.

Sincerely,

John Veltheer

[lerchengrund]

Antwort auf Beitrag Nr.: 34.104.904 von poersi am 15.05.08 21:07:41

FORMS 8-K GEGENWÄRTIGER REPORT Datum des Reports (Datum des frühesten Falls berichtet): Mai 13, 2008 John Veltheer, ein Mitglied der Direktion von SES Solar Inc. (die "Firma") seit September 2006, abgefunden von der Firma als Mitglied der Direktion wirkungsvoller Mai 13, 2008 wegen eines Widerspruchs mit der Firma über seiner Politik des Ausgleiches zu den Direktoren JC - Ich habe jetzt 17 Monate Nullausgleich von SES Solar Inc. ausgehalten ("die Firma"). Nachdem Myriade Anträge, die Ausgabe des Ausgleiches für die Direktoren der Firma an beide sich und die Ratschläge der Firma zu adressieren, ich keine angemessene Antwort andere Ihre einseitige Auflösung, Direktoren NICHT für ihre Bemühungen im Interesse der Firma und für die persönlichen und finanziellen Gefahren zu zahlen empfangen haben, nehmen sie als Direktoren einer Aktiengesellschaft. Da Sie scheinen, keine Ausgabe zu haben, sich zu zahlen und Ihr Schweizer verbindet und nicht scheint, die Arbeit der nordamerikanischen Direktoren zu bewerten, kann ich nicht mehr fortfahren, als ein Direktor für die Firma zu dienen. Nehmen Sie bitte diesen Buchstaben als meine Resignation wirkungsvoller Dienstag, Mai 13, 2008 an. Ich würde hoffen, daß die Firma schnell sucht, einige unabhängige Direktoren zu seinem Brett zu ernennen, da jede mögliche Firma, die zu einer Hauptaustauschauflistung reifen möchte, benötigt, daß die Majorität der Direktion der Firma unabhängig ist. Ich würde auch Sie beraten und raten, daß, wenn ein abfindener Direktor das registrant mit der schriftlichen Korrespondenz hinsichtlich ist der Umstände versorgt, die seine Resignation umgeben, das registrant eine Kopie des Dokumentes als Ausstellung zu einer Archivierung der Form 8-K einordnet. Ich würde, daß zukünftig Sie Aktionäre mit mehr Respekt behandeln, als Sie habe gegeben mich hoffen. Herzlichst John Veltheer

[katz86]

mh hört sich nicht gut an.

[lerchengrund]

Antwort auf Beitrag Nr.: 34.105.582 von katz86 am 15.05.08 22:22:28

ich verste' das aber nicht!

[cmeise]

Antwort auf Beitrag Nr.: 34.104.904 von poersi am 15.05.08 21:07:41

Komplett gestörtes Kommunikationsverhältnis im Management.
Die bezahlen nicht.

--

Nix wie weg da!

[lerchengrund]

Antwort auf Beitrag Nr.: 34.105.932 von cmeise am 15.05.08 23:13:01

warum steigt der Kurs?

[cmeise]

Antwort auf Beitrag Nr.: 34.109.242 von lerchengrund am 16.05.08 12:18:40

Er steigt nicht, er fällt.

[CosmicTrade]

.

Große Umsätze sucht man verzweifelt...
Verluste findet man leicht...


http://app.quotemedia.com/quotetools/showFiling.go?name=SES%…





Comprehensive loss

1/2008= -565,228 $ (2007= -395,333$)



Net Loss

1/2008= -212,525$


.

[lerchengrund]

Antwort auf Beitrag Nr.: 34.113.969 von CosmicTrade am 16.05.08 20:22:03

ist das das Ende?

[lerchengrund]

Antwort auf Beitrag Nr.: 34.115.103 von lerchengrund am 16.05.08 23:31:48

Form 8-K

SES SOLAR INC. - SESI

Filed: May 22, 2008 (period: May 19, 2008)

Report of unscheduled material events or corporate changes.

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 19, 2008
______________________

SES Solar Inc.
(Exact name of Registrant as specified in its charter)


Delaware 000- 49891 33-0860242
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)



129 Route de Saint-Julien, Plan-les-Ouates
Geneva, Switzerland 1228
(Address of principal executive offices) (Zip Code)

______________________

Registrant’s telephone number, including area code: 41.22.884.1484

______________________


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







 


Item 1.01. Entry into a Material Definitive Agreement.

As previously disclosed, SES Solar Inc.’s wholly owned subsidiary, SES Société d’Energie Solaire SA, has a loan with the Geneva State Department of Territory - Service of Energy (“ScanE”) in the amount of up to $1,005,490 made on November 6, 2003. The loan carries a principal balance of $974,792 and bears interest at the rate of 4%. The loan, as amended, matured on March 31, 2008. On April 2, 2008, SES Solar Inc. (the “Company”) filed a request with ScanE to renew the loan for a period of 24 months on the same terms and conditions. By decision dated May 19, 2008, ScanE granted the Company’s request that the loan be extended for a period of 24 months on the same terms and conditions. The new maturity date for the loan is March 31, 2010.

A copy of ScanE’s decision dated May 19, 2008 is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As noted above, on May 19, 2008, ScanE granted the Company’s request that its loan dated November 6, 2003, as amended, be extended for a period of 24 months, to mature March 31, 2010, on the same terms and conditions. Other than with respect to this new maturity date, the information required by this Item 2.03 has been previously reported.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit 99.1 Geneva State Department of Territory - Service of Energy Loan Extension Decision dated May 19, 2008

[lerchengrund]

Antwort auf Beitrag Nr.: 34.155.576 von lerchengrund am 22.05.08 23:57:59

Dutton Associates Announces Investment Opinion: SES Solar Speculative Buy Rating In Update Coverage By Dutton Associates
ROSEVILLE, Calif.--(BUSINESS WIRE)--June 5, 2008--Dutton Associates updates its coverage of SES Solar (OTCBB: SESI) maintaining a Speculative Buy rating and a $1.25 price target. The 12-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, Zacks, Reuters, Knobias, and other leading financial portals.

SESI researches, develops, produces, and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. The Company has developed a new assembly technology for solar panels that allows for higher-quality electrical contacts, better performance, and reduced costs. In 2008, SES anticipates completing the plant, producing prototype products, having them tested and licensed in accordance with European and other standards, and commencing production and sales of new products on a limited basis. The Company expects to ramp up production and sales of new products at the plant in 2009. Although we project that revenue will be modest until the new plant is fully operational in 2009, we are upbeat about the Company's long-term prospects. During 2008, we believe that income statement trends are likely to be less relevant to investors than the achievement of certain operational and strategic milestones. SES reported 1Q 2008 revenue of $83,138 from the sale of electricity generated by a solar plant on the roof of the new facility, which is under construction near Geneva, Switzerland, and a net loss of $212,525 or $0.003. SES believes that its cash, cash provided by operating activities, and cash available from existing loans will be adequate to meet working capital requirements for the next 12 months.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received US $65,500 from the Company for 8 Research Reports with coverage commencing on 10/16/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

CONTACT: Dutton Associates
John M. Dutton, 916-960-0623

[lerchengrund]

Antwort auf Beitrag Nr.: 34.249.093 von lerchengrund am 05.06.08 21:04:56

Tut sich hier noch was oder sind die schon Pleite!

[kopfgrau]

SES Solar "speculative buy"


El Dorado Hills (aktiencheck.de AG) - Sally H. Wallick, CFA bei Dutton Associates, bewertet den Anteilschein des US-amerikanischen Unternehmens SES Solar (<-->/ WKN A0KE9U) unverändert mit "speculative buy". SES Solar habe am 20. Juni 2008 den Verkauf der Photovoltaikanlage nahe Genf an Services Industriels de Geneve beschlossen. Der Verkaufspreis liege inklusive Steuern bei rund 5,6 Mio. USD, der Erlös werde voraussichtlich in der ersten Augusthälfte bei SES Solar eingehen. Nach Abschluss der Transaktion könne SES Solar nicht länger Umsätze aus der mit der Anlage produzierten Energie generieren. Im ersten Quartal 2008 habe das Unternehmen hiermit noch Umsätze von 83.138 USD erwirtschaftet (Vorjahr: kein Umsatz). Nachdem SES Solar im Geschäftsjahr 2007 ein EPS von -0,027 USD ausgewiesen habe, erwarte man bei Dutton Associates für das laufende Jahr einen EPS-Rückgang auf -0,037 USD. Das 12-Monats-Kursziel der Aktie sehe man bei 1,25 USD. Das Rating der Börsenanalysten von Dutton Associates für das Wertpapier von SES Solar lautet weiterhin "speculative buy". (Analyse vom 09.07.08) (09.07.2008/ac/a/a)

Quelle: Dutton Associates

[CosmicTrade]

.


speculative buy ?
(Aktien check.de hat schon einige faule Eier empfohlen)



Denke einige Anleger sind anderer Meinung!
Heute große Verkäufe!

* Der Schock des Verkaufes Photovoltaikanlage nahe Genf sitzt tief.
* Das operative Geschäft gleich Null in der Zukunft.
* Wo sind die hochschweifenden Pläne geblieben?
* Dazu kommt das die geradezu lächerlichen Gewinne der letzten Jahre nicht gerade Euphorie erstrahlen lassen.

* Wieder ein Kandidat der in der auf vollen Touren laufenden Marktbereinigung in der Solarbranche am Abgrund steht.


Y M


.

[LFCFAN]

Kann mir vielleicht jemand sagen warum Dutton Associates die Aktie als speculative buy eingestuft hat??In dem Statement steht doch nicht eine positive Aussage drin,denke die Luft ist hier raus.Wie soll es denn mit der Schrottfirma weitergehen,haben die noch andere Projekte am laufen und wo setzen die den Verkaufserlös wohl ein??

[poersi]

ich hab mir eigentlich gedacht, so schlecht kann die news mit dem verkauf der anlage doch nicht sein. schliesslich will man ja nicht mit strom sondern geld mit der herstellung von anlagen in der neuen fabrik verdienen und so verschaffe man sich kapital ohne neue kredite aufzunehmen.

und das erst ein paar tage später nach dieser meldung solch grosse akteinpakete verkauft werden...

kann mir höchstens vorstellen, dass hier eine bank oder ein fonds in liquiditätsprobleme geraten ist und die aktien deshalb abstossen muss.

ausser es kämen in den nächsten tagen überraschend schlechte news, die vielleicht insider schon vorher hatten.

[LFCFAN]

Antwort auf Beitrag Nr.: 34.501.526 von poersi am 14.07.08 13:55:15

Hätte die Fabrik nicht schon längst fertig sein müssen?

[LFCFAN]

Antwort auf Beitrag Nr.: 34.501.570 von LFCFAN am 14.07.08 14:00:41

Ich könnte mir vorstellen das der Verkauf von Nöten war,da sonst die Fertigstellung der Fabrik gefährdet gewesen wäre,kann sein muss nicht sein,aber warum sollten sie sonst verkaufen wenn genügend Cash da wäre??

[LFCFAN]

Antwort auf Beitrag Nr.: 34.501.605 von LFCFAN am 14.07.08 14:04:59

Gibt es denn kein Orderbuch um mal zu sehen wer da abgeladen hat??

[poersi]

Antwort auf Beitrag Nr.: 34.501.570 von LFCFAN am 14.07.08 14:00:41

die fabrik schon, aber die einrichtung noch nicht (maschinen etc.), so wie ich das verstanden habe. produktion solle erst ende 2008 / anfang 2009 beginnen.

komisch auch, wenn man sich den intraday chart anschaut, da muss ja jemand 70000 aktien auf einen schlag verkauft haben.

[LFCFAN]

einmal 39000 und 32000 aber wer??

[LFCFAN]

Antwort auf Beitrag Nr.: 34.501.693 von LFCFAN am 14.07.08 14:15:47

Das kann doch nur an der Vertrauens frage liegen,hat die Firma das Potential in Produktion zu gehen?

[poersi]

Antwort auf Beitrag Nr.: 34.501.693 von LFCFAN am 14.07.08 14:15:47

keine ahnung. mir ist kein orderbuch bekannt, wo man nachsehen kann, WER abgeladen hat.

[LFCFAN]

Antwort auf Beitrag Nr.: 34.501.729 von poersi am 14.07.08 14:19:52

Ja leider kein Orderbuch weit und breit,ich denke der Kursschwund könnte auch was mit der allgemeinen miesen Marktlage in der Solarbranche zu tun haben,hoffen wir es das SES irgendwann die Kurve bekommt.

[CosmicTrade]

.

OTCBB USA





Orderbuch USA (Depth LII anklicken)

http://www.otcbb.com/asp/quote_module.asp?qm_page=67291&symb…


.

[LFCFAN]

Antwort auf Beitrag Nr.: 34.502.478 von CosmicTrade am 14.07.08 15:38:57

[LFCFAN]

Das Vertrauen in diese Aktie ist ja total am Boden,hoffe mal das SES weiss was sie tun bzw. sie setzen die Kohle vom Verkauf richtig ein.

[tatu]

Was ist denn heute passiert?

Ob da noch was kommt?

Also dem in SES hab ich einiges gesteckt, alles Warterei sinnlos?

[LFCFAN]

Die Kommunikationspolitik dieses Schrottladens ist einfach zum kotzen,niemand erfährt was wo sie das Geld einsetzen wollen,wie es mit der Fertigstellung der Fabrik bestellt ist und und und...
Ich verstehe nicht wie Dutton diese Aktie auf Buy setzen kann ,die haben wahrscheinlich zu viele Shares davon und bekommen die nicht mehr zu einem anständigen Preis verkauft!

[havefun1981]

juhuuuuuuuuuuuuu bin drinne !!!!!!!!!!!!!
an alle die panik haben verkaufen , ich nehme sie dann

[LFCFAN]

Antwort auf Beitrag Nr.: 34.531.044 von havefun1981 am 17.07.08 17:25:30

Ich verkaufe sicher nicht,aber die sollen endlich mal die Katze aus dem Sack lassen!
-Fertigstellung der Fabrik
-Produktionsbeginn
-Wo werden die eingenommenen Millionen investiert!

[poersi]

Antwort auf Beitrag Nr.: 34.531.222 von LFCFAN am 17.07.08 17:45:49

hallo LFCFAN

wozu sie das geld einsetzen wollen, steht im letzten sec-filing:

SES anticipates that it will apply a portion of the proceeds of this sale to satisfy in full its outstanding loan with ScanE, dated September 18, 2007, in the amount of CHF4,500,000.

ausserdem erlaube ich mir mal, hier den post eines useres aus einem anderen forum einzustellen. einer schreibt da:

Erstens mal hat SES Solar seine Solaranlage auf den Dach verkauf und nicht seine Solarfabrik. vor einem Jahr wo SES mit den Bau bekonnen hat hatten die schon mal angekündigt das Sie sich die Option offen lassen das Sie ihre Solaranlage auf den Dach verkaufen könnten. Nun haben Sies halt gemacht.
Sie hatten damit ein Quartal Gewinne eingefahren und dann halt an Services Industriels de Geneve Verkauf

Services Industriels de Geneve würde auch niemals eine Fertigungshalle Kaufen weil die Sind da unten in Genf ein Stromwerk Stromvertreiber.

Jeder der rechnen kann kommt zum Punkt das SES mit dem Verkauf der Solaranlage ein gutes Geschäft gemacht hat.
Um 5,6 Mil. USD Einzunehmen müsten Sie grob geschätzt 15 Jahre die Anlage halten damit Sie auf den Betrag kommen. In wirklichkeit hat SES die Anlage aufs Dach Installiert und das aufjedenfall so günstig das bei den 5,6 Mil abzüglich der Investitionen noch was hängen bleibt.
Solaranlagen errichten hat ja die Firma die letzten Jahre gemacht...

Mit der Informationspolitik siehts bei SES schon immer schlecht aus
Was wirklich mit der Produktionsstätte ist weiss niemand da kann man Sich nur weiter helfen, in dem man vor Ort direkt mal vorbei schaut...


bin auch immer noch dabei, und hoffe die sache kommt gut. aber die informationspolitik ist wirklich sch.....

am liebsten würd ich da mal vorbeifahren und mir die sache ansehen. aber ist eben auch nicht grad um's eck...

[LFCFAN]

Antwort auf Beitrag Nr.: 34.533.722 von poersi am 17.07.08 22:45:29

Danke für deine Infos,tja die Hoffnung stirbt zuletzt und das positive ist,der Ab verkauf wurde erstmal gestoppt und wenn endlich mal positive News kommen steht die Aktie schnell wieder über 0,50€!

[havefun1981]

Hallo alle zusammen !
Ich habe eine vermutung die ich hier loswerden möchte .
In dieser woche wurden ca. 1 millionen aktien verkauft auf alle börsen verteilt und das auf eine ja schon brutale art und weise ich denke mal das es ein großinvestor war der in verzug war und kohle brauchte und deshalb wild drauf los geschmissen hat , natürlich waren nicht alle aktien von ihm schon klar werden bestimmt auch einige stopp los kurse ausgelöst worden sein , für einige hier
naja heute wird sich ja zeigen wo es lang geht in zukunft ich hoffe für alle investierten nur das beste , da hier einige in dieser woche weit über 100% verloren haben .

[LFCFAN]

Antwort auf Beitrag Nr.: 34.538.004 von havefun1981 am 18.07.08 14:58:28

Du meinst wohl 50%!!
100%=0

[havefun1981]

ja stimmt sorry , meinte weit über 50% verloren ..
um das wieder aufzuholen müssste sie weit über 100% wieder steigen
jetzt haben wirs

[LFCFAN]

Antwort auf Beitrag Nr.: 34.539.006 von havefun1981 am 18.07.08 16:29:24

So sieht es aus!

[havefun1981]

hatte ich doch so
aber tabelle ist klaro besser

[havefun1981]

läuft wieder besser bei ses hoffentlich bleibt es bei der richtung

[LFCFAN]

Antwort auf Beitrag Nr.: 34.540.250 von havefun1981 am 18.07.08 18:19:57

Wir brauchen unbedingt was fundamentales,also Hammernews!
Ich kann mir nicht vorstellen,da die eine Fabrik bauen um sie dann wieder anzureissen oder zu verhökern.Weiss jemand ob die Firma irgendwelche Zuschüsse von der Regierung bekommen hat wie viele hier in Deutschland!(z.B.Arise)

[LFCFAN]

Antwort auf Beitrag Nr.: 34.541.093 von LFCFAN am 18.07.08 19:48:55

Oh Gott so viele Fehler,kaufe ein "s" und natürlich muss es "abreissen" lauten!

[havefun1981]

Die habe doch nur die solaranlag verhöckert , nicht die ganze anlage , wenn die alles verkauft hätten wäre der kurs bei ca. 3 bis 5 cent

[havefun1981]

El Dorado Hills (aktiencheck.de AG) - Sally H. Wallick, CFA bei Dutton Associates, bewertet den Anteilschein des US-amerikanischen Unternehmens SES Solar (ISIN US78412U1016/ WKN A0KE9U) unverändert mit "speculative buy".

SES Solar habe am 20. Juni 2008 den Verkauf der Photovoltaikanlage nahe Genf an Services Industriels de Geneve beschlossen. Der Verkaufspreis liege inklusive Steuern bei rund 5,6 Mio. USD, der Erlös werde voraussichtlich in der ersten Augusthälfte bei SES Solar eingehen. Nach Abschluss der Transaktion könne SES Solar nicht länger Umsätze aus der mit der Anlage produzierten Energie generieren. Im ersten Quartal 2008 habe das Unternehmen hiermit noch Umsätze von 83.138 USD erwirtschaftet (Vorjahr: kein Umsatz).

Nachdem SES Solar im Geschäftsjahr 2007 ein EPS von -0,027 USD ausgewiesen habe, erwarte man bei Dutton Associates für das laufende Jahr einen EPS-Rückgang auf -0,037 USD. Das 12-Monats-Kursziel der Aktie sehe man bei 1,25 USD.

Das Rating der Börsenanalysten von Dutton Associates für das Wertpapier von SES Solar lautet weiterhin "speculative buy". (Analyse vom 09.07.08)

[LFCFAN]

Antwort auf Beitrag Nr.: 34.542.661 von havefun1981 am 19.07.08 02:44:07

Ich glaube diese Bewertung von den dubiosen Analysten von Dutton Associates,habe auch mit zum Ab verkauf beigetragen!

[GeorgeSorrows]

bei 16 cent rein, bei 21,4 cent raus. danke
kann aber gut und gerne richtug 30 cent steigen die nächsten tage - ist viel luft. aber sehr geringe Umsätze, werde ein auge drauf haben.

[lerchengrund]

Antwort auf Beitrag Nr.: 34.545.776 von GeorgeSorrows am 20.07.08 13:13:04

so so ...

[poersi]

wenn da wirklich jemand aus der not heraus verkauft hat, dann waren das wohl schnäppchen preise. 100% gewinn innerhalb dreier tage (mittwoch tiefst 0,147, heute höchst 0,30) wären möglich gewesen.

hoffe nur, dass der trend auch anhält...

[LFCFAN]

Antwort auf Beitrag Nr.: 34.553.503 von poersi am 21.07.08 18:02:33

Hättest du auch haben können,nur ein wenig Mut!!

[lerchengrund]

Antwort auf Beitrag Nr.: 34.554.736 von LFCFAN am 21.07.08 20:29:36

wer traut sich das?

[havefun1981]

was ist denn jetzt schon wieder los
ich drehe langsam durch

[havefun1981]

Ich glaube das wars SES solar ist Pleite
handel bei mir ausgesetzt worden , wieso denn das ?
Bitte dringend um infos

[LFCFAN]

Pleite,Kursaussetzung wovon redest du!

[havefun1981]

warum wird in der usa ses heute nicht geführt ?

[LFCFAN]

Antwort auf Beitrag Nr.: 34.562.410 von havefun1981 am 22.07.08 17:51:05

Wird einfach nicht gehandelt!

[havefun1981]

Antwort auf Beitrag Nr.: 34.562.433 von LFCFAN am 22.07.08 17:53:46

auf comdirect wird in den usa nichts angezeigt wieso denn ? bin ich einfach nur doof

[LFCFAN]

Antwort auf Beitrag Nr.: 34.562.476 von havefun1981 am 22.07.08 17:58:08

Letzter Kurs:Fra,16:08,0,234€!

[LFCFAN]

Antwort auf Beitrag Nr.: 34.562.506 von LFCFAN am 22.07.08 18:01:24

Bin mal spasseshalber auf Direktverkauf gegangen,mir wurden immerhin noch über 0,20€ geboten!

[havefun1981]

ja stimmt ich sehe es
aber was ist denn in den usa los

[havefun1981]

kann jemand fakten liefern bezüglich ses solar
danke vorerst

[havefun1981]

In seinem Börsendienst "The Inner Circle" konzentriert sich Neil George von KCI Communications auf das Segment der Small Caps. Dabei hat er auch den Energiesektor auf dem Radar.

"Für alle die denken, dass die Solarindustrie tot ist, wird Al Gore ganz persönlich eine Anzeigenkampagne starten, um sie vom Gegenteil zu überzeugen. Es ist klar: Man wird unseren Planeten nicht retten können, ohne den Einsatz der Solarenergie.

Aus dem Segment der Solaraktien mögen wir aktuell ganz besonders die SES Solar (ISIN: US78412U1016). Dieses Unternehmen hat sich auf die Herstellung von größeren Solar Panels spezialisiert, die größer als die Anzeige

üblichen sind. Zusätzlich hat SES Solar eine Technologie entwickelt, mit der sich die größeren Panels auch noch sehr leicht verbinden lassen. Dies bedeutet weniger Energie geht auf dem Weg vom Solar-Panel zum Generator verloren. Und das bedeutet wiederum eine einfachere und vor allem preiswertere Installation von Solarprodukten. Wir sind davon überzeugt, dass diese Firma immer stärker in den Fokus - auch von großen Investoren geraten wird - so lange die Wichtigkeit des Themas Globale Erwärmung weiter zunehmen wird.

[havefun1981]

Hallo zusammen
was ist den los mit euch alle schlecht drauf oder was
Ich denke es wird wieder meine damen und herren
mein persönliches kursziel 2008 0,45 euro

[lerchengrund]

Antwort auf Beitrag Nr.: 34.596.042 von havefun1981 am 28.07.08 09:38:45

# 600

[lerchengrund]

Antwort auf Beitrag Nr.: 34.596.042 von havefun1981 am 28.07.08 09:38:45

SES sehr stark heute!

[havefun1981]

so langsam glaube ich nicht mehr drann das wars

[poersi]

Auszug aus dem Quarterly report vom 14.08.2008:

Overview and Plan of Operation

This Overview addresses our plan of operation and the trends, events, and uncertainties that have been identified by our management as those that we believe are reasonably likely to materially affect the comparison of historical operating results reported herein to either past period results or to future operating results.

SES Switzerland, our wholly owned subsidiary, has developed and patented a new assembly technology for solar panels or modules and solar tiles. Our business plan includes the development of a new assembly line based on our proprietary technology, using a manufacturing facility in the suburbs of Geneva, Switzerland that is currently under construction, to produce solar panels or modules and solar tiles at a lower cost. We believe this new facility will enable us to produce solar photovoltaic (“PV”) modules that are larger than three square meters.

To implement our business plan, we will need to complete the design of the solar panels or modules and solar tiles, manufacture and test the prototype panels, have them approved in accordance with European and other standards, manufacture them in series and sell them in major markets in Europe and eventually other countries around the world. Our plan is to complete the manufacturing facility, manufacture the prototypes and have them tested and licensed during the fourth quarter of 2008, and to commence production and sale of our new products by June 2009.

To date, we have generated only limited revenue from the sale of solar panels or modules and solar tiles manufactured by third parties and the related engineering services required to design and install the same. In addition, during the period from January 2008 to June 2008, the Company also generated revenue from the sale of electricity produced by the solar PV modules on the roof of its new manufacturing facility, which we refer to as the Solar Plant, to a local utility in Geneva. As of June 30, 2008, the Company no longer expects to generate revenue from the sale of electricity produced by the solar PV modules on the roof of its new manufacturing facility as the roof was sold during June 2008.

Once our manufacturing capabilities are operational, we will have available a product line for our SunTechTile® and SwissTile® solar tiles and, in the future, for high power rated solar modules. Historically, we have relied upon third party vendors to supply us with component parts such as cells in order to manufacture and produce our products. As a result of our new manufacturing facility and our new proprietary technology for module assembly, we believe that we are positioning ourselves to manufacture and produce on a much larger scale solar products that are competitive in the solar energy market.

We have experienced operating losses from our early stage operations, which have involved developing and testing our new solar panel technology and commencement of the sales and distribution portions of our business by selling custom solar panels or modules and solar tiles using an early stage technology. We anticipate incurring operating losses over the next few years as we complete the development, testing, prototypes and licensing of our new products and commence production. Our research and development costs and costs incurred in manufacturing prototype panels to date have been expensed. We do not believe that we can achieve profitability until development, implementation and commercialization of our new products manufactured through the new assembling processes are operational.

[havefun1981]

was wollen wir hier in diesem schuppen !
hier bewegt sich nichs
dividende gibts auch net
werde noch amok laufen

[engelchen28]

sieht klinisch tot aus .
totes kapital
tut mir leid für alle beteiligten

[LFCFAN]

SES ist noch lange nicht tot,im Gegenteil bald ist die Halle fertig und es geht mit der Produktion zügig voran!

[altschaff]

was für eine halle meinst du denn
es gibt keine halle aber
schau mal nach im netzt deine halle wurde verkauft deswegen vor paar wochen der kursabstieg

[LFCFAN]

Antwort auf Beitrag Nr.: 34.977.152 von altschaff am 04.09.08 11:57:20

Die habe doch nur die solaranlag verkauft , nicht die ganze Halle!

[altschaff]

achso wusste ich net dann
siehts ja doch net so schlecht aus
werde jetzt auch wieder nachlegen .

[kerikeb2]

weis jemand warum ses abschmiert?

Gruß
Kerikeb

[altschaff]

glaube ja bin mir net sicher

1.) die haben die solaranlage verkauft das sind einnahmen die wegfallen ,
2.) anlage meiner meinung zu billig verkauft
3.)
die anlage die gebaut wird ist kostenintensiv und glaube wird net rechtzeitig fertig
4.) soweit ich weis sind die einnahmen = 0,00

also sieht sehr schlecht aus aber nicht insolvenzgefährdet vermute ich mal

[Torrente]

Antwort auf Beitrag Nr.: 35.066.809 von altschaff am 11.09.08 21:43:38

Glaubt eigentlich jemand noch an den Laden??

Bin dort etwa mit 10.000€ investiert.

Wie hoch seid Ihr denn so investiert.

Bis jetzt ist es nicht ganz so gut gelaufen

Die News von denen sind auch immer sehr bescheiden.
Die Internetseite wurde vor kurzem ja mal aktualisiert, auf der man sogar ein Video der neuen Fabrik sehen kann, aber mehr ist da auch nicht.

Wie kommen eigentlich immer diese komischen Schwankungen zustande wie vor ein paar Wochen in den USA??

Da ging´s ja mal kur ganz steil bergauf!!

[altschaff]

bin mit 30k dabei im schnitt 0,20 cent
habe aber auch irgendwie angst

[Torrente]

Antwort auf Beitrag Nr.: 35.118.703 von altschaff am 15.09.08 21:03:50

Wie tief kann es denn noch gehen??
Was für ein Sch....

[Torrente]

US Krise, aber SES bleibt eigentlich unverändert.
Ist das schon ein gutes Zeichen??

Hätte erwartet, das es noch weiter bergab geht!

[Torrente]

Was ist denn da in den USA passiert??


Geht es jetzt wieder aufwärts??
Oder ist das mal wieder nur heisse Luft??

[Torrente]

Hey, mal ein wenig mehr Beteiligung am Thema!!

Oder bin ich der Einzige, der noch bei SES investiert ist?

[kerikeb2]

nein du bist nicht der einzige der bei SES investiert ist, aber die Info. lage ist so dünn, dass niemand was informatives schreiben kann.
Man hört einfach zu wenig von SES, deswegen gibts auch nichts zu schreiben.

Gruß
Kerikeb

[altschaff]

stimmt schon infolage ist sehr dünn leider

[Torrente]

Ja, das stimmt schon. Infos gibt es kaum.



Ich wollte halt nur mal nachfragen, wie´s so bei meinen Leidensgenossen aussieht.
Ich persönlich hoffe auf das nächste Jahr, wenn die Produktion in der neuen Halle startet.
Wäre echt Hammer wenn das alles klappt, dann muß der Kurs doch ansteigen.
Fragt sich dann nur noch wie hoch er geht!!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.285.837 von Torrente am 26.09.08 08:27:27

vielleicht sollten sie den Singapur-Nacht-Grand Prix mit Solarenergie ausleuchten statt mit Strom für 2 mio Euro
aber ob das den SES-Kurs steigen ließe?

[schniddelwutz]

Solarwerte wieder im Kommen - siehe Wallstreet-online.de
Comm.Letter steuerl.Beg. sollen verlängert werden

[Torrente]

Antwort auf Beitrag Nr.: 35.286.537 von schniddelwutz am 26.09.08 09:15:14

Ha, nur die Frage ist ob SES auch mal dabei ist.

Ich halts nicht mehr aus.

Die Sch...aktie soll mal endlich hoch gehen.
Immer nur ein Seitwärtstrend............

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.287.728 von Torrente am 26.09.08 10:19:38

take it easy, be cool and stay long- manchmal wird auch Geduld an der Börse belohnt--es kommt nur darauf an, wie lange Du Zeit hast(natürlich mit div.Hintergrund und Wissen)

[Torrente]

Antwort auf Beitrag Nr.: 35.314.162 von schniddelwutz am 28.09.08 11:05:54

Bist du denn auch bei SES investiert?
Ich auf jeden Fall und ich habe die Aktie schon min. 1 Jahr.
Naja, die Entwicklung in dieser Zeit ist nicht so toll.

Aber bis zum Produktionsstart der neuen Halle werd ich noch durchhalten

Ich glaube dann steigt der Kurs, da bin ich mir sicher.

Dann ist Zahltag und das lange warten wird belohnt.

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.316.937 von Torrente am 28.09.08 16:43:53

bin noch drinnen , bereits zum 2. Mal (0,39 ) und jetzt heißt es warten. Wie gesagt , die Hoffnung stirbt zuletzt.

[Torrente]

Antwort auf Beitrag Nr.: 35.322.911 von schniddelwutz am 29.09.08 09:53:52

Bin bei 0,50€ investiert.

Also Verluste sind schon da.

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.330.795 von Torrente am 29.09.08 18:07:41

Verluste sind erst da wenn sie realisiert werden - alles andere sind nur "Buchverluste"

[Torrente]

Hast recht-
Man muß abwarten!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.345.941 von Torrente am 30.09.08 13:10:50

thanks for the answer, a b e r , alles wird nicht so heiß gegessen wie es gekocht wird, Du hast recht , Geduld aber auch Vorsicht ist die Mutter der Porzellankiste,
in diesem Sinne

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.350.079 von schniddelwutz am 30.09.08 17:19:07

noch eines, lesen, lesen, lesen, alles was so angeboten wird,eigene Meinung bilden, .....
BBs, etc., und-- ?? wenn DU überzeugt bist, wirst Du Dich wahrscheinlich nicht abbringen lassen , eine Sache, aber zuerst die Überzeugung- tut mir leid , ich schwafle zuviel,in diesem Sinne-- schönen ruby Tuedesday

[schniddelwutz]

halli hallo niemand mehr d a , dann wird es interessant, keine Pusher keine Basher
Leute lest einmal etwas mehr und ... traut Euch etwas
gpac

[poersi]

Antwort auf Beitrag Nr.: 35.287.728 von Torrente am 26.09.08 10:19:38

ich denke, mit dem seitwärtstrend muss man im moment zufrieden sein (schau dir mal den gesamtmarkt an), bis der bärenmakrt mal sein ende findet.

hoffe auch auf den start der produktionsanlage anfang 2009.

[Torrente]

Antwort auf Beitrag Nr.: 35.382.826 von poersi am 02.10.08 18:08:48

Viel tiefer kann der kurs ja auch nicht mehr gehen!

Die Aktien können doch auch nicht auf 0 fallen, wenn die Firma nicht Pleite ist, oder?

Aber ein bisschen wundert´s mich aber auch, das die Aktie relativ stabil ist.

Bin echt gespannt wenn die mal mit der Produktion anfangen, ob sich dann etwas tut?
Ich hoffe es.
Aber noch soooo lange warten.

[Torrente]

Antwort auf Beitrag Nr.: 35.382.826 von poersi am 02.10.08 18:08:48

Bist du hoch investiert, und wo liegt dein Einstiegskurs???
Bei mir 10tsd und 0,50€.

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.384.337 von Torrente am 02.10.08 19:47:18

du hast BM

[Torrente]

Antwort auf Beitrag Nr.: 35.407.774 von schniddelwutz am 04.10.08 11:24:52

BM???????????

[Torrente]

Ich finde, daß SES immer noch recht stabil ist!

Irgendwann wird das Warten belohnt, da bin ich mir sicher.

Ein paar News wären gut.

Weiß jemand wie´s beim Neubau momentan so aussieht??

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.449.466 von Torrente am 07.10.08 07:59:23

BM heißt Board-Mail -- mittleres Kasterl anklicken

[Torrente]

Sind wir jetzt pleite?

[Torrente]

Na, keiner mehr da??

[poersi]

Antwort auf Beitrag Nr.: 35.580.555 von Torrente am 15.10.08 17:12:01

naja, ich denke, der gesamte markt ist pleite. schau dir mal die indizes an

ich hoffe, du hast 2 - 3 jahre zeit. so lange sollte ein alagehorizont schon mindestens sein. ausser du bist trader.

irgendwann kommen auch wieder mal bessere zeiten...

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.580.555 von Torrente am 15.10.08 17:12:01

hab dir ja gesagt ich leg bei 0,15 nach

[schniddelwutz]

was ist Jungs, hat euch der Mut verloren, - oder stimmt in diesem Thread doch nicht alles -- meine Meinung, ich binnicht böse , aber es wäre schon interessant wer alles beteiligt ist, bzw. wirklich Aktien besitzt und etwas Positives beitragen will

[Torrente]

Antwort auf Beitrag Nr.: 35.641.256 von schniddelwutz am 21.10.08 13:12:42

Also, von aktuellen News weiß ich nichts.

Investiert, bin ich aber immer noch!!

Die Fabrik soll endlich mal produzieren!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.671.520 von Torrente am 23.10.08 10:37:01

hab mir wieder einmal dei Homepage angeschaut - nichts Neues
da kann man nur abwarten - aber derzeit ist ja alles zum S...
Gruß SW

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.671.911 von schniddelwutz am 23.10.08 11:11:51

übrigens ist in der letzten Zeit der Donnerstag immer der Tag der fallenden Kurse

[Torrente]

Antwort auf Beitrag Nr.: 35.671.954 von schniddelwutz am 23.10.08 11:16:44

USA 17% plus??

Kommt da mehr??

Wie kommen solche Sprünge zustande?

Kanns nicht erwarten, bis die neue Fabrik produziert.

Wo könnte dann der Kurs liegen?

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.724.101 von Torrente am 28.10.08 08:03:13

Kurs müßte bei 0,22 ct liegen - aber derartige Kurssprünge sind überm großen Teich nichts außergewöhnliches - vielleicht weiß aber auch jemand mehr und deckt sich langsam an. Sind zwar keine Unsummen, aber wenigstens ein stärkerer Umsatz als zuletzt.Vielleicht kommt auch endlich der Rebound f. Alternativenergie-in Österreich wollen sie die Zahl der Windräder auf 80 verdoppeln,etc.

[Torrente]

Jo,
21 Cent liegen an!!

Ich bin immer noch guter Dinge, daß das mit SES noch einmal etwas wird!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.727.382 von Torrente am 28.10.08 11:17:30

nur Geduldige werden dies eventuell erleben.

[schniddelwutz]

soll heißen- ich bin keine Sphinx-
25% mehr d.h. 0,27ct wohin führen die Wege??

[Torrente]

Vielleicht ist das jetzt mal ein Anfang, das es hoch geht.

27 Cent??

Da könnte ich einen kleinen Anteil verkaufen.
Hab letztens mal einen kleinen Teil bei 31 Cent verkauft und dann für die Summe wieder bei 21 Cent eingekauft.

Dachte es wäre ´ne gute Idee um den Einstandspreis zu drücken.

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.733.651 von Torrente am 28.10.08 18:31:46

achte dabei auf die Bankspesen !!!!!

[Torrente]

Antwort auf Beitrag Nr.: 35.742.236 von schniddelwutz am 29.10.08 09:10:40

In den USA gehts schon wieder abwärts!


Hoch, runter, die Aktie soll sich endlich mal langfristig hoch gehen!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.758.356 von Torrente am 30.10.08 08:07:16

Geduld - Geduld - Geduld. Früher sind die Kurse am Donnerstag regelmäßig gefallen - und jetzt steigen sie - TRENDWECHSEL????
Wir werden es sehen und ich werde SES aussitzen

[Torrente]

Ich bleib auch dabei.

Nacher tut´s mir Leid wenn ich aussteige!!

Wie schon so oft erwähnt ist da ja noch die neue Fertigungshalle!
Erst mal abwarten bis nächstes Jahr!

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.769.676 von Torrente am 30.10.08 21:17:22

"nachher tut´s mir leid wenn ich aussteige"
vollkommen richtig-ist mir auch schon passiert-nicht nur einmal.Aber aus Fehlern sollte man lernen.Außerdem sollte man einen Anlagehorizont von 4-5 Jahren haben.

[Torrente]

Nanu??

+21% USA



Ist das ein Zeichen, oder wieder nur `ne nervöse Zuckung??

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.812.215 von Torrente am 03.11.08 16:50:20

lt. dem Weißbuch will China verstärkt in erneuerbare Energien wie Solar,- Wind,- etc. investieren.Hat SES Verbindung nach China - wenn jemand etwas weiß- bitte reinstellen oder gerne auch per BM

[Torrente]

Hab gehört, daß Obama auch auf erneuerbare Energien setzen will.

Könnte SES auch davon profitieren?

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.834.362 von Torrente am 05.11.08 07:55:47

hab ich auch gelesen-kann man nur hoffen,ob die wahlversprechen dann auch eingehalten werden. in wieweit davon ses profitieren könnte, kann ich mir schwer vorstellen. meiner meinung wäre der chin. markt dafür profitabler

[Torrente]

Antwort auf Beitrag Nr.: 35.835.432 von schniddelwutz am 05.11.08 09:26:59

Ist eigentlich keiner mehr aktiv in diesem Thread???

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.843.565 von Torrente am 05.11.08 18:54:20

anscheinend ist die große masse der pusher und basher wieder abgezogen- immerhin gab es ja mal kurse über 1 euro.gut ding braucht eben weile - zeit ist für diese gambler geld,daß sie verdienen müssen-daher derzeit kein interesse für ses

[Torrente]

Trotzdem hätte ich doch gerne etwas mehr Action hier!!!!

Kann ja nicht sein, daß nur wir beide die einzigen Aktionäre sind.

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.852.989 von Torrente am 06.11.08 13:01:44

hi torrente- ich weiss nicht wieviel aktionäre noch dabei sind - ich kann dir nur sagen , oder schreiben verlier die hoffnung nicht-- wenn du näheres erfahren willst- dann nur per bm- die,die sich nicht nützlich machen in der heutigen zeit sind ???????wertlos, nein ,,sie bleiben aktionäre,---aber ,, manchmal sollte man sich auch irgendwie nützlich mach.... das heißt --wir bleiben in verbindung- bin jetzt für 2 tge in usa

[poersi]

immerhin haben sie jetzt die homepage etwas aufgemotz, wie's scheint hat ses sogar einen preis gewonnen? kann jemand französisch und den zeitungsartikel mal übersetzen?

habe auch gelesen, dass sie im juni 2009 mit den neuen produkten auf den markt gehen wollen.

gruss, poersi

[Torrente]

Antwort auf Beitrag Nr.: 35.860.478 von poersi am 06.11.08 21:54:01

USA 0,35$ +21%


Was geht ab???

[schniddelwutz]

@ poersi- die homepage hat sich nicht sehr viel verändert - übersichtlicher ist sie schon geworden. interessant ist auch der parten "conergy"!!! französisch kann ich leider sehr sehr schlecht-eignet sich daher nicht für eine übersetzung.
@torrente - die großen schwankungen, die du siehst, führen lt einem us banker darauf zurück,daß sich einige aktionäre unbedingt ses aktien einbilden - auch in hinblick auf die ziele von präsident obbama bezüglich umwelt.
so, und jetzt werd ich mich mal in die sauna begeben (infrarot )und etwas ruhen. bis montag

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.889.946 von schniddelwutz am 09.11.08 09:47:03

muß natürlich heißen: partner conergy

[Torrente]

Antwort auf Beitrag Nr.: 35.889.979 von schniddelwutz am 09.11.08 09:52:07

aktien einbilden



Hey Schniddelwutz, wolltest du mir per Boardmail noch eine Nachricht schicken??


MFG
Torrente

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.898.104 von Torrente am 10.11.08 07:52:07

hi torrente bm hat sich erledigt, unter aktien einbilden meinte ich natürlich leute, die sich sich auf einen aktie versteifen,das geld dafür haben und eventuell auch backgroundinfo haben.
auf eine grüne woche sw

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.898.104 von Torrente am 10.11.08 07:52:07

jetzt hast du bm

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.898.104 von Torrente am 10.11.08 07:52:07

jetzt hast du bm

[poersi]

Antwort auf Beitrag Nr.: 35.889.946 von schniddelwutz am 09.11.08 09:47:03

dann hättest du die homepage mal vor einem jahr sehen sollen, informationen auf deutsch waren kaum vorhanden.

das mit dem französisch übersetzen hat sich auch erübrigt, steht in der spalte rechts auch auf deutsch da:

http://www.sessolar.com/german/presse/05.09.2008%20Prix%20So…

hoffen wir mal, das ding macht seinen weg...

greets

[Torrente]

Sieht ja ganz nett aus, aber die Solaranlage ist ja auch nur gekauft!!!

Es muß erst selbst produziert werden, daß wird aber nicht mehr lange dauern.

Im Prinzip wäre jetzt der beste Zeitpunkt zum investieren.
Mit einem kleinen Betrag, könnte man wenn man Glück hat, bald erhebliche Gewinne machen, oder was meint Ihr???

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.908.133 von Torrente am 11.11.08 08:13:04

mit dem notwendigen, nicht benötigten kleingeld könnte man derzeit fast alle aktien kaufen - kommt darauf an wielange die ww-krise dauert

[schniddelwutz]

lt.reuters ist es in japan ziel,solartechnik ab 2009 mit subventionen und steuervergünstigungen zu fördern. lt. finanzzeitung nikkei ist es das ziel, 70 % der neuerrichteten häuser mit solarkollektoren auszustatten. ( wärme oder strom ???)
leute- nicht verzweifeln--suchen-suchen-suchen.
nachdem hier niemand mehr etwas beiträgt, werde ich mich erstmals auf ein paar tage vertschüssen

[Torrente]

Tja, weiß nicht was ich schreiben soll.
News gibt´s ja auch nicht wirklich.

Wenn mal wieder Bewegung im Kurs kommt, kann mal wieder diskutieren.

Jetzt müssen wir erst mal warten.

[schniddelwutz]

hi leute, schifahrn war schön- börse ist nicht schön. conergy-partner von ses fällt um über 7% - weiß jemand etwas ? alle anderen werte steigen - solarworld , nordex , etc. werd mal eine mail an ses senden . lt.reuters pumpt china 600 md usd in die wirtschaft und auch die bilanzgewinne sollen "wiederveranlagt" werden, dh. die rohstoffe werden in absehbarer zeit w a h r s c h e i n l i c h steigen, aber börse ist eben anders- in diesem sinn -- mahlzeit

[Torrente]

Antwort auf Beitrag Nr.: 35.977.741 von schniddelwutz am 17.11.08 13:54:14

Mail an SES??

Sag bloß, die haben dir schon mal geantwortet?

Hab schon ein paar mal Infos angefragt, aber nie ´ne Antwort bekommen von denen.

Falls du eine Antwort bekommst, bin ich mal gespannt, was DIE zu erzählen haben.
Mich würde es wirklich interessieren, wie´s mit der neuen Halle und der Fertigung darin aussieht.

Was glaubt Ihr eigentlich allgemein?
Müsste der Kurs steigen, wenn die Produktion endlich startet?
MFG
Torrente

[schniddelwutz]

Antwort auf Beitrag Nr.: 35.985.913 von Torrente am 18.11.08 08:11:25

sollte ne antwort kommen, stell ich sie rein. auf ne grüne woche sw

[schniddelwutz]

congegy - 6.??? müßt ihr mal gucken, bezüglich bzr

[schniddelwutz]

parner conergy + 14,94% trendwende????????abwarten und tee trinken-meine meinung

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.032.075 von schniddelwutz am 21.11.08 13:09:21

sorry - heißt natürlich PARTNER

[Torrente]

Warum geht´s nicht hoch???

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.051.730 von Torrente am 24.11.08 14:04:37

weil momentan alle Aktien, die etwas mit Solar,etc.zu tun haben, sprichwörtlich am Boden sind ( siehe Nordex, Suntechpowerhldg-bis 10,50 von Tradersreport zum Kauf empfohlen jetzt 5 € , usw.) Solange hier keine gravierende Erholung erfolgt, werden wir nicht viel höhere Kurse sehen.

[Torrente]

1 ganzer Cent im Plus!!!!!

Jetzt geht´s ab!!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.063.086 von Torrente am 25.11.08 18:12:34

mühsam nährt sich das Eichhörnchen

[poersi]

Antwort auf Beitrag Nr.: 36.063.086 von Torrente am 25.11.08 18:12:34

das sind immerhin 5%

[schniddelwutz]

schön langsam wird der Partner CONERGY interessanter- Höchstkurs war 70, derzeit ca 1,30 ( nach Split und BR - Abschlag gerechnet)
keine ak - vk-empfehlung

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.090.693 von schniddelwutz am 27.11.08 13:56:53

Conergy -der Partner- 1,25 . Wieder Minus.Behaltet diese Aktie im Auge.Wirkt sich meiner Meinung auch auf den Kurs von SES aus

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.090.693 von schniddelwutz am 27.11.08 13:56:53

Conergy -der Partner- 1,25 . Wieder Minus.Behaltet diese Aktie im Auge.Wirkt sich meiner Meinung auch auf den Kurs von SES aus

[Torrente]

Antwort auf Beitrag Nr.: 36.100.479 von schniddelwutz am 28.11.08 10:13:24

Hey Schniddelwutz,

schon ´ne Antwort auf deine Mail an SES bekommen??

MFG

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.102.916 von Torrente am 28.11.08 13:39:35

leider nein. Muß mich mal bei meiner Bank erkundigen, ob die vielleicht etwas aktuelles wissen, oder irgend einen Draht zur Firma haben.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.103.558 von schniddelwutz am 28.11.08 14:27:50

zum besseren Verständnis: ich wollte aktuelle Daten haben, drum das mail.Das Analysten-Rating steht auf 2 - d.h. b u y .Die letzten Ziffern die vorhanden sind sind eps von 12/07.Und das sind auch nur Schätzungen der Analysten. - Abwarten und Tee trinken.Schönes WE

[poersi]

am 25.11.08 wurde ein neuer presseartikel auf der homepage eingestellt.

mein fanzösisch ist nicht sehr gut, hab aber verstanden, dass sie anfang 2009 (au début 2009) mit der produktion beginnen wollen. und es steht auch, dass es die grösste solar-fabrik der schweiz ist (la plus grande fabrique de suisse), kapazität mehr als 100 megawattstunden.

aber vielleicht kann ja einer von euch besser französisch:

http://www.societe-energie-solaire.com/german/presse/Dec_200…

schönes we allerseits

[Torrente]

Im Prinzip hast du das Wichtige schon gesagt.
Produktionsstart ist Anfand 09.
Aber es soll auf vier Linien voll automatisch produziert werden.
Und es sollen 60 Mitarbeiter eingestellt werden.

Hoffe es geht bald los, ich kann´s kaum erwarten!!!

[lerchengrund]

Antwort auf Beitrag Nr.: 36.117.040 von Torrente am 29.11.08 17:13:57

werden schon Mitarbeiter gesucht?

[Torrente]

Antwort auf Beitrag Nr.: 36.127.688 von lerchengrund am 01.12.08 22:58:56

Warum??
Willst dort anfangen???


Aber im ernst.
Ich weiß nicht, ob die schon suchen.

Ich finde auf jeden Fall, daß sich das allmählich ganz gut anhört.

[schniddelwutz]

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.131.168 von schniddelwutz am 02.12.08 14:33:40

da seht ihr den Kursverlauf des Partner CONERGY in Realtime-falls es Euch interessiert

[schniddelwutz]

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.131.207 von schniddelwutz am 02.12.08 14:39:18

[

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.131.168 von schniddelwutz am 02.12.08 14:33:40

so gehts

[schniddelwutz]

zur zeit fast alle Solarwerte downstairs. Realtimekurse auf dem 2.Link bei meiner Nachricht !!!!

[Torrente]

Es gibt einen neuen Bericht über SES.

Hat das schon einer gesehen??
Sind´s gute, oder schlechte Nachrichten??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.150.601 von Torrente am 04.12.08 21:20:43

wo ist der Bericht

[Torrente]

Antwort auf Beitrag Nr.: 36.152.229 von schniddelwutz am 05.12.08 09:39:57

Hier:
http://www.sessolar.com/index.php?page=sec

Ist aber nur ein SEC Filling.

Das ist nix besonderes, oder irre ich mich da??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.152.958 von Torrente am 05.12.08 11:17:13

interessant page 19 - event.gewinne werden reinvestiert.

[Torrente]

Antwort auf Beitrag Nr.: 36.154.521 von schniddelwutz am 05.12.08 14:43:01

Hey Schniddelwutz,
SES hat nen neuen Bericht, schon gesehen.
Mal wieder megalang.

Kann aber nicht deuten, ob´s positiv oder negativ ist.

Kennst du dich da aus??

MFG

[schniddelwutz]

hab schon geschrieben- page 19-Gewinne werden reinvestiert.ansonsten hab ich nichts Neues gesehen.Vielleich stock ich noch mal auf- 0,13 wäre für einen gesenkten EK von Nutzen.Wie gesagt- Solarwerte derzeit am Sand - siehe Conergy.lG SW

[Torrente]

Antwort auf Beitrag Nr.: 36.185.116 von schniddelwutz am 11.12.08 09:36:17

Hab mich noch mal bei 14 Cent mit 5000 Stück eingedeckt.

No risk, no fun!!

Abgeltungssteuer kommt ja auch bald.


Hab jetzt so ziemlich alles was ich noch flüssig habe in diesem Monat investiert.
Kommt Zeit, kommt der Gewinn!!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.189.980 von Torrente am 11.12.08 18:40:14

richtig: Rom wurde auch nicht an einem Tag erbaut ! Oder, wie Kostolany gesagt hat: Geh arm schlafen und wach reich wieder auf ! Schönes WE

[Torrente]

Antwort auf Beitrag Nr.: 36.193.073 von schniddelwutz am 12.12.08 09:26:26

Ebenso so schönes WE!!

[Torrente]

Antwort auf Beitrag Nr.: 36.193.130 von Torrente am 12.12.08 09:30:33

Und Schniddelwutz, wirst du noch nachkaufen??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.201.897 von Torrente am 14.12.08 11:36:15

hab mir schon nochmals 5 T vergönnt, allerdings auch vom Partner Conergy 5 T mit 0,85. schau ma mal, ob's was wird

[Torrente]

Hoffentlich wir, daß SES bald mal nen Sprung macht.

Auch wenn wir die "Krise" haben, müsste der Kurs doch trotzdem etwas hoch gehen, wenn SES die Produktion bzw. den Verkauf startet.

Oder???

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.204.741 von Torrente am 15.12.08 09:58:34

für diese Krise hält sich unser Schätzchen recht brav - denk ich mal. Wenn ich mir da so einige Explorer angucke ( Globex, Bolero, Ona, oder wie sie alle heißen ), sogar gut.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.205.905 von schniddelwutz am 15.12.08 12:49:22

na also, geht ja - up, u p, u p, Schade, daß so ein geringes Handelsvolumen besteht- aber das kann ja noch werden.

[Torrente]

Antwort auf Beitrag Nr.: 36.207.566 von schniddelwutz am 15.12.08 16:52:14

Jetzt gehts ab!!!

.......hoffe ich!!!

[Torrente]

Antwort auf Beitrag Nr.: 36.207.566 von schniddelwutz am 15.12.08 16:52:14

So, alle meine Investitionen sind getan für dieses Jahr.
Keine Kohle mehr.

Dann hoffe ich mal auf´s nächste Jahr.
Kann da was kommen?????

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.215.800 von Torrente am 16.12.08 17:32:48

K O H L E !!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.229.957 von schniddelwutz am 18.12.08 13:09:44

order 10T 0,13 vk 10T 0,15 = KOHLE!!! kommt auch auf die BANKan

[schniddelwutz]

hab heut noch mal aufgstockt

[Sigis1]

Antwort auf Beitrag Nr.: 36.237.578 von schniddelwutz am 19.12.08 11:58:35

Hallo schniddelwutz,
wann beginnt die produktion? Weisst du was näheres?
Die informationspolitik dieser firma ist fürchterlich.
Gruss
Sigis

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.238.020 von Sigis1 am 19.12.08 12:41:33

@ torrente: conergy sell ses by @ sigis 1 les die HP intensiver-- manche geheimnisse sind darin versteckt. page 19 ist f. aktionäre s e h r interessant

[schniddelwutz]

hi, der alleinunterhalter hat geschrieben--wie weise

[schniddelwutz]

@ torrente; i hör mal grad die eav an - da ebi is a guate freind von mir @ all besinnliche weihnachten - ich freue mich .....

[Torrente]

Puuuh, bin heute wieder zu hause.
Hatte am Samstag ´ne OP.

Muß mich jetzt erst mal wieder erholen.

Frohes Fest!!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.244.029 von Torrente am 20.12.08 13:00:45

freut mich wenn es dir schon wieder besser geht- weiß ja keiner. kleine info am rande-geh ins internet und lad dir über krone at die ski challenge 09 runter . schi heil

[schniddelwutz]

EIN FRIEDLICHES FEST ALLEN

[Torrente]

Macht SES denn heute auch noch mal nen Sprung??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.259.723 von Torrente am 23.12.08 16:11:52

nein,aber h e u t e,29.12.2008.Diese Steigerung schätze ich wird diesmal etwas nachhaltiger ausfallen, solange sich die im Osten die Schädeln einhauen und die Lage immer ernster wird.ÖL steigt bereits - wie immer - Alles nur meine Meinung

[Torrente]

Umsätze sind auch da!!

Abwarten was die USA gleich machen!!

[Torrente]

In den USA ist´s ein bisserl hoch gegangen.

Mal sehn was heute noch geht.

Ansonsten nen guten Rutsch!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.278.719 von Torrente am 30.12.08 08:06:04

nach dem 6 monatschart könnte es bald einen rebound geben (natürlich mm)- mich macht es schon froh, daß in den usa gestern 57900 st gehandelt wurden.
EINEN GLÜCKLICHERES NEUES BÖRSENJAHR AT ALL

[lerchengrund]

Antwort auf Beitrag Nr.: 36.280.039 von schniddelwutz am 30.12.08 11:26:22

Umsätze beweisen zumindest, daß unsere "Leiche" noch lebt ! in diesem Sinne
EINEN GUTEN RUTSCH AN ALLE

[Torrente]

Antwort auf Beitrag Nr.: 36.289.396 von lerchengrund am 01.01.09 22:33:21

Leiche???
Mach mich nicht schwach!!

Ich hoffe auf 2009 und auf den Produktionsstart!!

Da muß doch bald mal was gehen.

[Torrente]

Hab jetzt mal wieder bei SES nach Infos per E-Mail angefragt.
Bin gespannt, ob ich mal Antwort bekomme.

Mit Neuigkeiten halten die Brüder sich aber auch immer etwas zurück!!

[Torrente]

USA 60% im Plus???

Was ist denn da los??

Jetzt gehts endlich mal ab, oder was?
Ich warte eigentlich auch schon sehr lange darauf.
Wird meine Geduld jetzt doch noch mal belohnt?

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.297.566 von Torrente am 03.01.09 15:35:34

Krieg im Nahen Osten und Obama kommt bald

[Torrente]

Glaubst du, daß das nur ein "Zucken" ist?
Oder ist das ein echter Anstieg?

Hab früher auch schon mal so etwas gesehen.
Ein riesen Auschlag im Chart und dann gings genauso schnell wieder runter.

Bin mal gespannt, was der DAX aus den US-Vorgaben macht:
Ich glaube der Dax zieht den Dow wieder runter und wir sehen und mal wieder bei 12-14 Cent, wie so oft.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.300.068 von Torrente am 04.01.09 13:47:36

schätze nach dem Amtsantritt Obamas werden wir mehr wissen - nicht vergessen die Probleme mit den Gaslieferungen aus Russland

[Torrente]

Es ist doch etwas passiert.
Im Dax gehts up für SES!!

Falls aus den USA noch einmal ein + kommt, denke ich, daß wir dann endlich im Aufwind sind!!

Ich bete schon einmal.........

[Sombratan]

Antwort auf Beitrag Nr.: 36.304.945 von Torrente am 05.01.09 13:35:00

Wo soll das jetzt noch hinführen?
0,20 aktuell.
Ich hab bei 0,158 gekauft und bin damit über 26% im Plus, halten?

[Torrente]

Tja, ich bin schon lange bei SES investiert und muß noch warten, bis ich im + bin.
Ich würde auf die USA schauen. Dort sind 0,39 Cent angegeben.
Wenn ich schätze, müssten das so locker 30 Euro Cent sein.

Müsste der Dax Kurs dann morgen nicht entsprechend zulegen??
Falls das morgen passiert, wäre es jetzt der falsche Punkt zum Verkauf. Aber 26% im + Plus sind ja auch nicht schlecht. Wieviel hast du investiert? Ich persönlich hab 8000€ bei SES investiert.

Es ist mega Potenzial bei SES drin, wenn man bedenkt, daß die neue Fertigung bala anläuft.

Was du aber jetzt letzlich machst, ist deine Sache!!
Ich bleibe SES treu!!!

[Sombratan]

Antwort auf Beitrag Nr.: 36.308.625 von Torrente am 05.01.09 19:39:12

Ja danke, ich bleib dabei. Bescheidene 10.000 Aktien hab ich.
Bin halt schonmal vor 2 Jahren derbe mit den Aktien im Minus gestrandet. Damaliger Kurs 0,90€, mit Müh und Not bei 0,51€ verkauft.
Und als ich dann 0,158 gesehen hab, hab ich zugeschlagen....

[Torrente]

Tja ich hab damals mal einen schönen Gewinn mit SES gemacht.

Dann ist der Kurs leicht abgerutscht und ich bin wieder rein.
Damals auch bei ca. 90Cent.
Hatte kurz darauf auch mächtige Verluste. Hab aber weiter zugekauft und auf ca. 39 Cent verbilligt.

Ich werde abwarten.
Die neue Produktionshalle birgt Potenzial.
Es wäre durchaus möglich, daß der Kurs bei Produktionsstart durch die Decke geht.
Klar ist SES eine Risikoaktie, aber wer nicht wagt, der nicht gewinnt.
Ich bin halt ein kleiner Zocker!!
Hab auch noch andere Werte im Depot!
Zum Bspl. Yingli Green - auch Solar!
Bis jetzt bin ich da 70% im Plus.
Leider hab ich damals nur eine kleine Position gekauft.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.305.084 von Sombratan am 05.01.09 13:52:43

wenn man das wüßte,wäre ein jeder schon reich geworden.den Teil, den ich bei 0,13 gekauft habe, den hab ich jetzt bei 0,21 verkauft.für mich ist der dzt. anstieg etwas zu schnell (0,13-0,21).vielleicht komm ich nochmals unter 0,21 rein.meine meinung

[Torrente]

Ich wollte gestern auch schon bei 20 aussteigen mit einem Teil, den ich bei 15 gekauft hab!
Ich überleg mir das jetzt erst mal eben, ob ich das noch mache!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.311.889 von Torrente am 06.01.09 10:13:59

ACHTUNG: nicht vergessen - Feiertag in Wien, bzw.stark red. Handel

[Sombratan]

Antwort auf Beitrag Nr.: 36.311.083 von Torrente am 06.01.09 08:07:44

Die neue Produktionshalle birgt Potenzial.

Wann wird die denn fertig gestellt?

[Torrente]

Den genauen Status kenn ich nicht.
Aber Frühjahr 2009 soll die Produktion starten.

Also abwarten und hoffen........

[Torrente]

Tja, Absturz in den USA -28%.

Morgen dann bei uns!
Hab heute noch ne Position von 5000 Verkauft bei 20Cent.
Werde die 1000€ dann mal wieder bei einem günstigen Kurs reinvestieren!
Ich versuche den Einstiegskurs etwas weiter zu drücken.

Eine Frage mal.
Was ist wenn das Depot 2008 im minus war und ich aber z.B. 5000 Stücke zu 15 Cent zugekauft habe und im neuen Jahr die Position die ich im alten Jahr zu 20 Cent verkaufe?
Wobei ich 2009 beim Verkauf immer noch mit dem gesamten Aktienbestand im Minus bin. Muß ich dann Steuern zahlen?
Versteht Ihr, was ich meine?

[schniddelwutz]

schön langsam bekomme ich wieder Einstiegskurse

[Sombratan]

Antwort auf Beitrag Nr.: 36.361.194 von schniddelwutz am 13.01.09 10:12:29

Ich auch, hab meine bei 0,22 verkauft...

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.362.842 von Sombratan am 13.01.09 13:17:59

0,234

[Torrente]

23,4 sind für mich keine Einstiegskurse.

28 US Cent liegen momentan an.
Dann muß der DAX Kurs aber heute abschmieren.

13-15 Cent sind für mich die Einstiegskurse.

Dann passt das auch mich verkaufen und wieder kaufen.

Habe grad ne Position von 5000Stk bei 20Cent verkauft, bei 15Cent Kaufpreis.
Diese 1000 Euro würde ich halt gerne wieder bei 15 Cent reinvestieren.
Schön den Einstiegskurs drücken!!
Muß heute morgen aber erst mal schauen, was die Postbank am Morgen macht. Dort hab ich gestern meinen Zockerbetrag investiert und bin ganz schön im Plus!

Weiterhin frohes traden............

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.368.446 von Torrente am 14.01.09 08:01:46

mal langsam- wenn du genauer liest wirst du den VK _ kurs erkennen

[schniddelwutz]

wir nähern uns meinen neuen Einstiegskursen

[Torrente]

Antwort auf Beitrag Nr.: 36.416.562 von schniddelwutz am 21.01.09 09:41:53

Seh ich auch so!!

Man hört aber auch keinerlei News bezüglich der neuen Halle.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.443.902 von Torrente am 25.01.09 10:22:39

0,16 - mensch,dies ist mein kurs-ob halle oder nicht-ich kann mich bei dieser aktie nur auf meinen (nicht vorhandenen ) bauch verlassen- außerdem gibt es charts- so wie bei ????? ( nur BM )

[schniddelwutz]

habt ihr die nerven geschmissen - oder ist noch jemand hier??

[Sigis1]

Antwort auf Beitrag Nr.: 36.472.385 von schniddelwutz am 29.01.09 11:22:54

Hallo schniddelwutz,
es sieht doch gut aus...bald kommt der produktionsanfang und dann steigt die kiste
Gruß sigis

[Torrente]

Bin immer noch dabei, aber was soll man schreiben??

News hab ich keine.

[schniddelwutz]

hab meinen Bauch vertraut, 0,16 war super. jetzt muß das ding nur laufen;vielleicht sollte man sich CUCHE nach seiner Goldenen an Bord holen

[schniddelwutz]

ausgesprochen interessanter 5-Tageschart

[Torrente]

Antwort auf Beitrag Nr.: 36.557.033 von schniddelwutz am 11.02.09 13:19:02

Hab mich bei 18 Cent mal wieder etwas eingedeckt.

Abwarten......

[schniddelwutz]

sehr interessant ist für mich, daß der Kurs in FF immer sich am Anfang um die 17-17,2 bewegt, allerdings 0-Stück gehandelt werden.Dies setzt sich dann meistens bis ca 15,00 Uhr fort,dann ein paar Aktien,...scheint,wir haben bei ca 17 den Boden gefunden.mM. auf steigende Kurse

[Torrente]

Komisch.
Ich bin ja kein Börsenexperte, aber wenn das US Konjunturpaket abgesegnet ist, müssten die Börsen dann nicht steigen.??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.563.653 von Torrente am 12.02.09 10:35:28

glaub ich nicht - ist ja nur einen begrenzung von weiteren verlusten (meine meinung)

[schniddelwutz]

leute,leute-starkes stück den kurs mit 500 stück in ffm um 15,7 % in die höhe zu hieven

[Torrente]

Großer Schub in den USA.

Passiert was??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.596.977 von Torrente am 17.02.09 18:52:27

was meinst du mit Schub? Tradegate 0,161

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.596.977 von Torrente am 17.02.09 18:52:27

Sunseeker Energy Holding AG notiert an der Frankfurter Börse.Ebenfalls eine Schweizer Firma-vielleicht kooperieren die beiden Unternehmen-näheres in Rohstoffwelt

[Torrente]

Ist das auch wieder so eine Nullnummer wie SES??

Wann passiert denn mal etwas??
NEWS NEWS NEWS brauchen wir.

Verstehe auch nicht, warum nicht die Fortschritte beim Neubau als Video gezeigt werden.

[Superzukunft]

Antwort auf Beitrag Nr.: 36.604.728 von Torrente am 18.02.09 17:17:53

Kannst ja mal persönlich vorbei schauen, dann siehste auch was tatsächlich los ist. Ehrlich gesagt, mich würd es auch interessieren

SZ

[meineeigene]

die fertigungshalle ist von außen fertig. Sie steht in genf bei 46°09´53.00" und 06°06´13.00"
Auf google earth braucht ihr aber nicht zu suchen. die bilder sind steinalt. ihr findet an dieser stelle nur acker.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.605.754 von meineeigene am 18.02.09 19:23:55

[Torrente]

Hat sich schon jemand mal wieder das Video auf der Homepage von SES angesehen.

Man sieht nun auch das fertige Gebäude.

Vielleicht wird´s ja doch was mit SES.
Dann müsste doch die Produktion auch zeitnah beginnen, hoffe ich.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.612.561 von Torrente am 19.02.09 16:33:46

Video hab ich gesehen, mich stört nur eines: man sieht nirgendwo ein firmenlogo, oder bin ich schon blind? dafür w-o einen artikel, der recht interessant ist: solarbranche-wieder auf der spur.schönes wochenende @ all

[Sombratan]

Ich bin immer noch am Überlegen, mein Einstiegskurs ist eigentlich 0,15... Aber wenn jetzt wirklich die neue Halle fertig ist...

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.629.098 von Sombratan am 22.02.09 14:29:42

ich weiß nicht ob du(wir) diesen kurs noch einmal sehen werden,bzw. zu diesem kurs ein paar aktien kaufen können.hab mit 0,175 probiert-geht gar nicht. aber-nur meine meinung

[Torrente]

Ich kann den Produktionsstart kaum erwarten.

Wie sich das wohl auf den Kurs auswirken könnte??

Oder reagiert der nur auf die Umsätze, bzw. den Gewinn den die dann machen??

[Torrente]

Antwort auf Beitrag Nr.: 36.631.991 von schniddelwutz am 23.02.09 10:30:49

Hey Schniddelwutz,
glaubst du das der Kurs nicht weiter nach gibt??

Momentan schmiert der Dax ja auch noch schön ab.

[Sombratan]

Ok, bin jetzt bei ,175 eingestiegen, fällt das Dinfen auf ,16...

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.643.188 von Sombratan am 24.02.09 16:21:21

sei froh-du hast welche bekommen.und g e d u l d musste schon haben

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.640.012 von Torrente am 24.02.09 10:47:51

der dax interessiert ses aber gar nicht . stay long and cool

[schniddelwutz]

bin 31 jahre bei einer bank im wp management - aber zum tiefst- bzw höchst- kusr hab ich k e i n e aktie bekomenn bzw verkauft

[Torrente]

Antwort auf Beitrag Nr.: 36.644.280 von schniddelwutz am 24.02.09 18:16:39

Du bist bei einer Bank??

Verrate mir mal wie du eigentlich auf SES gekommen bist.
Oder war es nur eine Bauchentscheidung.
Theoretisch musst du doch einiges an Wissen über SES haben, oder??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.645.895 von Torrente am 24.02.09 21:25:04

man hat,bzw, muß einiges wissen haben.allerdings hilft dir das auch nicht sehr viel weiter.da ich mich schon seit einigen jahren mit erneuerbaren und sauberen energien beschäftige, bin ich natürlich auch auf ses gestossen.die entscheidung ses zu kaufen war größtenteils eine bauchentscheidung.aber wenn du nichts wagst-wirst du auch nicht gewinnen.vielleicht solte ich mich mal mit meiner tochter beschäftigen-die ist fondmanagerin, vielleicht scheibt die mal einen artikel über erneuerbbare energien.aber wie schon gesagt- manchmal entscheidet man aus einem bauchgefühl heraus

[Torrente]

Wollen wir mal foffen, daß dann klappt!!!!



Inne USA ist´s ja schon wieder ein wenig gestiegen.

[schniddelwutz]

seltsame kursstellung : 0,13-bin mal gespannt,ob da jemand schmeißt

[Torrente]

Guter Umsatz heute 40000 Stück, oder???

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.681.346 von Torrente am 02.03.09 14:54:12

40.000 um 9,01 in ff und dann nichts mehr ??-wenigstens im bid rührt sich noch etwas. kein wunder bei dem dow 6920-usa beeinflusst eben good europa doch etwas mehr, als wir wollen

[Sombratan]

Bei welchen Kurs würdet ihr Eure Aktien verkaufen?
Ist es für Euch eine kurzfristige Anlage oder eher was langfristiges?
Was ist ein langfristiges Kursziel der Aktie?
Verratet ihr, wie viele Aktien ihr haltet?

Danke!

[Torrente]

Ich habe ca. 17000 Stück.

Das Kursziel........, mal sehen!!

Hoffe auf die neue Fertigungshalle und den Produktionsstart.
Und auf die Umsätze dann.

[Torrente]

Und selbst??

[schniddelwutz]

hi leute-es bringt gar nichts wer wieviele aktien hat. wichtig ist nur,daß er welche hat und sich daher mit dieser aktie beschäftigt.manche haben mehr, manche haben weniger-je nach finanzlage.aber all,die welche haben,haben die aktien bestimmt mit der ziel eines gewinnes gekauft.kursziel-okay.stückanzahl-nein. @ll-schönen tag und auf steigende kurs für ses.

[Sigis1]

Antwort auf Beitrag Nr.: 36.683.943 von Torrente am 02.03.09 19:18:15

hallo Torrente,
ich habe 35 000 stück, und hoffe dass die halle in genf bald in produktion geht. Da es sich um eine amerikanische firma handelt, die ihren hauptsitz in amerika hat, hoffe ich dass sich auch hier das konjunkturprogramm positiv auswirkt.
Gruss
Sigis

[Torrente]

Wo liegt bei euch denn so der Einstiegskurs??

25 Cent hab ich!!

[Torrente]

Ich glaube SES wird jetzt bald den Sprung machen!!

[Torrente]

http://www.societe-energie-solaire.com/german/index.php?page…

Neues Video!!!!!!!

[Torrente]

Die bieten auch endlich neue Produkte an.
Werde mich noch einmal komplett durch die webseite klicken, auf der Suche nach Neuem.
Tja, ich glaube es ist bald soweit, das SES Kohle macht.

Endlich.
Hoffe mal auf einen Gewinn in der nächsten Zeit.
Wie seht Ihr das??

[Sombratan]

Aktienmenge hab ich nur mal interessehalber gefragt.
Ich halte mittlerweile nach Aufstockungen in den letzten Tagen 100.000 Stück.
Da ich SES mittlerweile schon über Jahre verfolge und auch noch die >.90€ Preise pro Aktie gesehen und gehalten habe, erhoffe ich mir natürlich viel, gerade wegen steigender Umsätze und der neuen Halle.
Das heißt, ich werd jetzt bestimmt nicht vorschnell verkaufen, nur weil der Kurs auf .23€ steigt

@ Torrente: Wie soll man das verstehen, Einstiegskurs .25€?

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.692.474 von Sombratan am 03.03.09 19:56:56

ek 0,25€ - schätze das ist der ek der gesamten aktienanzahl- ich bin derzeit auf 0,18€

[Torrente]

EK= Gewinnschwelle.
Ab welchem Kurs Ihr Gewinn macht.

Ich muß noch etwas warten.... 25 Cent.

Aber was haltet Ihr von der Webseite?
Scheinbar tut sich doch etwas bei SES.
Ob die jetzt schon produzieren?

[Sombratan]

Ahhh, ok.
Ich bin bei EK 18,7 auf die gesamten 100.000, damit bin ich zufrieden. Was erwartet ihr vom Kurs? Also langfristig seh ich da den Kurs bei >0.30, bei den Möglichkeiten...

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.703.435 von Sombratan am 05.03.09 08:39:32

da hast du einen superkurs , trotzdem dauert wahrscheinlich noch ziemlich lang, bis wir deinen angeführten kurs wieder sehen werden. bin in usa bei apso drinnen ---- von obamaeffekt ist da auch nocht nichts zu spüren. derzeit ist meiner meinung nach w a r t e n angesagt. schönen tag @ all

[Torrente]

Wann kommt bei uns der Kurssprung??
Ist da für uns auch was drin heute??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.742.579 von Torrente am 11.03.09 08:09:45

trading-mark 0,151 - 0,167

[meineeigene]

Wens interessiert:
Ich habe mal ein Foto der Fertigungshalle in Genf bei Google Earth eingestellt. 40°09´53.33" und 06°06´12.77", viel Spaß beim Suchen. Der Button für das Bild ist aber erst ab einer Höhe von 1300 ft zu sehen, kann auch nicht sagen warum.

[meineeigene]

so sorry, es muß 46°09´53.34" heißen

[lerchengrund]

Antwort auf Beitrag Nr.: 36.759.307 von meineeigene am 13.03.09 10:53:16

wo?

[meineeigene]

Antwort auf Beitrag Nr.: 36.765.411 von lerchengrund am 13.03.09 21:35:34

was heißt wo? die koordinaten sind doch eindeutig. gehst auf google earth, suchst dir die schweiz -> doppelklick, dann versuchtst du mir dem cursor die angegebene koordinatenposition einzustellen - die kannst im unteren bildrand ablesen. auf anhieb wirst du sie nicht gleich vollständig treffen. stell sie annähernd ein dann wieder doppelklick, so lange bis du die position gefunden hast. ok? kannst dich ja auch vorher auf einer landkarte orientieren wo genf in der schweiz zu finden ist. dann findest du die stelle anhand des landesprofil.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.769.948 von meineeigene am 15.03.09 16:40:29

bist du beteiligt????

[Sombratan]

Auf gehts Richtung Norden... +22%

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.800.070 von Sombratan am 19.03.09 11:09:54

hoffentlich, wird langsam ja auch zeit

[Torrente]

Hallo Kollegen,

habt ihr die USA gesehen, +130%???

Unglaublich, oder?
Aber ich denke es ist nur eine Zuckung und es geht wieder steil bergab.
Anders wäre mir natürlich auch lieber. Mal sehen was passiert, wenn die nächste Kursfestellung aus den USA kommt.
Ich schätze, das diese uns dann wirklich sagt, wo die Reise hin geht.

MFG

[houjo0512]

wieder auf 0,25

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.813.429 von houjo0512 am 20.03.09 16:28:35

wegen überangebot sollen preise für solar auf dem deutschen markt bis zu 20 % fallen ! Quelle: berliner zeitung

[Sombratan]

Naja, dass die Aktie um 20% pendelt ist ja keine Seltenheit. Die paar Cent sind immer drin.

Interessant finde ich, dass die Berliner Zeitung über SES Solar berichtet (immerhin mal ein paar News? :rolleyes.

Ich frag mich jetzt, wo das alles hingeht.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.824.936 von Sombratan am 23.03.09 13:14:10

berichtet nicht über ses, sondern über solar ( photovoltaik,etc)!!

[Superzukunft]

Antwort auf Beitrag Nr.: 36.825.064 von schniddelwutz am 23.03.09 13:27:03

Die Kurse von vielen anderen Solarfirmen schnellen in die Höhe (Conergy, Solon, Arise, usw.). Bin mal gespannt, wann sich unser Baby verdreifacht

SZ

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.851.282 von Superzukunft am 26.03.09 10:44:52

börse ist auch geduld

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.851.282 von Superzukunft am 26.03.09 10:44:52

chinesische solaranlagen werden ab 50kw großzügig vom staat gefördert ( 2,93us$ je watt )--explosionskurse an der wallstreet-siehe godemodetrader

[houjo0512]

aber warum bleibt sesi noch stil, während die anderen etwa50% gestiegen sind, kann sesi auch von china hype profitieren?

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.870.069 von houjo0512 am 27.03.09 23:28:34

schaätze mal die schweizer sind immer etwas bedächtiger

[lerchengrund]

Antwort auf Beitrag Nr.: 36.870.489 von schniddelwutz am 28.03.09 08:28:03

kannst du mal den link reinstellen zum Bericht in der Berliner zeitung?

[lerchengrund]

Antwort auf Beitrag Nr.: 36.889.282 von lerchengrund am 31.03.09 16:47:01

Auf dem Gebäude des Fachbereichs Physik der Freien Universität arbeitet seit Ende Mai eine der größten Dach-Solaranlagen Berlins. Sie hat eine Fläche von 5000 Quadratmetern und ist damit etwa so leistungsstark wie die auf dem Bundeskanzleramt montierte. Das "Dach" liefert pro Jahr rund 145000 Kilowattstunden Strom, das entspricht etwa dem Jahresbedarf von 40 Familien. Der Ausstoß an umweltschädlichem Kohlendioxid kann so pro Jahr um rund 130 Tonnen gesenkt werden. Gebaut hat die Photovoltaikanlage die Berliner Firma SES Solar Energy Systems. Ihr Betreiber, der Berliner Unternehmer Thomas Winter, hat das Dach des Gebäudes für 20 Jahre gemietet.

[Sombratan]

was sagt ihr zum neuen Bericht auf der Seite?

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.889.303 von lerchengrund am 31.03.09 16:48:38

hab mich mal über die homepage für den ses-alert angemeldet. mal sehen, wie das funktioniert

[Sombratan]

Antwort auf Beitrag Nr.: 36.893.886 von schniddelwutz am 01.04.09 09:06:46

Du kannst den Bericht (85 Seiten auf Englisch) auch direkt auf der Seite abrufen... Musste Dich mal durchklicken

[Torrente]

Antwort auf Beitrag Nr.: 36.893.080 von Sombratan am 01.04.09 00:05:28

Schön und gut der Bericht, aber es dreht sich da nicht um unser Baby!!
Oder!!

[poersi]

der entscheidende satz in dem bericht ist wohl der:

"...commence production and sale of our new products by June 2009"

ursprünglich war das doch mal für april vorgesehen. hab mir gedacht, dass es da noch verpätung gibt.

was mich ein bisschen irritiert, fast alle solarwerte sind in den letzten tagen recht viel gestiegen, nur hier tritt man im moment irgendwie auf der stelle. hoffe das ändert sich bald.

[lerchengrund]

Antwort auf Beitrag Nr.: 36.899.161 von poersi am 01.04.09 17:16:52

und wen interessiert das?

[poersi]

vielleicht ein paar leute, die hier ihre kohle investiert haben?

auf jeden fall interessiert's mehr, als hier einen bericht über eine berliner firma reinzustellen, die meiner meinung nach nichts mit unserer ses in genf zu tun hat!

[lerchengrund]

Antwort auf Beitrag Nr.: 36.900.870 von poersi am 01.04.09 20:22:43

We have made forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these words or other comparable terms. Forward-looking statements involve risks and uncertainties that may cause our actual results or performance to be materially different from those expressed in or implied by the forward-looking statements. These uncertainties include, among others, our need to raise additional financing; risks related to the development and implementation of our new manufacturing processes and facility; risks related to completion, refinement and management of our supply chain and distribution channels; risks related to current and future research and development; risks related to customer acceptance of our products; risks related to competition in the solar energy field; risks related to the availability of public subsidies; our history of losses; the historical volatility of our stock prices; general market conditions; and the risks in the section entitled “Risk Factors” that may cause our historical and actual results, level of activity and performance to be materially different from future results, level of activity, or performance as expressed in or implied by these forward-looking statements.

Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statement as a result of new information or future events or developments.

ITEM 1. DESCRIPTION OF BUSINESS

We are a Delaware corporation engaged in the business of designing, engineering, producing and installing solar panels or modules and solar tiles for generating electricity. We conduct our operations through two wholly owned subsidiaries, SES Prod. S.A. (“SES Prod”) and SES Société d’Energie Solaire S.A. (“SES Switzerland”). Our shares are quoted on the OTC Bulletin Board under the symbol “SESI.OB”.

Overview

We are a renewable energy company that offers products and services focused on the design, development and commercialization of a portfolio of solar products and technologies capable of delivering alternative energy solutions. To date, we have produced and installed custom photovoltaic (“PV”) solar products for commercial, industrial and residential use. Based on the specific needs of our customers, we manufacture our solar modules and solar tiles using cells, components and other raw materials that are supplied to us from third-parties. We also offer comprehensive engineering services for PV projects. As an engineering service provider, we design new methods of manufacturing PV modules.

We are actively engaged in transforming our business from an engineering PV service company into a producer and manufacturer of solar modules and tiles using our proprietary assembly processes at our new manufacturing facility in Geneva, Switzerland, which we believe will allow for higher quality electrical contacts, better performance and reduced costs. Our efforts over the past 12 months have been focused largely on completing construction at our new facility, moving the machines from our former plant and designing our future production lines. We anticipate commencing full scale production during the second half of 2009. Until such time, we will continue to partner with subcontractors and to manufacture our solar products on a manual and semi-manual basis.

The Photovoltaic Solar Industry

Renewable energy sources for electric power generation include hydroelectric, biomass, geothermal, wind and solar. Among renewable sources of electricity production, solar energy has the most potential to meet the world’s growing electricity needs. According to the U.S. Department of Energy, the sun is the only source of renewable energy that has a large enough resource base to meet a significant portion of the world’s electricity needs.

Solar electricity is generated using either PV or solar thermal technology to extract energy from the sun. PV electricity generating systems directly convert the sun’s energy into electricity, whereas solar thermal systems heat water or other fluids that are then used as sources of energy. PV systems are either grid-connected systems or off-grid systems. Grid-connected systems are connected to the electricity transmission and distribution grid and feed solar electricity into the end-user’s electrical system and/or the grid. These systems are commonly mounted on the rooftops of buildings, integrated into building facades or installed on the ground using support structures, and they range in size from 2-3 kilowatts to multiple gigawatts (GW) and megawatts (MW). Off-grid PV systems are typically much smaller and are frequently used in remote areas where they may be the only source of electricity for the end-user.

Solar thermal technology advancements have been underway in Europe since 1990 and in China since 2000. PV technology is gaining ground in part to the aggressive policies of certain countries, especially in Europe, to reduce dependence on fossil energy.

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PV systems are currently the most widely used method of transforming sunlight into electricity. Annual installations by the PV industry grew from 0.4GW in 2002 to 4.0GW at the end of 2008. Cumulative installed capacity reached approximately 12GW at the end of 2008.

Growth in installed solar power systems has been stimulated by long-term government subsidies, tax incentives and feed-in tariffs that require public service companies and utilities to buy back excess power generated by privately owned PV systems. Over time, we expect costs to decline as a result of new manufacturing techniques, the development of PV cell technologies that use alternative lower-cost materials, reductions in the amount of silicon used in PV cells (partly through the development of thin film technologies), improvements in module performance as a result of greater PV cell energy efficiency, lower direct manufacturing costs, and economies of scale as silicon production volumes continue to rise.

In 2007, Germany was the world’s leader in MW volume of PV installations with 50%, followed by Spain with 13%, Japan with 10%, Italy with 7% and the U.S. with 7%, according to industry publication Solarbuzz LLC. We believe market allocation remained unchanged in 2008. The solar PV market has demonstrated an aggregated global growth rate of more than 40% per annum over the last 10 years. Production costs are likely to decrease and become more economically sustainable, while production capacity must continue to grow in order for PV to become a significant player in the global energy market.

To address a possible long term shortage of polysilicon, the PV industry has established long-term capacity forecasts in order to secure the necessary raw materials. As a result, we believe that more solar-grade production will become available, which will be cheaper than the semiconductor grade silicon because purity requirements are less stringent for the PV industry. In 2008, solar grade silicon prices started to decrease from a peak in early 2008 of $250/kg to an average of $200/kg.

Advantages and Disadvantages of Solar Energy

Solar energy generated through PV systems has several advantages compared to conventional and other renewable sources of electricity, including security, system reliability, low maintenance, modularity and flexibility of design, as well as significant environmental benefits. PV systems also support the trend toward distributed (point-of-use) power generation. We believe that capacity constraints, increased demand for power reliability, and the challenges of building new centralized power plants will increase the demand for distributed power generation.

Solar energy generated through PV systems also has certain disadvantages. Perhaps the most significant is the high initial cost of individual PV systems. Solar power can cost twice as much as grid power. This is due almost entirely to the high cost of PV cells, which depends on the cost and availability of semiconductor grade silicon and on production technologies. While technical developments are underway in thin film, membrane and other non-crystalline based materials, over 90% of the industry currently relies on crystalline silicon cells.

Description of Our Products

To date, we have produced and installed custom PV solar products for commercial, industrial and residential use. Based on the specific needs of our customers, we manufacture our solar tiles using cells, components and other raw materials that are supplied to us by third-parties. The design, production and installation of these customized solar products has required that we offer comprehensive engineering services. As an engineering service provider, we design new methods of manufacturing PV modules, and we incorporate these modules into the specific architectural and building applications of our customers. As we near completion of our manufacturing facility and implement our proprietary manufacturing processes, as more fully described below, we will focus our attention less on custom design and installation projects and more on mass manufacturing, producing and offering the following products:

Solar Tiles: SunTechTile® and Swisstile®

We have developed a new technology for the production, distribution and sale of a next generation solar tile that we intend to brand under the SunTechTile® trademark on the international market and under the Swisstile® trademark in Switzerland. SunTechTile® and Swisstile® share the same design but will be marketed under different names in order to distinguish their targeted markets. The SunTechTile® and Swisstile® solar tiles maximize power output by utilizing high performance PV cells with an innovative connector that we believe makes the tiles easier to install and less expensive than competitive models. Our connector design also reduces power loss, thereby maximizing efficiency. These tiles will be manufactured on our fully automated production lines commencing in the third or fourth quarter of 2009, as described below, which will allow for a shorter manufacturing cycle and lower production cost. Until such time as our fully automated production lines are operational, we will continue partnering with subcontractors and manufacturing these tiles on a manual and semi-manual production line basis.

High Power Rated Modules

We also intend to manufacture and distribute PV modules, which are packaged inter-connected assemblies of PV cells. Our modules will incorporate high quality cells that have reduced visibility and therefore increased architectural appeal.


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Description of Our Proprietary Manufacturing Processes

We have developed and patented a new assembly process based on our proprietary technology that will allow us to produce solar modules and solar tiles at a lower cost and in a more time efficient manner, thereby resulting in more attractively priced products. Our new facility in Geneva will showcase our new production lines and, we believe, will enable us to successfully demonstrate our manufacturing capabilities to produce solar PV modules with our new connection process for back-contact cells.

Our proprietary production process, which we expect to be fully operational in the third or fourth quarter of 2009, consists of an automated assembly technology that we believe guarantees a more reliable and efficient manufacturing process. This is because our new technology allows for back-contact PV cells and soldering to occur during only one production run. As a result of this new assembly technology, we anticipate our production lines will be significantly faster and smaller than traditional production lines that use standard tabbing and stringing machines. We further believe that our new manufacturing process has numerous advantages over existing assembly techniques, including easier and faster electrical connections between cells and strings in a module and fewer manufacturing steps. Our automated manufacturing process also significantly reduces manual labor requirements, a substantial cost component in the PV industry, which will result in greater capital productivity, lower costs, and more reliable connections.

In addition to the above described assembly technique, our patent also applies to the connection of modules (of any cell type) to junction boxes in a more efficient manner, resulting in a 1% - 3% reduction in the use of glass material and encapsulate, depending on the type of module.

We plan to use our patented manufacturing process and back-connection techniques at our new facility to produce PV modules and our next generation of integrated roof tiles. In the future, we may also consider licensing this technology to other PV module producers as well as selling complete production lines that we develop with third parties.

With its low heating demand and large PV roof, we believe that our manufacturing facility will be a showcase for PV technology, with special solar windows on one facade and a roof generating more than enough power to satisfy the facility’s energy requirements. In January 2008, we received confirmation that the building project meets the MINERGIE ® standard, which is a sustainability brand for new and refurbished buildings that is mutually supported by the Swiss Confederation, the Swiss Cantons along with Trade and Industry and is registered in Switzerland and around the world. The final MINERGIE ® certificate is expected to be delivered upon completion of the building. In September 2008, the building was awarded the 2008 Swiss Solar Award for architectural integration of PV solutions. We were also awarded the 2008 European Solar Award in December 2008. We manage this facility through our wholly owned subsidiary, SES Switzerland.

Sales and Marketing

Although the solar energy market is at a relatively early stage of development, energy experts and associations forecast a CAGR of 30% to 40% for the solar PV market between 2007 and 2010. To date, our operations have consisted of providing custom manufactured solar tiles and related engineering services to customers in Switzerland. As such, we have primarily focused our marketing and sales efforts in Switzerland.

Once we complete construction of our manufacturing facility and our automated production lines are fully operational, our expansion plans and target markets will expand to include Germany, France, Spain Italy and the U.S. However, it should be noted that the solar energy market is at a relatively early stage of development. Its future growth could be different from expectations, and the extent to which our products will be adopted is uncertain.

We intend to promote our PV solutions through trade publications, attendance at key industry trade shows, direct mail campaigns, online advertising and relationship marketing to our expanding network of dealers and solar integrators. Our marketing activities will be of greater importance in 2009 once our production lines become fully operational.

Customers

Most of our revenue to date has been generated by sales of custom manufactured solar modules and tiles and related engineering services to customers, which have included:

• suppliers of modules (i.e., either integrator PV systems or cell manufacturers willing to outsource the module production to us, using our proprietary technology to assemble components in a module) to end-user consumers;


• engineering firms, installers, distributors or end users (public or private) of our solar tiles;


• architects, public authorities or end users of our engineering services in PV turnkey installations; and


• potential module manufacturers licensing our technology.


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In the fiscal year ended December 31, 2008, sales criteria had not been fully met and only limited revenue of $33,416 was recognized. During this period, sales to our two largest customers accounted for approximately 69% and 18%, respectively, of our total net sales. In the fiscal year ended December 31, 2007, sales to our largest customer accounted for approximately 89% of our net sales. The loss of one or more of our largest customers or their default in payment could significantly reduce our revenues and harm our operating results.

Suppliers and Process Equipment Providers

We rely on several companies to supply certain components and materials used to manufacture and produce our PV modules and tiles. For module and tile production, we depend on a limited number of suppliers for back contact cells. We believe that due to increased demand for back contact cells, additional suppliers have already entered the market. We acquire cells on a purchase order basis and do not have long-term supply contracts with any suppliers, although we may enter into such contracts in the future. We purchase slates from Swiss Eternit, with which we have a long-standing commercial relationship. We do not believe a risk of inventory shortage exists with respect to tiles, although if one did, we believe alternate suppliers exist. Recent changes in the dimensions of some solar cells, however, could require larger slates, which exist only at the prototype level from our suppliers and whose availability on a large scale is not yet proven.

Our manufacturing processes use both off-the-shelf and custom-built equipment. Our equipment providers have had difficulty finalizing our order for certain custom-built machinery to be installed in our new facility. Based on our patented technology, the manufacturing concept we will employ in our facility is new and an important machine that we expected to have in 2008 has yet to be delivered. Delays delivering this machine by the supplier have postponed production at our manufacturing facility. As a result of this ongoing delay, we have reconfigured our production capabilities so that we are able to continue producing our tiles on a manual and semi-manual basis using existing equipment and partnering with subcontractors. We expect that this machine will be delivered and tested during the first or second quarters of 2009 and that full scale automated production will commence in the third quarter or fourth quarter.

Competition

We face competition from domestic and international companies actively engaged in the manufacturing and distribution of solar PV systems, as well as from emerging technology companies that may become viable in the next several years. The best funded and most established producers of PV cells and modules include Sharp Corporation, Kyocera Corporation, Sunpower, Suntech, Qcells, Solarworld, Schott Solar, BP Solar, Shell, Tenesol, Isofoton, Powerlight and GE Solar (formerly AstroPower). Because most, if not all, of our competitors have substantially greater capital resources and more experience in research and development, manufacturing and marketing than we do, we may not succeed in the continued commercialization and development of our products. We believe, however, that our building-integrated solar roofing products have advantages over most other PV product offerings. In most cases, competitors produce modules that must be rack mounted externally to a building, creating potential damage to the structure, generating maintenance problems and detracting from their visual appearance. Our PV product offerings differ in this respect because they maximize power output using the latest generation PV cells in an innovative design that incorporates ultra-thin, invisible connectors between cells. This new connector design reduces power loss and increases efficiency.

Both the traditional and the alternative energy industries are highly competitive. Numerous entities in the U.S. and elsewhere compete with us to develop new and different alternative and/or renewable energy technologies. Competitors also include fossil fuel companies such as Exxon, Shell, BP, and Total and companies active in electronics, such as Applied Materials and Cypress. We face, and expect to continue to face, competition from these entities to the extent that they develop products that function similarly or identically to our technologies.

Barriers to entering the PV module and tile manufacturing industry include the technical know-how required to produce solar cells that maintain acceptable efficiency rates at competitive production costs. In addition, any new PV solar technology requires successful demonstration of reliability testing prior to widespread market acceptance. We believe the principal competitive factors in the market for solar electric power products are: price per watt, long-term stability and reliability, conversion efficiency and other inherent performance measures, ease of handling and installation, product quality, reputation, and environmental factors.

Research and Development

Our research and development expense consists primarily of salaries and personnel related costs and the cost of products, materials and outside services used in our research and development processes and product development activities. During the fiscal years ended December 31, 2008 and 2007, we spent $337,761 and $426,814, respectively, on research and development. We expect our research and development expense to increase in absolute terms in the future, especially during 2009, as we increase personnel and research and development activity at our new facility. We intend to devote a substantial amount of our future cash flows to research and development due to the new and evolving nature of the PV industry. Over time, we expect research and development expense to decline as a percentage of net sales and on a cost-per-watt basis as a result of economies of scale.


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Intellectual Property

We rely on a combination of copyright, trade secret, trademark and contractual protections to establish and protect our proprietary rights. We require our customers to enter into confidentiality and nondisclosure agreements before we disclose any sensitive aspects of our solar technologies or strategic plans, and we typically enter into proprietary information agreements with employees and consultants. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or otherwise obtain and use our technology. It is difficult to monitor unauthorized use of technology, particularly in foreign countries where the laws may not protect our proprietary rights as fully as laws in the U.S. In addition, our competitors may independently develop technology similar to ours. Our precautions may not prevent misappropriation or infringement of our intellectual property.

We have filed a patent application for our new assembly technology. The application was filed with the World Intellectual Property Organization on July 3, 2006. On October 24, 2007, the international report on our PCT/IB2007/000428 was issued. The report recognizes that 12 of the 14 patent claims are new and that all have potential for industrial application.

Government Regulation

Currently the cost of solar electricity substantially exceeds the retail price of electricity in every significant market in the world. To nurture the development of solar electricity, government bodies in many countries, most notably Germany, Italy, Spain, France, South Korea, Japan, Canada and the U.S. have provided some level of subsidies in the form of feed-in tariffs, net metering programs, renewable portfolio standards, rebates, tax incentives and low interest loans.

Under a feed-in tariff subsidy, the government sets prices that regulated utilities are required to pay for renewable electricity generated by end-users. The prices are set above market rates and may be differentiated based on system size or application. Net metering programs enable end-users to sell excess solar electricity to their local utility in exchange for a credit against their utility bills. Net metering programs are usually combined with rebates and do not provide cash payments if delivered solar electricity exceeds utility bills. Under a renewable portfolio standard, the government requires regulated utilities to supply a portion of their total electricity in the form of renewable electricity. Some programs further specify that a portion of the renewable energy quota must be from solar electricity.

Tax incentive programs exist in the U.S. at both the federal and state level, and can take the form of investment tax credits, accelerated depreciation and property tax exemptions. Several governments also facilitate low interest loans for PV systems, either through direct lending, credit enhancement or other programs.

We believe that the near-term growth in the solar energy industry depends significantly on the availability and size of these government subsidies and on the ability of the industry to reduce the cost of generating solar electricity. The market for solar energy products is, and will continue to be, heavily dependent on public policies that support growth of solar energy and, as a result, the continuation of such policies and level of support present the greatest uncertainties for our products. For example, Germany, a major European market for our products and services, introduced an 8% decrease in feed-in tariffs, which could have a major impact on the solar PV market and adversely affect our growth prospects. Other countries, such as Italy and Greece, have established incentives to increase solar PV energy production, creating new opportunities for PV products, although there is no guarantee this will occur or that such incentives will be available to us.

Switzerland recently enacted a new federal feed-in tariff subsidy effective May 2008. Due to overwhelming demand, final subsidy decisions by the relevant Swiss grid authority regarding remuneration for electricity generated by solar power installations have been delayed. As a result of this delay, most solar power producers in Switzerland, including our prospective and potential customers, are awaiting determination by the Swiss grid authority before undertaking new solar power installations in order to learn whether their respective installations will qualify for remuneration. While we expect that decisions will be made during 2009 and that we will have at least one large installation accepted by the Swiss grid, any additional significant delays could impact our projected growth plans.

Employees

As of December 31, 2008, we had four full-time employees, two of whom are engineers. We periodically hire consultants as independent contractors. As of December 31, 2008, we had three such consultants. We intend to hire approximately ten additional employees upon the completion of our new manufacturing facility.

Corporate History

We were incorporated in Nevada on February 3, 1999 to operate an Internet based auction website over which users advertised and bought and sold goods and services for a fee. Effective March 31, 2004, we changed our state of domicile from Nevada to Delaware. During the third quarter of 2005, we abandoned our Internet auction business plan and focused on identifying suitable businesses with which to enter into a business opportunity or business combination.


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Effective June 19, 2006, we changed our name from “The Electric Network.com, Inc.” to “Solar Energy Sources Inc.” On August 10, 2006, we changed our name to “SES Solar Inc.” We effected the name change in contemplation of entering into the share exchange agreement dated August 31, 2006 with SES Switzerland and the shareholders thereof.

SES Solar Inc. is the result of a reverse acquisition accomplished on September 27, 2006 between SES USA, a Delaware company, which had no operations and net assets of $39,069, and Société d’Energie Solaire SA (“SES Switzerland”), a Swiss company. SES USA acquired all of the outstanding shares of SES Switzerland. For accounting purposes, the acquisition has been treated as a recapitalization of SES Switzerland with SES Switzerland as the acquirer (reverse acquisition). SES Switzerland acquired 10,668,000 of SES USA in the transaction. The historical financial statements prior to September 27, 2006 are those of SES Switzerland. The reverse acquisition resulted in a change of control of SES USA, with the former stockholders of SES Switzerland owning approximately 70% of SES USA and SES Switzerland becoming SES USA’s wholly owned subsidiary, and we ceased being a “shell company” as such term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

As of July 31, 2008, we formed a new Swiss wholly owned subsidiary, SES Prod, also located in Geneva. It is expected that in the future, all of our manufacturing activities now being conducted by SES Switzerland will be conducted by SES Prod. At such time, SES Switzerland’s primary activity will be managing our manufacturing facility and marketing intellectual property.

Availability of Information

Our principal executive offices are located at 129 Route de Saint-Julien, 1228 Plan-les-Ouates, Geneva, Switzerland, and our telephone number is +41.22.884.14.84. Our website address is www.sessolar.com . The content of our website is not part of this Annual Report on Form 10-K and should not be relied upon with respect thereto.

We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information that we file at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information regarding the public reference facility. The SEC maintains a website at www.sec.gov that contains current and periodic reports, proxy statements, information statements and other information regarding registrants that file electronically with the SEC, including us.

Item 1A. Risk Factors

An investment in our common stock involves a high degree of risk. You should carefully consider the following material risks, together with the other information contained in this Annual Report on Form 10-K, before you decide to buy our common stock. If any of the following risks actually occur, our business, results of operations and financial condition would likely suffer. In these circumstances, the market price of our common stock could decline, and you may lose all or part of your investment.

Risks Related to Our Business

We are an early stage company with a limited operating history.

We are an early stage company that seeks to take advantage of a proprietary automation process to produce solar modules and solar tiles at a lower cost. We have experienced losses from our early stage operations, which have involved developing and testing our new solar panel technology, construction of our manufacturing facility, and commencement of the sales and distribution portions of our business by manufacturing, selling, and installing solar tiles and modules. We anticipate incurring additional losses over the next few years as we complete the development and testing of prototypes and the licensing of our new products and commence production and distribution. There is limited historical financial or other information available upon which you can base your evaluation of our business and prospects. Although we have begun manufacturing our products on a manual and semi-manual basis, we have not commenced full scale commercial production of solar modules and solar tiles using our proprietary automation process, and at this stage of our business plan, we have less insight into how market and technology trends may affect our business than we expect to have in the future. The revenue and income potential of our business is unproven. As a result, you should consider our business and prospects in light of our limited operating history and the challenges that we will face as an early stage company seeking to develop a new manufacturing process. If we are unable to develop our business, we will not be able to achieve our goals and could suffer economic loss, in which case you may lose your entire investment.

We have incurred losses during prior fiscal periods and anticipate that we will incur future losses until development, implementation and commercialization of our products manufactured through our new assembly processes are operational.

We have incurred losses during prior fiscal periods, including a net loss of $1.8 million in 2008 and $1.5 million loss in 2007, and we have negative cash flows from operations. For the six months ended June 30, 2008, we recorded net income for the first time, although this was largely due to a one time gain from the sale of the Solar Plant on the roof of our manufacturing facility. Although we plan to enter into full scale commercial production of our products in the third or fourth quarters of 2009, and have commenced production activities on a manual and semi-manual basis, we expect to incur additional losses over at least the next few years. Furthermore, we expect to continue to make significant capital expenditures and anticipate that our expenses will increase as we continue to develop our manufacturing processes and our sales and distribution network, implement internal systems and infrastructure, and hire additional personnel. As we do not expect to become profitable until after our new solar products are in production, we will be unable to satisfy our current obligations solely from cash generated from operations.

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Because of our history of losses and our current financial condition, the report of our Independent Registered Public Accounting Firm includes an explanatory paragraph referring to substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this substantial doubt, as discussed in Note 2 to our financial statements for the fiscal year ended December 31, 2008. See also the “Liquidity and Capital Resources” section to Management’s Discussion and Analysis of Financial Condition and Results of Operations.

We will require significant additional financing to fund expansion of our operations, the availability of which cannot be assured, and if we are unable to obtain such financing, our business may fail.

To date, we have generated only limited revenue from the sale of solar tiles manufactured by us and third parties and the related engineering services required to design and install the same. During the period from January 2008 to June 2008, we also generated revenue from the sale of electricity produced by our Solar Plant. In addition to this limited operating revenue, we have depended on sales of our equity securities and debt financings to meet our cash requirements. Our ability to expand our operations and to develop our technologies will depend upon our ability to continue to generate revenue as well as to raise significant additional financing. If we are unable to obtain such financing, we will not be able to develop our business. Specifically, we will need to raise additional funds to:

• support our planned growth and carry out our business plan;
• complete construction of our new manufacturing facility and purchase related equipment;
• continue the research and development of our technologies;
• protect our intellectual property;
• hire top quality personnel for all areas of our business;
• address competing technological and market developments; and
• market and develop our technologies.

We may not be able to obtain additional equity or debt financing as required. Even if financing is available, it may not be on terms that are acceptable or favorable to us or in sufficient amounts to satisfy our requirements. If we require, but are unable to obtain, additional financing in the future, we may be unable to implement our business plan and growth strategies, respond to changing business or economic conditions, withstand adverse operating results or compete effectively. More importantly, if we are unable to raise additional financing when required, we may be forced to scale down our operations and our ability to generate revenue may be reduced.

We may be unable to complete our development, manufacturing and commercialization plans on schedule and failure to do so will significantly harm our business plans, prospects, results of operations and financial condition.

Commercializing our new solar products and processes depends on a number of factors, including:

• further product and manufacturing process development;
• development and implementation of certain critical tools and large scale production capabilities;
• completion, refinement and management of our supply chain;
• completion, refinement, and management of our distribution channels;
• completing construction to our manufacturing facility and building and operating our production line; and
• demonstrating efficiencies that will make our products attractively priced.

Further, we have focused primarily on research and development and on our manufacturing processes and capabilities. We do not know whether the processes or products we have developed will be capable of supporting large-scale manufacturing that meets the requirements for cost, schedule, quality, engineering, design, production standards, field certification, and supply demands.

If we continue to experience significant delays, cost overruns or technical difficulties installing equipment in our new manufacturing facility, our business plans, prospects, results of operations and financial condition will suffer.

Completing the installation of equipment at our manufacturing facility is subject to significant risks, including risks of delays, equipment failure, cost overruns and other start-up and operating difficulties. Our manufacturing processes use both off-the-shelf and custom-built equipment. To date, we have experienced delivery and installation delays by one of our suppliers of a key piece of equipment in our new facility. If we continue to experience such a delay or encounter similar difficulties, we may be unable to complete our manufacturing facility either in a timely manner or at all. Without our manufacturing facility, we would likely have no manufacturing capacity and you could lose your entire investment.

Our products have never been sold on a mass market commercial basis, and we do not know whether they will be accepted by the market.

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The solar energy market is at a relatively early stage of development and the extent to which solar modules will be widely adopted is uncertain. If our products are not accepted by the market, our business plans, prospects, results of operations and financial condition will suffer. Moreover, demand for solar modules in our targeted markets, including Switzerland, Germany, France, the United States and Italy, may not develop or may develop to a lesser extent than we anticipate. The development of a successful market for our proposed products and our ability to sell our products at a lower price per watt may be affected by a number of factors, many of which are beyond our control, including, but not limited to:

• Our failure to produce solar power products that compete favorably against other solar power products on the basis of cost, quality and performance;
• Competition from conventional energy sources and alternative distributed generation technologies, such as wind energy;
• Our failure to develop and maintain successful relationships with suppliers, distributors, systems integrators and other resellers, as well as strategic partners; and
• Customer acceptance of our products.

If our proposed products fail to gain sufficient market acceptance, our business plans, prospects, results of operations and financial condition will suffer.

We depend upon a limited number of third-party suppliers for key materials and any disruption from such suppliers could prevent us from manufacturing and selling cost-effective products.

We purchase the PV cells that we need for our proprietary technology and manufacture our products using materials and components procured from a limited number of third-party suppliers. We do not currently have in place any supply contracts. If we fail to maintain our relationships with these suppliers, or fail to secure additional supply sources from other PV cell suppliers that meet our quality, quantity and cost requirements in a timely manner, we may be unable to manufacture our products or our products may be available only at a higher cost or after a long delay. We may be unable to identify new suppliers or qualify their products for use on our production lines in a timely manner and on commercially reasonable terms. Materials and components from new suppliers also may be less suited for our technology and yield PV modules with lower conversion efficiencies, higher failure rates and higher rates of degradation than PV modules manufactured with the materials and components from our current suppliers. Any of these factors could prevent us from delivering our products to our customers within required timeframes, resulting in potential order cancellations and lost revenue.

We have relied on a small number of customers for substantially all of our sales and the loss of, or a significant reduction in, orders from any of these customers could significantly reduce our sales and operating results.

We have historically sold our custom manufacturing services to only a few customers. In the fiscal year ended December 31, 2008, sales criteria had not been fully met and only limited revenue of $33,416 was recognized. During this period, sales to our two largest customers accounted for approximately 69% and 18%, respectively, of our total net sales. In the fiscal year ended December 31, 2007, sales to our largest customer accounted for approximately 89% of our total net sales. Although we continued to market our solar tiles and to quote our solar PV turn-key installations to prospects during the year ended December 31, 2008, we have been increasingly focused on completing our manufacturing facility and producing our solar products on a large scale and less on smaller custom installation projects. To the extent that we are able to successfully manufacture and sell our products on a large scale, we may still be exposed to the risks associated with reliance on one or a few major customers. The loss of one of these potential customers or their default in payment could significantly reduce our revenues and harm our operating results in the future. Moreover, our customer relationships to date have been developed over a relatively short period of time, and we cannot guarantee that we will continue to receive significant revenues from these customers over the long term.

We likely will face intense competition from manufacturers of crystalline silicon solar modules, thin film solar modules and solar thermal and concentrated PV systems, all of which represent direct substitutes for our products.

The solar energy and renewable energy industries are both highly competitive and continually evolving as participants strive to distinguish themselves within their markets and compete with the larger more established electric power industry. We believe that our main sources of competition are crystalline silicon solar module manufacturers, thin film solar module manufacturers, and companies developing solar thermal and concentrated PV technologies.

At the end of 2008, the global PV industry consisted of more than 150 manufacturers of PV cells and solar modules. Within the PV industry, we face competition from crystalline silicon PV cell and solar module manufacturers, including Trina solar, Kyocera, Motech, QCells, Renewable Energy Corporation, Sanyo, Schott Solar, Sharp, Mitsubishi, SolarWorld, GE Energy, Sunpower, Photowatt, Isofoton and Suntech. We also face competition from thin film solar module manufacturers, including Antec, Alwitra, UNI-Solar, Kaneka, Mitsubishi Heavy Industries, Shell Solar, United Solar and several crystalline silicon manufacturers that are developing thin film technologies. We may also face competition from semiconductor manufacturers and semiconductor equipment manufacturers, or their customers, several of which have already announced their intention to start production of PV cells, solar modules or turnkey production lines or have bought players in the PV industry. In addition to manufacturers of PV cells and solar modules, we face competition from companies developing solar tiles or equivalent , including Solar Century, Imerys, Atlantis and others. Most, if not all, of our competitors across each of these segments are more established, benefit from greater market recognition and have substantially greater financial, development, manufacturing and marketing resources than us. If we are unable to effectively compete for customers and suppliers, our financial condition and results of operations will suffer.

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Technological changes in the solar power industry could render our products obsolete, which could prevent us from achieving sales and market share.

Our failure to refine our technology and to develop and introduce new products could cause our products to become uncompetitive or obsolete, which could prevent us from increasing our sales and becoming profitable. The solar power industry is rapidly evolving and highly competitive. Our development efforts may be rendered obsolete by the technological advances of others, and other technologies may prove more advantageous for the commercialization of solar power products. In addition, there is currently an oversupply of PV products on the market that could render our manual and semi-manual production process too expensive unless we are able to successfully bring our automated production lines into operation. If this occurs or persists, and we are further delayed in our efforts to manufacture our products on a fully automated basis, our sales and profits could be diminished. See also, the risk factor titled “If we continue to experience significant delays, cost overruns or technical difficulties installing equipment in our new manufacturing facility, our business plans, prospects, results of operations and financial condition will suffer.”

Failure to protect our proprietary technology and intellectual property rights against infringement could seriously impact our competitiveness and any litigation related to protection of such intellectual property rights would be time consuming and costly.

Our success and ability to compete depends to a significant degree on our proprietary technology, which consists of a combination of copyright, trademark, and an international patent. If any of our competitors copy or otherwise gain access to our proprietary technology or develop similar technologies independently, we may not be able to compete as effectively. The measures we have implemented to protect our proprietary technology and other intellectual property rights are currently based upon a combination of a patent application, contractual protections and trade secrets. These measures may not be adequate to prevent the unauthorized use of our proprietary technology and our other intellectual property rights. Further, the laws of various countries in which we expect to offer our products may provide inadequate protection of such intellectual property rights.

We may be exposed to infringement or misappropriation claims by third parties that if determined adversely to us, could cause us to pay significant damage awards or prohibit us from the manufacture and sale of our solar modules and tiles or the use of our manufacturing technology.

Our success depends largely on our ability to use and to develop our technology and know-how without infringing or misappropriating the intellectual property rights of third parties. The validity and scope of claims relating to PV technology patents involve complex scientific, legal and factual considerations and analysis and, therefore, may be uncertain. We may be subject to litigation involving claims of patent infringement or violation of intellectual property rights of third parties. The defense and prosecution of intellectual property suits can be costly and time consuming. An adverse determination in any litigation or proceeding could subject us to significant liability, require us to seek licenses from third parties that may not be available on reasonable terms, require us to redesign our solar modules and tiles, or subject us to injunctions prohibiting the manufacture and sale of our solar modules and tiles or the use of our technologies.

One of our directors, Christiane Erné, controls a substantial interest in us and therefore may control certain actions requiring a stockholder vote.

Christiane Erné, a director since 2006, beneficially owns 66% percent of our outstanding common stock. Christiane Erné is married to Daniel Erné, another of our directors. As a result, Christiane Erné and Daniel Erné will be able to determine the outcome of any decision upon which our stockholders vote.

All of our assets and a majority of our directors and officers are outside of the United States, with the result that it may be difficult for investors to enforce within the United States any judgments obtained against us or any of our directors or officers.

Although we are organized under the laws of the State of Delaware, our principal business office is located in Geneva, Switzerland. As such, it may be difficult for investors to enforce judgments against us that are obtained in the United States in any action, including actions predicated upon civil liability provisions of the federal securities laws. In addition, the majority of our directors and officers reside outside the United States, and nearly all of the assets of these persons and us are located outside of the United States. As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce against us or such persons judgments predicated upon the liability provisions of United States securities laws. There is substantial doubt as to the enforceability against any of our directors and officers located outside the United States in original actions or in actions of enforcement of judgments of United States courts or liabilities predicated on the civil liability provisions of United States federal securities laws. In addition, as the majority of our assets are located outside of the United States, it may be difficult to enforce United States bankruptcy proceedings against us. Under United States bankruptcy laws, courts typically have jurisdiction over a debtor’s property, wherever it is located, including property situated in other countries. Courts outside of the United States may not recognize the United States bankruptcy court’s jurisdiction. Accordingly, you may have trouble administering a United States bankruptcy case involving a Delaware company as debtor with most of its property located outside the United States. Any orders or judgments of a bankruptcy court obtained by you in the United States may not be enforceable.

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Currency translation and transaction risk may negatively affect our net sales, cost of sales and gross margins and could result in exchange losses.

Although our reporting currency is the U.S. dollar, we conduct our business and incur costs in Swiss Francs (CHF). As a result, we are subject to currency translation and transaction risk. During the year ended December 31, 2008, all of our sales were made outside of the United States and denominated in Swiss Francs (CHF). We expect substantially all of our sales to be outside of the United States and denominated in foreign currencies in the future. Changes in exchange rates between foreign currencies and the U.S. dollar could affect our revenues and cost of sales and could result in exchange gains or losses. We cannot accurately predict the impact of future exchange rate fluctuations on our results of operations.

Risks Related to Our Industry

The reduction or elimination of government subsidies and economic incentives for on-grid solar electricity applications could reduce demand for our solar products, lead to a reduction in our net sales and harm our operating results.

The reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity could result in the diminished competitiveness of solar energy relative to conventional and non-solar renewable sources of energy, which would negatively affect the growth of the solar energy industry overall and our net sales specifically. We believe that the near-term growth of the market for on-grid applications, where solar energy is used to supplement the electricity a consumer purchases from the utility network, depends significantly on the availability and size of government and economic incentives. Currently the cost of solar electricity substantially exceeds the retail price of electricity in every significant market in the world. As a result, federal, state and local governmental bodies in many countries, most notably Germany, Italy, Spain, France, South Korea, Japan, Canada, the United States, and, to a more limited extent, Switzerland, have provided subsidies in the form of tariffs, rebates, tax write-offs and other incentives to end-users, distributors, systems integrators and manufacturers of PV products. For example, Germany has been a strong supporter of PV products and systems, and political changes in Germany have recently resulted in significant reductions or the elimination of incentives. Many of these government incentives could expire, phase-out over time, exhaust the allocated funding or require renewal by the applicable authority. A reduction, elimination or expiration of government subsidies and economic incentives for solar electricity could result in the diminished competitiveness of solar energy, which would in turn hurt our sales and financial condition.


Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of PV products, which may significantly reduce demand for our solar products.

The market for electricity generating products is heavily influenced by foreign, federal, state and local government regulations and policies concerning the electric utility industry, as well as policies promulgated by electric utilities. These regulations and policies often relate to electricity pricing and technical interconnection of customer-owned electricity generation. In a number of countries, these regulations and policies have been modified in the past and may be modified again in the future. These regulations and policies could deter end-user purchases of PV products and investment in the research and development of PV technology. For example, without a mandated regulatory exception for PV systems, utility customers are often charged interconnection or standby fees for putting distributed power generation on the electric utility grid. These fees could increase the cost to our end-users of using PV systems and make them less desirable, thereby harming our business, prospects, results of operations and financial condition. In addition, electricity generated by PV systems mostly competes with expensive peak hour electricity, rather than the less expensive average price of electricity. Modifications to the peak hour pricing policies of utilities, such as to a flat rate, would require PV systems to achieve lower prices in order to compete with the price of electricity generated using other technologies.

We may be vulnerable to the efforts of electric utility companies lobbying to protect their revenue streams and from competition from such electric utility companies.

Electric utility companies could lobby for a change in the relevant legislation in their markets to protect their current revenue streams. Any adverse changes to the regulations and policies of the solar energy industry could deter end-user purchases of PV products and investment in the research and development of PV technology. In addition, electricity generated by PV systems mostly competes with expensive peak hour electricity, rather than the less expensive average price of electricity. Modifications to the peak hour pricing policies of utilities, such as flat rate pricing, would require PV systems to achieve lower prices in order to compete with the price of electricity. Any changes to government regulations or utility policies that favor electric utility companies could reduce our competitiveness and cause a significant reduction in demand for our products.

ITEM 2. DESCRIPTION OF PROPERTY

Our principal office is located in Plan-les-Ouates, a suburb of Geneva, Switzerland.


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We were granted leasehold rights to land in Plan-les-Ouates, for which we paid a reservation cost of CHF9,053 ($8,387) per quarter, and which we paid for the last eight quarters a total of CHF72,420 ($67,093). Rent for the entire 60-year term of the lease is CHF72,065 ($66,764) per year, commencing on July 1, 2006. We received authorization to build our manufacturing facility on the property from the State of Geneva on May 27, 2005, and we commenced construction of the facility in the second half of 2007.

We rented a 1,654 square meter building in Härkingen, Switzerland, from Drei Linden AG pursuant to a lease agreement for a monthly cost of CHF7,232 ($6,700). The lease agreement was cancelled as of February 28, 2009.

We also rent a 154 square meter office space in Plan-les-Ouates from Cool SA pursuant to a lease agreement dated March 23, 2001 which was subsequently cancelled and replaced by a lease agreement dated February 20, 2002. The lease varies annually on the basis of the Swiss consumer index. For the fiscal year ended December 31, 2008, the cost was CHF52,572 ($48,705). The lease agreement was originally for a five-year term and is automatically renewed annually unless terminated with one years’ notice. The lease agreement was renewed in February 2008 on the same terms and conditions.

ITEM 3. LEGAL PROCEEDINGS

We are not currently a party to, nor is any of our property currently the subject of, any pending legal proceeding. None of our directors, officers, or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There was no matter submitted to a vote of our security holders during the fourth quarter of the fiscal year ended December 31, 2008.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

Our common stock is quoted on the OTC Bulletin Board under the symbol “SESI.OB”. The following table sets forth the high and low bid prices per share of our common stock for the periods indicated.

High Low
2007
First Quarter $ 1.06 $ 0.63
Second Quarter 0.81 0.48
Third Quarter 1.48 0.48
Fourth Quarter 1.20 0.70

2008
First Quarter $ 1.20 $ 0.59
Second Quarter 0.74 0.59
Third Quarter 0.66 0.20
Fourth Quarter 0.35 0.10

The high and low prices in the table reflect inter-dealer prices, without retail mark-up, markdown or commission and may not represent actual transactions. The source of the high and low bid information is the OTC Bulletin Board.

Stockholders

The approximate number of holders of record of our common stock as of March 26, 2009 was 21, inclusive of those brokerage firms and/or clearing houses holding shares of common stock for their clientele (with each such brokerage house and/or clearing house being considered as one holder). As of March 31, 2009, we had 73,081,168 shares of common stock outstanding.

Dividend Policy

We have never declared or paid dividends on our common stock. We do not intend to declare dividends in the foreseeable future because we anticipate that we will reinvest any future earnings into the development and growth of our business. Any decision as to the future payment of dividends will depend on our results of operations and financial position and such other factors as our board of directors, in its sole discretion, deems relevant.

Equity Compensation Plan Information

We do not currently have any equity compensation plan.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated audited financial statements and related notes accompanying this Annual Report on Form 10-K. As used herein, the terms “company,” “SES USA,” “our,” “we,” and “us” refer to SES Solar Inc. and its subsidiaries on a consolidated basis, and the terms “SES Switzerland” and “SES Prod” refer to our wholly owned subsidiaries, unless the context requires otherwise.

We are a Delaware corporation based in Geneva, Switzerland engaged in the business of designing, engineering, producing and installing solar modules and solar tiles for generating electricity. We have developed a new assembly technology for solar tiles that allows for higher quality electrical contacts, better performance and reduced costs resulting from our proprietary automation processes. We are constructing a manufacturing facility that will include assembly lines based on our proprietary technology to complete the development and testing of our new products. To date, while we have been engaged in developing and testing our new solar panel assembly technology, we have been developing the sales and distribution portions of our business by selling solar tiles produced by us and third parties and by responding to quotations for our solar tiles to electric companies, local governmental agencies and private home owners.

Our business was commenced in 2001 by SES Société d’Energie Solaire SA (“SES Switzerland”), a Swiss-based developer of solar panels and solar roof tiles. On September 27, 2006, our parent company, SES USA, completed a share exchange agreement with SES Switzerland in which SES Switzerland became our wholly owned subsidiary. We then abandoned our previous Internet based auction website business and the SES Switzerland business of designing, engineering, producing, and installing solar panels or modules and solar tiles became the sole business of the combined company. In July 2008, we formed a second wholly owned subsidiary, SES Prod SA, to conduct our manufacturing operations. Because SES USA and its subsidiaries on a consolidated basis are the successor business to SES Switzerland, and because the operations and assets of SES Switzerland and SES Prod represent our entire business and operations from the closing date of the share exchange agreement, the following discussion and analysis is based on SES Switzerland’s and SES Prod’s financial results for the relevant periods.

Overview

This overview addresses our plan of operation and the trends, events, and uncertainties that have been identified by our management as those that we believe are reasonably likely to materially affect the comparison of historical operating results reported herein to either past period results or to future operating results.

We have developed and patented a new assembly technology for solar modules and solar tiles. Our business plan includes the development of a new assembly line based on our proprietary technology, using a manufacturing facility in the suburbs of Geneva, Switzerland that is currently under construction to produce solar modules and solar tiles at a lower cost. We believe this new facility will enable us to produce solar photovoltaic (“PV”) modules that are larger than three square meters.

To implement our business plan, we will need to complete the design of the solar modules and solar tiles, manufacture and test the prototype panels, have them approved in accordance with European and other standards, manufacture them in series and sell them in major markets in Europe and eventually other countries around the world. Our plan is to complete the manufacturing facility during the second quarter of 2009 and commence full scale production and sale of our new products during the third or fourth quarters of 2009. While we await completion of our facility and work to bring our fully automated production lines into operation, we have reconfigured our production capabilities to manufacture our solar products on a manual and semi-manual production basis and in partnership with subcontractors.

To date, we have generated only limited revenue from the sale of solar modules and solar tiles manufactured by us and third parties and the related engineering services required to design and install the same. In addition, during the period from January 2008 to June 2008, we generated revenue from the sale of electricity produced by our Solar Plant. We no longer generate such revenue from the sale of electricity, as we sold the Solar Plant to a third party in June 2008.

Once our manufacturing capabilities are fully operational, we will have available a product line consisting of our SunTechTile® and SwissTile® solar tiles and, in the future, PV solar modules. Historically, we have relied upon third-party vendors to supply us with component parts, such as PV cells, in order to manufacture and produce our products.

We have experienced operating losses from our early stage operations, which have involved developing and testing our new solar panel technology and commencement of the sales and distribution portions of our business by selling custom solar modules and solar tiles using an early stage technology. We anticipate incurring additional operating losses over the next few years as we complete the development, testing, prototypes and licensing of our new products and commence production. Our research and development costs and the costs incurred in manufacturing prototypes have been expensed to date. We do not believe that we can achieve profitability until development, implementation and commercialization of our solar products manufactured through our new assembling processes are operational.


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We believe the demand for solar modules and solar tiles will ultimately be substantial. According to the Energy Information Administration, global demand for electricity is expected to increase from 16.4 trillion kilowatt hours in 2004 to 30.3 trillion kilowatt hours in 2030. Over time, supply constraints, rising electricity prices, dependence on foreign countries for fuel feedstock and environmental concerns could limit the ability of many conventional sources of electricity and other alternative sources to supply this rapidly expanding global demand. According to the U.S. Department of Energy, solar energy is the only source of renewable power with a large enough resource base to supply a significant percentage of the world’s electricity needs over the next several decades.

However, over the near term there are significant competitive concerns with solar energy. As the cost of producing electricity from grid connected PV installations is higher than the current cost of electricity from fossil or nuclear plants, the PV market relies heavily on government subsidies and regulation concerning independent power producers. These regulations favor PV electricity in some, but not all, countries. Existing regulations are subject to change due to local political factors affecting the energy market, especially in Europe, where the process has been ongoing for 10 years. The major PV market in Europe is Germany, where the EEG law governs. We expect France will play an increasing role in the future due to current law. Other countries, including Italy, Spain and Greece, have similar but less favorable laws. The PV market is heavily dependent on public policies and, as a result, such policies present the greatest uncertainties for our products. Reductions of the feed-in tariff in Germany by 8% per year could affect our sales. Spain decreased its subsidies to PV by 75% during 2008. Without continued and/or enhanced governmental support in the form of favorable laws and subsidies, the projected growth of the PV market will not exist, which could hurt our results of operations.

Our primary market for our SwissTile® product will be Switzerland, which recently enacted a new feed-in tariff that became effective May 2008. This tariff has 10 different values depending on PV integration and size. Due to the properties of our SwissTile® product, we believe that it will receive the highest value, which will be favorable for us.

Due to overwhelming demand, final subsidy decisions by the relevant Swiss grid authority regarding remuneration for electricity generated by solar power installations have been delayed. As a result of this delay, many of our prospective and potential solar power production customers have postponed new solar power installation as they await determination by the Swiss grid authority in order to learn whether their respective installations will qualify for remuneration. While we expect that decisions will be made during 2009 and that we will have at least one large installation approved by the Swiss grid authority in 2009, any additional significant delays could impact our projected growth plans. The tariff will decrease for new entrants by 8% every year starting in 2010.

Worldwide, annual installations by the PV industry grew from 0.4GW in 2002 to 4.0GW in 2008, and cumulative installed capacity reached about 12GW at the end of 2008. Despite this growth, solar electricity still represents a small fraction of the supply of electricity. So long as governments and the market are focused on the ability of manufacturers to develop new technologies that reduce the cost of solar electricity, we believe that the demand for solar energy products will continue to grow significantly. This growth projection is based on continued governmental support, on the success of such manufacturing efforts to reduce the gap between the cost of solar electricity and more conventional and established methods of generating electricity, and on other developments affecting the world energy markets. In addition to the uncertainties associated with government subsidies and these other factors, it is also possible that breakthrough technologies might emerge in other areas that will reduce demand for new solar energy products. Furthermore, even within the solar energy area, it is possible that developments in thin films or nanoscience could reduce the cost of PV cells or that future shortages in the supply of polysilicon, an essential raw material in the production of our PV cells, could impact our proposed new products and adversely affect our plan of operation.

We are in ongoing discussions with strategic partners, including cell manufacturers, PV line manufacturers and special machine manufacturers to assist us with our new technology for module assembly. We are also progressing with construction of our new manufacturing facility, which is expected to be operational during the summer of 2009.

During the fiscal year ending December 31, 2008, we incurred capital expenditures of $11,047,735 to construct our new manufacturing facility. We also continued sales of our custom solar panels and solar tiles to customers during the fiscal year ending December 31, 2008, generating revenue of $33,416 and a net loss of approximately $1.8 million. The decrease in revenue is attributable to management’s increased focus on completing our manufacturing facility and producing our solar products on a large scale and away from smaller custom installation projects. The Solar Plant, which is housed on the roof of our manufacturing facility and operational since December 2007, generated revenue of $247,730 through June 30, 2008. As of the end of June 2008, we no longer generate such revenue due to the sale of the Solar Plant for gross proceeds of CHF 5,716,788 ($5,496,383).

Based on current and planned custom installation projects that will be completed during fiscal year 2009, we believe that our cash flows used in operating activities for the remainder of fiscal year 2009 will be greater than our cash flows used in operating activities during 2008. In light of these operating activities, we believe that our operating expenses in fiscal year 2009 will be approximately $2 million, which we anticipate financing through revenue generated from operating income and with available cash and credit facilities. Management anticipates total capital expenditures of approximately $18 million for the new manufacturing facility, of which we have already financed $13.4 million, and $2 million for the assembly lines and related machinery, of which we have already financed $379,000. Depending on our production requirements, we may also require up to an additional $11 million during the next 12 months to finance the purchase of raw materials to be used in the production of 2MW of solar tiles. We anticipate financing the remaining capital expenditures on the manufacturing facility and assembly lines using available cash, loans and lines of credit, as well as a planned debt consolidation and refinancing of the construction loans owed on the facility. We will also require additional financing in order to purchase raw materials and expand our operations once our manufacturing facility is fully operational. We do not presently have any definitive agreements in place to secure any such financings or debt consolidation.

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We expect to continue to experience losses from operations until we can generate revenue from manufacturing our new products. As a result of our continuing need to expand our operations and develop and market our new products, we expect to continue to need additional capital over the long-term in order to continue as a going concern. See “Liquidity and Capital Resources.”


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Selected Financial Data

Balance Sheet

December 31
2008 2007
$
Total current assets 2,958,153 4,472,884
Total long-term assets 13,999,944 9,858,585
Total current liabilities 11,881,948 10,366,547
Total long-term liabilities 1,800,802 7,563
Total liabilities and stockholders’ equity 16,958,097 14,331,469


Statement Of Operations

Year ended December 31
2008 2007
$
Total revenues 33,416 1,344,794
Total cost of goods sold (exclusive of depreciation shown separately below) (5,417 ) (1,104,119 )
Depreciation and amortization 75,516 59,104
General and administrative expenses 1,922,075 2,069,866
Interest expense (155,133 ) (116,212 )
Interest Income and other 45,838 177,650
Foreign exchange gain 272,577 302,803
Total other income (expense) 163,282 364,241
Taxes — —
Income (loss) from continuing operations (1,806,310) (1,524,054)
Income (loss) from discontinued operations 1,331,856 0
Net (loss)/profit (474,454 ) (1,524,054 )
Other comprehensive income/loss: translation adjustment (207,558 ) (168,631 )
Comprehensive loss (682,012 ) (1,692,685 )

RESULTS OF OPERATIONS - COMPARISON OF FISCAL YEARS ENDED DECEMBER 31, 2008 AND 2007

Net Loss

Our net loss for the year ended December 31, 2008 was $474,454 compared to a net loss of $1,524,054 for the year ended December 31, 2007. The decrease in net loss during the year ended December 31, 2008 was due primarily to the $1,185,704 gain generated from the sale of our Solar Plant off set by an increase of personnel cost to develop the new activities of our subsidiaries ($165,486), a decrease of $30,226 in foreign exchange gain due to the decrease of the US$ exchange rate against the Swiss Franc and a decrease of $131,812 in interest income due to decreased time deposits.

Revenue and Cost of Goods Sold

We recognize revenue on the completed-contract method, and therefore only when projects are completed. Total revenue for the year ended December 31, 2008 was $33,416, which represents a decrease of $1,311,378 compared with total revenue of $1,344,794 for the year ended December 31, 2007.

Cost of goods sold for the year ended December 31, 2008 was $5,417, which represents a decrease of $1,098,702 as compared to cost of goods sold of $1,104,119 for the year ended December 31, 2007. The decrease in cost of goods sold was primarily attributable to only completing two projects during 2008. Cost of goods sold for the year ended December 31, 2008 was approximately 16% of total revenues compared with approximately 82% of total revenues for the year ended December 31, 2007.


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Operating Expenses

Operating expenses for the twelve months ended December 31, 2008 were $1,997,591, which represents a 6% decrease from $2,128,970 for the twelve months ended December 31, 2007. Personnel, rent, research and development, general and administrative, and depreciation and amortization expenses constitute the components of our operating expenses.

The majority of the decrease was related to a reduction in general and administrative expenses associated with preparation and SEC compliance of various public filings (decrease of $270,403) offset by an increase in personnel costs to develop the new activities of our subsidiaries (increase of $165,486) and additional rent and leases expenses (increase of $46,179). We expect that as we continue to implement our business plan these expenses will increase accordingly.

Other Income (Expense)

Interest expense increased to $155,133 for the twelve months ended December 31, 2008 compared to $116,212 for the twelve months ended December 31, 2007, representing an increase of approximately 33%. The increase in interest expense was primarily attributable to the increase in the amount of the loans from ScanE and from BCGE.

Interest income for the year ended December 31, 2008 was $45,838 as compared to $177,650 for the year ended December 31, 2007. The interest income earned in the year ended December 31, 2008 decreased due to a reduction in time deposits, which were used to pay down our revolving credit facility with UBS.

Foreign exchange gain for the year ended December 31, 2008 was $272,577 compared to $302,803 for the year ended December 31, 2007.

Net Income (Loss) from Discontinued Operations, net of tax

We sold our Solar Plant in June 2008. The balance sheet and income statement have been retrospectively adjusted to reflect the effects of discontinued operations. Prior to this sale, we sold PV electricity produced by the Solar Plant to a local electricity provider in Geneva based on a 20-year contract. This contract was cancelled on June 30, 2008 due to the sale of the Solar Plant. The net income from discontinued operations is from the former electricity producing business segment. The Solar Plant and the six-month credit facility of CHF4.5 million dated September 18, 2007 are the sole assets and liabilities, respectively, that comprise the electricity producing business segment.

The net income from discontinued operations during the year 2008 was $1,331,856 (gain on disposal of $1,185,704, revenue of $247,730 and expenses of $101,578). No income was recorded for the six-month period ended December 31, 2008. In 2007 there was no income or expense from discontinued operations.

Liquidity and Capital Resources

Our principal cash requirements are for operating expenses, including consulting, accounting and legal costs, staff costs, and accounts payable.

As of December 31, 2008, we had negative working capital of $8,923,795 compared with negative working capital of $5,893,663 as of December 31, 2007, and our cash and cash equivalents decreased to $765,694 as of December 31, 2008 compared to $3,429,033 as of December 31, 2007. This increase in negative working capital is the result partially of increased billings in excess of cost and estimated earnings over the comparable periods and use of available funds to finance our new manufacturing facility and to pay back short-term loans.

As of December 31, 2008, we had accounts payable of $526,168 compared to $3,711,775 as of December 31, 2007. This large decrease is the result of amounts paid to creditors for construction costs relating to our manufacturing facility. We made these payments utilizing loan proceeds received from BCGE and ScanE.

At December 31, 2008, we had short-term debt in the amount of $4,769,635 compared to $6,147,728 as of December 31, 2007. We believe that our negative working capital situation is temporary, as we expect in the near term to restructure our construction financing arrangements into longer term loans with more favorable terms.

We currently have several loans outstanding with ScanE and agreed to escrow 10,000,000 shares of common stock issued to Christiane Erné, Jean-Christophe Hadorn and Claudia Rey in connection with the reverse merger to secure repayment of these loans. The terms of the escrow agreement are disclosed under “Certain Relationships and Related Transactions.”

The first such loan with ScanE in the amount of up to $911,810 was made on November 3, 2003 and carries a principal balance of CHF969,470 ($918,389) as of December 31, 2008 and CHF969,470 ($861,248) as of December 31, 2007. The loan bears interest at 4%. Although the loan matured on March 31, 2008, we filed a request on April 2, 2008 with ScanE to renew the loan for a period of 24 months on the same terms and conditions. On May 19, 2008, ScanE granted our request that the loan be extended for a period of 24 months on the same terms and conditions. The new maturity date for the loan is March 31, 2010.

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On January 21, 2004, ScanE granted us a credit facility of CHF1million ($947,311) to finance the construction of our new manufacturing facility. Release of these loan proceeds was contingent upon us satisfying certain conditions precedent, which were satisfied as of November 13, 2007. As of January 8, 2008, we had utilized the full amount of this loan, which has a fixed annual interest rate of 4%. The loan has a duration of 20 years and is secured by a mortgage certificate of CHF1,000,000 ($947,311) on the manufacturing facility. The loan is paid in 20-equal annual installments of CHF73,581 (approximately $69,704) which include principal and interest. The first installment was paid in December 2008 thus reducing the principal to $915,498.

A new six month credit facility of CHF4,500,000 ($4,262,898) was signed on September 18, 2007 with ScanE. The loan bears interest at 5%. The proceeds were received on October 1, 2007 and were to be reimbursed on March 17, 2008. ScanE extended the loan under the existing loan agreement until June 20, 2008. On June 20, 2008, we announced the sale of our Solar Plant on the roof of the manufacturing facility. We received substantially all of the proceeds from this sale on June 30, 2008 and used a portion of the proceeds to reimburse the CHF4,500,000 loan in full as of July 2, 2008.

On October 27, 2008, we signed a six month credit facility for CHF5,000,000 ($4,736,550) with ScanE to finance improvements on the manufacturing facility. The loan is secured by a fourth rank mortgage on the building. As of December 31, 2008, the full amount of the loan was used to finance ongoing construction at the facility. The loan bears interest at 4%. The loan will be reimbursed upon completion of the construction, at which time we intend to refinance all of our construction credit facilities with one financial institution.

SES Switzerland also has a revolving credit line with UBS in the principal amount of CHF3,000,000 ($2,841,932) used mainly to cover short-term cash needs. The revolving credit line was secured by short-term deposits denominated in US$ with UBS, amounting to $3,155,000. The credit line bears interest at 4.75%. On August 13, 2008, $3,000,000 of our short-term deposits were used to offset the credit line. The balance of the credit facility was CHF0 ($0) as of December 31, 2008 and CHF1,450,764 ($1,288,815) as of December 31, 2007.

SES Switzerland also has a Construction Credit Agreement with BCGE dated December 20, 2006 in the amount of CHF4.8 million ($4,547,091), which was used to finance construction of our new manufacturing facility. The loan was amended on November 13, 2007 and increased from CHF4.8 million to CHF8.5 million ($8,052,140). The amended agreement must be drawn down no later than the date of completion of construction on the new manufacturing facility planned during the first half of 2009. We used CHF5,423,310 ($5,137,555) of the loan as of December 31, 2008 and CHF8,513 ($7,563) as of December 31, 2007. The loan bears interest at a rate of 3.75% and is secured by a second lien exclusive mortgage certificate of CHF9,000,000 ($8,525,795) on the manufacturing facility.

Our ability to meet our financial commitments in the near term will be primarily dependent upon continued revenue from the sale of our manufactured solar modules, when available, and solar tiles and the related engineering services required to design and install the same and the continued extension of credit from existing or new lenders.

If we are unable to secure additional financing and successfully implement our planned debt consolidation and refinancing of the construction loans owed on our new facility, management does not believe that our cash and cash equivalents, cash provided by operating activities, and the cash available from existing loans and lines of credit will be sufficient to meet our working capital requirements for the next twelve months, and we will not be able to continue as a going concern. Due to our current financial situation and history of losses, the report of our Independent Registered Public Accounting Firm includes an explanatory paragraph referring to substantial doubt about our ability to continue as a going concern, as discussed in Note 2 to our financial statements for the year ended December 31, 2008. If our future revenues do not increase significantly to a level sufficient to cover our net losses, we will continue to need to raise additional funds to expand our operations. In addition, we may need to raise funds sooner than anticipated to respond to competitive pressures, to develop new or enhanced products or services, to fund our expansion or to make acquisitions. We may not be able to find financing on acceptable terms or at all.

Operating Activities

Net cash used in continuing operating activities was $1,578,614 for the year ended December 31, 2008 compared to $1,320,685 of net cash used in operating activities for the year ended December 31, 2007. In local currency, use of funds for operating activities was larger during this period compared to the same period in 2007. However, exchange rate volatility has greatly offset the difference. Billings in excess of cost and estimated earnings increased by $966,700 due to advances received for new projects. Additionally, inventory of our new PV SwissTile® products increased by $1,267,689.

Net cash provided by discontinued operating activities was $247,730 for year ended December 31, 2008 and reflects the net income from discontinued operations of $1,331,856, adjusted for depreciation on the Solar Plant of $101,578 and a gain on the sale of the Solar Plant of $1,185,704. There was no cash used in or provided by discontinued operating activities for the year ended December 31, 2007.

Net cash used in operating activities was $1,320,685 for the year ended December 31, 2007. The net cash provided from operating activities was mainly attributable to increased billings in excess of cost and estimated earnings ($350,407) and deferred expenses ($240,000) and negatively influenced by increased other current assets of $393,932 and the increased net loss in 2007 of $1,239,507.

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Investing Activities

Net cash used in continuing investing activities was $11,047,735 during the year ended December 31, 2008 as compared to $5,630,316 used in investing activities during the year ended December 31, 2007. Net cash used in investing activities was $5,630,316 during the year ended December 31, 2007, and was mostly due to investments for the construction of the manufacturing plant and the Solar Plant of $5,260,502 and advances on machinery of $369,814. The increase in investing activities during the year ended December 31, 2008 is mostly due to investments for the construction of our manufacturing plant. Net cash used in continuing activities is comprised of the use of cash to pay creditors for the construction of the building and the future plant in the amount of $11,047,735.

Net cash provided by discontinued investing activities was $5,065,460 for the year ended December 31, 2008 and reflects the proceeds of sale of the Solar Plant, net of any selling costs incurred by the Company. There was no cash used in or provided by discontinued investing activities for the year ended December 31, 2007.

During the first half of 2009 management anticipates total capital expenditures of approximately $18 million for the new manufacturing facility of which we have already financed $13.4 million, and $2 million for the assembly lines and related machinery, of which we have already financed $379,000. In addition, and depending on our production requirements, we may require during the next 12 months up to an additional $11 million to finance the purchase of raw materials to be used in the production of 2 MWs of solar tiles.

Financing Activities

Net cash provided by continuing financing activities was $5,030,987 for the year ended December 31, 2008 compared to financing activities which provided cash of $4,554,347 for the year ended December 31, 2007. Net cash provided by financing activities was $4,554,347 for the year ended December 31, 2007 and was the result of proceeds of loans used for current operating expenses and building of the Solar Plant. The increase in financing activities is due to bank loans granted to build the new plant from BCGE and ScanE. During 2008, the amount represents a net financing between use of bank loans for $6,809,969 and the reimbursement of our line of credit with UBS for $1,778,982.

There was no cash used in or provided by discontinued financing activities for the year ended December 31, 2007.

Off-Balance Sheet Arrangements

At December 31, 2008, the company has an outstanding purchase order of EUR448,600 ($632,410) for the future construction of a new machine to be used in the new plant for solar module production. The company has made an advance payment of EUR269,160 ($379,446) for the purchase of this machine. The balance due will be paid upon delivery of the machine. At December 31, 2008, the company had purchase agreements signed for the building of the new plant for CHF7,354,273 ($6,966,781). Of the above amount, advance payment of CHF5,421,607 ($5,135,946) was made on January 1, 2009, the remaining amount will be paid at the end of the construction planned during the first half of 2009.

Critical Accounting Policies

Financial Reporting Release No. 60 requires all companies to include a discussion of critical accounting policies or methods used in the preparation of financial statements. Our accounting policies are described in Note 3 of the Notes to our Consolidated Financial Statements included in this Form 10-K for the fiscal year ended December 31, 2008. The methods, estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our financial statements. We evaluate our estimates and judgments on an ongoing basis. We base our estimates on historical experience and on assumptions that we believe to be reasonable under the circumstances. Our experience and assumptions form the basis for our judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may vary from what we anticipate, and different assumptions or estimates about the future could materially change our reported results. We believe the following accounting policies are the most critical to us, in that they are important to the portrayal of our financial statements and they require our most difficult, subjective or complex judgments in the preparation of our financial statements. The Consolidated Financial Statements include the accounts of SES USA and its wholly owned subsidiaries, SES Switzerland and SES Prod. All significant inter-company accounts and transactions have been eliminated in the consolidation.

Foreign Currency Translation

The reporting currency of SES USA is the U.S. dollar, whereas the wholly owned subsidiary’s functional currency is the Swiss Franc. The financial statements of the company’s wholly owned subsidiaries, SES Switzerland and SES Prod, are translated to U.S. dollar equivalents under the current method in accordance with SFAS No. 52, “Foreign Currency Translation.” Assets and liabilities are translated into U.S. dollar equivalents at rates of exchange in effect at the balance sheet date. Average rates for the year are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive income (loss). Foreign currency differences from intercompany receivables and payables are recorded as Foreign Exchange Gains/Losses in the Statement of Operations.

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Cash Equivalents

We consider cash and all highly liquid securities with an original maturity of three months or less to be cash equivalents.

Receivables and Credit Policies

Our accounts receivable primarily consist of trade receivables. Management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. We use estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable and unbilled receivables to their expected net realizable value. We estimate the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates, due primarily to credit policies, collection experience and our stability as it relates to our current customer base. We recorded no bad debt expense during the years ended December 31, 2008 and 2007 for trade receivables.

Product Inventory

Our product inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is accounted for at the lower of cost or market, and as a result, write-offs/write-downs occur due to damage, deterioration, obsolescence, changes in prices and other causes.

Property and Equipment

Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives of 3 to 20 years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized

Long-Lived Assets

The company accounts for long-lived assets in accordance with the provisions of SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The statement requires the company to evaluate its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, impairment may exist. To determine the amount of impairment, the company compares the fair value of the asset to its carrying value. If the carrying value of the asset exceeds its fair value, an impairment loss equal to the difference is recognized.

Warranties

Since the commencement of our operations, we have had no warranty claims. Our production has been low and components have been purchased from subcontractors for PV installations, all of which have their own warranties. Since we have not yet started producing our own PV cells and warranty claims can be thus exercised against our suppliers, we do not believe that discussion of warranties is a critical accounting policy, currently, but this may become so in the future.

Revenue Recognition

We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, “Revenue Recognition” (“SAB 104”). SAB 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collection is reasonably assured.

Revenues and profits from general management of construction-type contracts are recognized on the completed-contract method and therefore only when the project is completed. A contract is considered complete when all costs except insignificant items have been incurred and the installation is operating according to specifications or has been accepted by the customer. Contract costs include all direct materials and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and repairs. Costs in excess of amounts billed are classified as current assets under Work in Progress. Billings in excess of cost are classified under current liabilities as Prepayments. Any anticipated losses on contracts are charged to operations as soon as they are determinable. No unbilled revenue has been recognized so far.

For the fiscal years ended 2008 and 2007, we had no billed or unbilled amount representing claims or other similar items subject to uncertainty concerning their determination or ultimate realization. Amounts outstanding as at year end are expected to be collected in 2009.


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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Exchange Risk

Our Swiss operations accounted for 100% of our sales in fiscal year 2008, and 100% of our sales in fiscal year 2007. In such periods, all of our international sales were denominated in Swiss Francs (CHF).

Interest Rate Risk

Our exposure to market risks for changes in interest rates relates primarily to our outstanding loan obligations and any possible construction loan. If the interest rate ultimately fixed by our bankers for the construction loan financing is higher than we currently anticipate this will increase the cash used for operating activities.

ITEM 8. FINANCIAL STATEMENTS

The full text of our audited Consolidated Financial Statements for the years ended December 31, 2008 and December 31, 2007 begins on page F-1 of this Annual Report on Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS OR
ACCOUNTING AND FINANCIAL DISCLOSURE

Not Applicable.

ITEM 9A(T). CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and which also are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.


MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the company as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the (i) effectiveness and efficiency of operations, (ii) reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and (iii) compliance with applicable laws and regulations. Our internal controls framework is based on the criteria set forth in the Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management’s assessment of the effectiveness of the company’s internal control over financial reporting is as of the fiscal year ended December 31, 2008. We believe that our internal control over financial reporting is effective. We have not identified any current material weaknesses considering the nature and extent of our current operations and any risks or errors in financial reporting under current operations.

This Annual Report on Form 10-K does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the company to provide only management’s report in this Annual Report.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2008 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION

None.

PART III

MANAGEMENT

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS AND
CORPORATE GOVERNANCE

Our directors hold office until the next annual meeting of stockholders or until their successors have been elected and qualified. Our officers are appointed by our board of directors and hold office until their death, resignation or removal from office.


Name Position with our Company Age Date First
Elected or Appointed

Jean-Christophe Hadorn Chief Executive Officer and Director 53 September 27, 2006

Sandrine Crisafulli Chief Financial Officer and
Chief Operating Officer 50 September 27, 2006

Daniel Erné Director 53 September 27, 2006

Christiane Erné Director 55 September 27, 2006

Michael D. Noonan* Director 50 September 27, 2006

* Resigned as a director effective March 31, 2009.

Biographies of our directors and executive officers are as follows:

Jean-Christophe Hadorn

Mr. Hadorn received his masters degree in Civil Engineering from the Swiss Federal Institute of Technology in Lausanne in 1979 and his MBA from HEC University of Lausanne in 1998. From 1979 to 1981, Mr. Hadorn worked as a researcher at the Institute for Energy Production (IPEN) within the Swiss Federal Institute of Technology in Lausanne, Switzerland on large scale storage of solar heat in deep aquifers. From 1981 to 1985, Mr. Hadorn worked as a project engineer for SORANE SA, a solar energy and engineering company in Switzerland, where he advised architects and designed energy concepts for buildings and industry. Mr. Hadorn worked from 1986 to 1995 as a project leader with BSI Engineering, a consulting company in energy and information technology in Switzerland, on a geographical information system software product for the design and management of energy networks as principal developer of software, code named HyperBird. Since 1999, Mr. Hadorn has worked as an independent energy consultant, and as the CEO of BASE Consultants SA, Geneva, a strategy and management consulting company which advises public and private businesses. Since 1985, Mr. Hadorn has been appointed as a leader for national solar energy and heat storage research programs by the Swiss government and from 2003 to 2005 was asked by the French government to set up the National Institute of Solar Energy in France. Mr. Hadorn has participated in several International Energy Agency (IEA) Tasks within the Solar Heating and Cooling Program (Task 7, Task 26, and Task 32 which he will lead as an Operating Agent until 2007). Mr. Hadorn also serves as director of our wholly-owned subsidiary, SES Switzerland.

Sandrine Crisafulli

Ms. Crisafulli has been our chief financial officer and chief operating officer since 2001. Ms. Crisafulli received a certificate of commerce in commercial studies from Lemania College in Lausanne, Switzerland. She has experience in financial and administrative management having served as administrative director and finance chief at N.E. Achille, a retail company, from 1995 until 2001.

Daniel Erné

Mr. Erné has more than 25 years of experience in international trade having worked as a consultant for the Conseil Général of the Haute Savoie Department, France; Breitling, a Swiss watch manufacturing company; BMS Automotives Ltd., a United Kingdom design, engineering and turnkey supplier of automotive manufacturing plants and a car import company; Casino Ruhl, a French casino; and several hotel groups. In addition, Mr. Erné manages several different private car, retail, security and hotel companies in France and acts as a consultant to companies engaged in international trading, including Securiguard since 2000. Mr. Erné’s prior consulting engagements include Daniel.L (1980-1992), a restructuring and new market developments company and Delta Automobiles (1992-1999), a car retailer and a solar car development company. Mr. Erné is married to Christiane Erné.


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Christiane Erné

Ms. Erné worked in public relations and then as hotel director for Societe d’Exploitation et Gestion Hoteliere from 1981 to 1984. Since 2001, Ms. Erné has been active in the development of renewable energies and associated technologies through Société d’Energie Solaire. Ms. Erné received a diploma in economics from the University of Geneva in 1974. Ms. Erné is married to Daniel Erné.

Michael D. Noonan

Mr. Noonan has more than 15 years of investor relations, corporate finance and corporate governance experience. Mr. Noonan has served since 2005 as the Vice President, Corporate and a director of Sky Petroleum, Inc., an oil and gas company quoted on the OTC Bulletin Board. He currently serves as its interim CFO. Prior to joining Sky Petroleum, Mr. Noonan worked for Forgent Networks, an intellectual property and software company from 2002 to 2006, where he last served as the Senior Director of Investor Relations. Prior to working at Forgent Networks, Mr. Noonan was employed from 2000 to 2002 by Pierpont Communications, an investor and public relations firm, where he was a Senior Vice President. Mr. Noonan also served from 1999 to 2000 as director of investor relations and corporate communications at Integrated Electrical Services, an electrical services company, and manager of investor relations and public affairs for Sterling Chemicals from 1997 to 1999, a manufacturer of commodity chemicals. Mr. Noonan received an MBA from Athabasca University in Alberta, Canada in 1999; a Bachelor of Arts degree in Business Administration and Economics from Simon Fraser University in British Columbia, Canada in 1986; and an Executive Juris Doctorate from Concord School of Law in Los Angeles, California in 2006.

Committees of the Board

All proceedings of our board of directors are conducted by resolutions consented to in writing by all the directors and filed with the minutes of the proceedings of the directors. Such resolutions consented to in writing by the directors entitled to vote on that resolution at a meeting of the directors are, according to the corporate laws of the State of Delaware and the bylaws of our company, as valid and effective as if they had been passed at a meeting of the directors duly called and held.

Our company currently does not have nominating, compensation or audit committees or committees performing similar functions nor does our company have a written nominating, compensation or audit committee charter. Our board of directors does not believe that it is necessary to have such committees because it believes that the functions of such committees can be adequately performed by the board of directors.

Our company does not have any defined policy or procedure requirements for stockholders to submit recommendations or nominations for directors. The board of directors believes that given the early stage of our development a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our company does not currently have any specific or minimum criteria for the election of nominees to the board of directors and we do not have any specific process or procedure for evaluating such nominees. The board of directors assesses all candidates, whether submitted by management or stockholders, and makes recommendations for election or appointment.

A stockholder who wishes to communicate with our board of directors may do so by directing a written request addressed to our chief executive officer.

Audit Committee Financial Expert

Our board of directors has determined that we do not have a board member that qualifies as an “audit committee financial expert” as defined in Item 407(d) of Regulation S-K.

We believe that our board of directors is capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. Our board of directors does not believe that it is necessary to have an audit committee because we believe that the functions of an audit committee can be adequately performed by our board of directors. In addition, we believe that retaining an independent director who would qualify as an “audit committee financial expert” would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development.

Director Independence

Our board of directors has determined that Michael D. Noonan is “independent” as such term is defined by FINRA Rule 4200(a)(15).

Family Relationships

Except for Daniel Erné and Christiane Erné, who are husband and wife, there are no family relationships between any of our directors, executive officers, or persons nominated or chosen by us to become directors or executive officers.


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Code of Ethics

We have adopted a code of ethics that is applicable to our officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics can be found under the heading “Code of Business Conduct and Ethics” on our website at www.sessolar.com . We will supply to any person without charge, upon request and in the manner described above, a copy of our code of ethics.

ITEM 11. EXECUTIVE COMPENSATION

The following Summary Compensation Table sets forth certain information regarding the compensation of our named executive officers for services rendered in all capacities to us for the years ended December 31, 2008 and 2007.
.
Summary Compensation Table

Name and Principal
Position Year Salary
($) Bonus
($) Stock Awards
($) All Other Compensation
($) Total
($)
Jean-Christophe Hadorn(3)
Chief Executive Officer 2008
2007 —
— —
— —
— 87,739
103,599 (1)
(1) 87,739
103,599

Sandrine Crisafulli(2)(3)
Chief Financial Officer and Chief Operating Officer 2008
2007 138,966
108,450 — — — 138,966
108,450

(1) We have a one-year consulting agreement with Base Consulting pursuant to which Base Consulting provides us with strategic, managerial, marketing and business development leadership. The services provided by Base Consulting are performed by Mr. Hadorn, our chief executive officer. Mr. Hadorn contributes approximately 20 hours per week to our affairs. Other than pursuant to this consulting agreement, we do not compensate Mr. Hadorn in his capacity as chief executive officer.

(2) Ms. Crisafulli and Base Consulting are paid in Swiss Francs. The dollar figures for 2008 were calculated using the average exchange rate in effect for the fiscal year 2008 (CHF 1.07940). The dollar figures for 2007 were calculated using the exchange rate of CHF 1.19870 as per Note 3 to our audited consolidated financial statements for the fiscal year ended December 31, 2007.


Stock Option Plan

We do not have a stock option plan in favor of any director, officer, consultant or employee.

Stock Options/Stock Awards

We have not granted any options or stock awards during our prior fiscal year, either before or after the reverse merger.

Director Compensation
Compensation of Directors During Fiscal Year 2008

Name and Principal
Position Fees Earned
or
Paid in Cash
($) All Other Compensation
($) Total
($)
Jean-Christophe Hadorn 9,264 0 9,264
Daniel Erné 120,437 0 120,437

We did not pay fees or other cash compensation for services rendered by our directors during the fiscal year ended December 31, 2008 other than to Messrs. Hadorn and Erné. The amount paid to Mr. Hadorn was for services rendered in his capacity as a director of our subsidiary, SES Switzerland, and is included in the $87,439 reported in the Summary Compensation Table above. The amount paid to Mr. Erné was for services rendered pursuant to a consulting agreement, as described below. We have no current plans to compensate our directors in their capacities as such in the future. We do reimburse our directors for reasonable out-of-pocket expenses incurred in connection with attending board meetings. The dollar figures for 2008 were calculated using the average exchange rate in effect for the fiscal year 2008 (CHF 1.07940).


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Employment Agreements

SES Switzerland entered into an employment agreement with Sandrine Crisafulli dated September 14, 2006. Pursuant to the terms of the agreement, Ms. Crisafulli receives an annual salary of $138,966. The term of the agreement is five (5) years. If Ms. Crisafulli’s employment is terminated without cause, we are obligated to pay her an amount equal to two years’ salary for each completed three years of service.

SES Switzerland entered into a consulting agreement with Daniel Erné dated October 3, 2006. Pursuant to this agreement, Mr. Erné assists with our day-to-day managerial and operating activities, including serving as a consultant with respect to financing opportunities, budgetary matters, and oversight of construction on our new manufacturing facility. Mr. Erné contributes at least 40 hours per week to our affairs. Mr. Erné receives an annual salary of $120,437 in consideration for these management consulting services. Mr. Erné is the husband of Christiane Erné, a principal stockholder as well as a director of our company and SES Switzerland.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS

Equity Compensation Plan Information

The Company does not have an equity compensation plan.

Principal Stockholders

The following table sets forth certain information regarding our common stock beneficially owned as of March 26, 2009 for (i) each stockholder we know to be the beneficial owner of 5% or more of our outstanding common stock, (ii) each of our executive officers and directors, and (iii) all executive officers and directors as a group. In general, a person is deemed to be a beneficial owner of a security if that person has or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership within 60 days.

Name and Address of Beneficial Owner Amount and Nature of
Beneficial Ownership (1) Percentage
of Class (1)

Christiane Erné 48,286,817 (2) 66.0 %

Jean-Christophe Hadorn 2,414,341 (3) 3.30 %

Daniel Erné 48,286,817 (4) 66.0 %

Michael D. Noonan Nil Nil

Sandrine Crisafulli Nil Nil

SG Private Banking (Suisse) S.A.
Avenue de Rumine 20
Case Postale 220
Ch-1001 Lausanne, Switzerland 5,193,057 7.10 %

Directors and Executive Officers as a Group (4 persons) 48,286,817 66.0 %


(1) Based on 73,081,168 shares of common stock issued and outstanding as of March 31, 2009. Except as otherwise indicated, we believe that the owners of the common stock listed above have sole investment and voting power with respect to such shares, subject to community property laws where applicable. Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. Shares of common stock subject to options or warrants currently exercisable, or exercisable within 60 days, are deemed outstanding for purposes of computing the percentage ownership of the person holding such option or warrants, but are not deemed outstanding for purposes of computing the percentage ownership of any other person.

(2) Includes 4,828,682 shares of common stock, of which 2,414,341 were transferred to each of Claudia Rey and Jean-Christophe Hadorn pursuant to a voting trust agreement entered into with Ms. Erné dated February 22, 2006. The terms of the voting trust agreement stipulate that Ms. Rey and Mr. Hadorn will vote their shares in accordance with Ms. Erné’s instructions. Ms. Erné also has a right of preemption with respect to the subject shares. As a result of her voting power over these shares, Ms. Erné may be deemed to beneficially own the 4,828,682 shares of common stock transferred to each of Ms. Rey and Mr. Hadorn. Of the shares beneficially owned by Ms. Erné, 10,000,000 are held in escrow as security for repayment of a loan made by ScanE to SES Switzerland. See “Certain Relationships and Related Party Transactions – Canton Geneva Escrow Agreement.”


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(3) As described in footnote (2), the shares held by Mr. Hadorn were transferred to him by Ms. Erné pursuant to a voting trust agreement dated February 22, 2006.


(4) Daniel Erné is the husband of Christiane Erné and therefore may be deemed to beneficially own the shares held by his wife. Mr. Erné expressly disclaims ownership over these shares.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Other than as set forth below, there have been no material transactions, series of similar transactions or currently proposed transactions during 2008, or subsequent thereto, to which we or our wholly owned subsidiaries were or are to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of our total assets at the year end for the last three completed fiscal years and in which any director or executive officer or any security holder who is known to us to own of record or beneficially more than 5% of our common stock, or any member of the immediate family or sharing the household (other than a tenant or employee) of any of the foregoing persons, had a direct or indirect material interest. We believe each of the following related party transactions are on terms at least as favorable as would be available from unaffiliated parties.

On August 31, 2006, we entered into an arm’s-length negotiated share exchange agreement with SES Switzerland and the stockholders thereof, namely Christiane Erné, Jean-Christophe Hadorn, and Claudia Rey, whereby we agreed to acquire SES Switzerland. The closing of the transactions contemplated by the share exchange agreement and the acquisition of all of the issued and outstanding common stock of SES Switzerland occurred on September 27, 2006. In accordance with the terms of the share exchange agreement, we issued a total of 48,286,817 shares of common stock to the former stockholders of SES Switzerland (Christiane Erné – 43,458,135 shares; Jean-Christophe Hadorn – 2,414,341 shares; Claudia Rey – 2,414,341 shares) in exchange for the acquisition by us of all 39,500 issued and outstanding common shares of SES Switzerland on the basis of 1,222.451 shares of our common stock for every one share of common stock of SES Switzerland. The terms of the share exchange agreement also stipulated that we and the former stockholders of SES Switzerland enter into the following escrow agreements: (1) the Canton Geneva Escrow Agreement; (2) the Credit Line Escrow Agreement; and (3) the Long Term Escrow Agreement.

Canton Geneva Escrow Agreement

In connection with the closing of the share exchange agreement, we entered into the Canton Geneva Escrow Agreement dated September 15, 2006 with Christiane Erné, Jean-Christophe Hadorn, Claudia Rey, and ScanE. Pursuant to the terms of the Canton Geneva Escrow Agreement, the parties agreed to escrow 10,000,000 of the 48,286,817 shares of common stock issued to Christiane Erné (9,000,000 shares), Jean-Christophe Hadorn (500,000 shares) and Claudia Rey (500,000 shares) in connection with the merger in order to secure partial repayment of a loan dated November 3, 2003 by ScanE to SES Switzerland. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” The 10,000,000 shares of common stock are to be delivered from escrow as follows:

(a) upon repayment of the loan to ScanE:

(i) if within two years from the closing of the share exchange agreement, to the escrow agent under the Long Term Escrow Agreement (as discussed below), or

(ii) if after two years from the closing of the share exchange agreement, to Christiane Erné, Jean-Christophe Hadorn and Claudia Rey; or

(b) upon default of the loan, to ScanE.

As of the date of this prospectus, the loan, which matures March 31, 2010, remains outstanding and the 10,000,000 shares remain in escrow.

Credit Line Escrow Agreement

Also in connection with the closing of the share exchange agreement, we entered into the Credit Line Escrow Agreement dated September 1, 2006, as amended October 27, 2006 and November 30, 2006, with Christiane Erné, Jean-Christophe Hadorn, and Claudia Rey. Pursuant to the terms of the Credit Line Escrow Agreement, the parties agreed to escrow 24,143,410 of the 48,286,817 shares of common stock issued in the merger to Christiane Erné (21,729,068 shares), Jean-Christophe Hadorn (1,207,171 shares) and Claudia Rey (1,207,171 shares). The 24,143,410 shares of common stock are to be delivered from escrow as follows:

(a) into a subsequent escrow in accordance with the terms of the Long Term Escrow Agreement (as described below) if our company receives financing of at least CHF12 million on or before November 30, 2007; or

(b) to us for immediate cancellation if we do not receive financing of at least CHF12 million on or before November 30, 2007.


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On September 18, 2007, we entered into a loan agreement with ScanE in the principal amount of $3.9 million (CHF4.5 million). On November 13, 2007, we entered into an amended agreement with BGCE whereby our Construction Credit Agreement dated December 20, 2006 was increased from $4.1 million (CHF4.8 million) to $7.6 million (CHF8.5 million). As a result of these financings, and in combination with our other available financing arrangements, we obtained financing in excess of the amount required to satisfy the Credit Line Escrow Agreement and the 24,143,410 shares of common stock were transferred from the Credit Line Escrow to the Long Term Escrow.

Long Term Escrow Agreement

In connection with the closing of the share exchange agreement, we also entered into the Long Term Escrow Agreement dated September 1, 2006 with Christiane Erné, Jean-Christophe Hadorn, and Claudia Rey. Pursuant to the terms of the Long Term Escrow Agreement, we agreed to escrow all shares not otherwise escrowed under either the Credit Line Escrow Agreement or the Canton Geneva Escrow Agreement until September 27, 2008, the second anniversary of the closing of the share exchange agreement. As such, 38,286,817 of the shares of common stock (which amount includes the 24,143,410 shares previously escrowed pursuant to the Credit Line Escrow Agreement) that were issued to Christiane Erné, Jean-Christophe Hadorn, and Claudia Rey in the merger have been released from escrow and returned to the respective stockholders.

Other Related Transactions

SES Switzerland entered into a consulting agreement with Flannel Management dated October 1, 2006. Flannel Management receives a monthly consulting fee of $18,529, calculated based on the exchange rate of CHF 1.07940 as in effect on December 31, 2008. The contract is for a guaranteed 10-year term and if earlier terminated, we must pay the consulting fee for the full term. Flannel Management’s consulting services are rendered by Philippe Crisafulli, the husband of Sandrine Crisafulli, our Chief Operating Officer and Chief Financial Officer. Pursuant to this agreement, Flannel Management, through Mr. Crisafulli, provides us with the research and development, production, manufacturing and operational support necessary to bring our new manufacturing facility and solar products into production. During the fiscal year ended December 31, 2008, we paid $222,346 (CHF240,000 or $200,218 for 2007) to Flannel Management.

In June 2003, Christiane Erné contracted with us for the purchase and installation of solar tiles on her private residence. This agreement was oral and there are no stated payment terms other than that payment be received in full upon completion of the contract, which we do not expect to occur until the solar tiles manufactured at our new facility have been installed. The contract amount was approximately $189,000 at the exchange rate of CHF1.0 as of June 2, 2003. As of the fiscal years ended 2008 and 2007, we had a receivable from a related party in the amount of $90,573 and $84,938, respectively.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

The aggregate fees billed for professional services rendered by our principal accountants BDO Visura for the audits of our financial statements included in Forms 8-K and 10-Q and for the financial statements included in our Annual Report on Form 10-K as well as services related to responding to SEC comment letters on our Forms 8-K and 10-Q were approximately $144,763 for the year ended December 31, 2008 and $207,939 for the year ended December 31, 2007. BDO Visura did not perform any audit work for 2005 before the reverse merger in 2006.

Audit-Related Fees

The aggregate fees billed for assurance and related services by our principal accountants, BDO Visura, that are reasonably related to the performance of the audit and review of the company’s financial statements were $0 and $0 for 2008 and 2007, respectively.

Tax Fees

The aggregate fees billed for tax compliance, tax advice and tax planning and other products and services by our principal accountants, BDO Visura, were $0 and $0 for 2008 and 2007, respectively.


All Other Fees

BDO Visura has not rendered any professional services other than those covered in the Sections captioned “Audit Fees”, “Audit-Related Fees” and “Tax Fees” for the company’s 2008 and 2007 fiscal years, respectively.

Audit Committee Pre-Approval Policies and Procedures


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The company does not have an Audit Committee. The board of directors approves all audit, audit-related and permissible non-audit services provided by the independent auditors in order to assure that the provision of such services does not impair the auditor’s independence. These services may include audit services, audit-related services, tax services and other services.


ITEM 15. EXHIBITS

Exhibits

Copies of the following documents are included as exhibits to this Annual Report on Form 10-K pursuant to Item 601 of Regulation S-K:

Exhibit Number Description
2.1 Share Exchange Agreement dated August 31, 2006, among our company, Société d’Energie Solaire and the shareholders of Société d’Energie Solaire (incorporated by reference from our Form 8-K filed on September 1, 2006)

3.1 Articles of Incorporation (incorporated by reference from our Schedule 14C filed on March 11, 2004)

3.2 Bylaws (incorporated by reference from Schedule 14C filed on March 11, 2004)

3.3 Certificate of Ownership (incorporated by reference from our Form 8-K filed on June 21, 2006)


3.4 Certificate of Ownership (incorporated by reference from our Form 8-K filed on August 25, 2006)

10.1 Canton Geneva Escrow Agreement dated September 15, 2006, among SES Solar Inc., Christiane Erné, Jean-Christophe Hadorn, Claudia Rey, Service Cantonal De L’Energie and Clark Wilson LLP (incorporated by reference from our Form 8-K filed on October 4, 2006)

10.2 Credit Line Escrow Agreement dated September 1, 2006, among SES Solar Inc., Christiane Erné, Jean- Christophe Hadorn, Claudia Rey and Clark Wilson LLP (incorporated by reference from our Form 8-K filed on October 4, 2006)

10.3 Amendment to Credit Line Escrow Agreement dated November 30, 2006, among SES Solar Inc., Christiane Erné, Jean- Christophe Hadorn, Claudia Rey and Clark Wilson LLP

10.4 Long-Term Escrow Agreement dated September 1, 2006, among SES Solar Inc., Christiane Erné, Jean- Christophe Hadorn, Claudia Rey and Clark Wilson LLP (incorporated by reference from our Form 8-K filed on October 4, 2006)

10.5 Employment Agreement dated September 14, 2006 between Société d’Energie Solaire S.A. and Sandrine Crisafulli (incorporated by reference from our Form 8-K filed on October 4, 2006)

10.6 Credit Line Agreement dated April 7, 2004 and April 10, 2004 between SES Société d’Energie Solaire S.A. and UBS SA (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.7 Consulting Agreement dated January 16, 2005 between Jean-Christophe Hadorn and SES Société d’Energie Solaire S.A. (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.8 Consultancy Agreement dated October 3, 2006, as amended February 16, 2007, between Daniel Erné and SES Société d’Energie Solaire S.A. (incorporated by reference from our registration statement Form SB-2 filed on November 9, 2007)



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10.9 Convention (Voting Trust Agreement) dated September 12, 2005 between Christiane Erné and Claudia Rey (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.10 Convention (Voting Trust Agreement) dated February 22, 2006 between Christiane Erné and Jean-Christophe Hadorn (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.11 Assignment of Rights Agreement dated August 31, 2006 between SES Société d’Energie Solaire S.A. and Jean-Christophe Hadorn (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.12 Assignment of Rights Agreement dated August 31, 2006 between SES Société d’Energie Solaire S.A. and Olivier Ouzilou (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.13 Assignment of Rights Agreement dated August 31, 2006 between SES Société d’Energie Solaire S.A. and Sandrine Crisafulli (incorporated by reference from our Form 8-K/A filed on November 16, 2006)

10.14 Construction Loan dated November 30, 2006 between SES Société d’Energie Solaire S.A. Christiane Erné (incorporated by reference from our Annual Report on Form 10-KSB filed on May 16, 2007)

10.15 Assignment of Rights Agreement dated September 15, 2006 between SES Société d’Energie Solaire S.A. and Sylvere Leu (incorporated by reference from our Current Report on Form 8-K/A filed on November 16, 2006)

10.16 Loan Agreement dated September 18, 2007 between SES Société d’Energie Solaire S.A. and Etat de Geneve, Department of Territory (DT), Cantonal Energy Service (ScanE) (incorporated by reference from our Quarterly Report on Form 10-QSB filed on October 23, 2007)

10.17 Amended Credit Line Agreement dated September 2007 between SES Société d’Energie Solaire S.A. and UBS SA (incorporated by reference from our registration statement on Form SB-2 filed on December 21, 2007)

10.17.1 Amended Credit Line Agreement dated January 31, 2008 between SES Société d’Energie Solaire S.A. and UBS SA (incorporated by reference from our Annual Report on Form 10-KSB filed on March 26, 2007)

10.18 Construction Credit Agreement dated December 20, 2006, as amended November 13, 2007, between SES Société d’Energie Solaire S.A. and Banque Cantonale de Genève (incorporated by reference from our Current Report on Form 8-K filed on November 16, 2007)

10.19 Form of Share Purchase Warrants and Warrant Agreement between SES Solar Inc. and Lansing Securities Corp. (incorporated by reference from our registration statement on Form SB-2 filed on December 21, 2007)

10.20 Finder’s Fee Agreement dated August 31, 2006 between SES Solar Inc. and Standard Atlantic (Suisse) S.A. (incorporated by reference from our Current Report on Form 8-K filed on October 4, 2006)

10.21 Consulting Agreement dated October 1, 2006 between SES Société d’Energie Solaire S.A. and Flannel Management Sàrl (incorporated by reference from our Annual Report on Form 10-KSB filed on March 26, 2007)



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10.22* Credit Facility dated October 27, 2008 between SES Solar Inc. and the Geneva (Switzerland) State Department of Energy of Energy

21* Subsidiaries of SES Solar Inc.

24.1 Power of Attorney (included in the signature page hereto)

31.1* Rule 13a-14 and 15d-14 Certification of Chief Executive Officer

31.2* Rule 13a-14 and 15d-14 Certification of Chief Financial Officer

32.1* Section 1350 Certification of Chief Executive Officer

32.2* Section 1350 Certification of Chief Financial Officer

* Filed herewith


SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SES SOLAR INC.




Date: March 31, 2009 By: /s/ Jean-Christophe Hadorn
Jean-Christophe Hadorn
Chief Executive Officer


POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jean-Christophe Hadorn and Sandrine Crisafulli as their true and lawful attorney-in-fact and agent, with the full power of substitution for them, and in his or her name and in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

NAME TITLE DATE

/s/ Jean-Christophe Hadorn
Jean-Christophe Hadorn Chief Executive Officer and March 31, 2009
Director (Principal Executive Officer)

/s/ Sandrine Crisafulli
Sandrine Crisafulli Chief Financial Officer March 31, 2009
(Principal Accounting Officer)



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/s/ Christiane Erné
Christiane Erné Director March 31, 2009


/s/ Daniel Erné
Daniel Erné Director March 31, 2009



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders
SES Solar Inc.

We have audited the accompanying consolidated balance sheets of SES Solar Inc. (the “Company”) as of December 31, 2008 and 2007 and the related consolidated statements of operations and comprehensive losses, changes in stockholders’ equity (deficit) and cash flows for each of the two years in the period ended December 31, 2008. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of SES Solar Inc. at December 31, 2008 and 2007, and the results of its operations and its cash flows for each of the two years in the periods ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Zurich, March 31, 2009

BDO Visura

/s/ Andreas Wyss /s/ Christian Feller
Andreas Wyss
Auditor in Charge

Swiss Certified Accountant / CPA Christian Feller


Swiss Certified Accountant


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SES SOLAR INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in $, except per share amounts)

December 31st
2008 December 31st
2007
ASSETS (in $)
Current Assets:
Cash and cash equivalents 6 765,694 3,429,033
Receivables, net of allowance for doubtful accounts of $ 0 for the years ended 2008 and 2007. 7 12,001 47,356
Due from related party 21 90,573 84,938
Inventory 8 1,665,699 271,794
Other current assets 424,186 639,763
Total current assets 2,958,153 4,472,884

Long-Term Assets:
Deferred Expense 15 0 180,000
Advance payments for machinery 379,446 396,432
Total other long-term assets 379,446 576,432
Property, Plant and Equipment, at cost, 600,389 437,493
Solar plant 0 3,785,521
Building construction 13,449,460 5,398,153
Less accumulated depreciation and amortization (429,351 ) (339,014 )

Total fixed assets 9 13,620,498 9,282,153

Total long-term assets 13,999,944 9,858,585

Total Assets 16,958,097 14,331,469

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Short-term loan 10 4,769,635 6,147,728
Construction loan 10 5,137,555 0
Accounts payable 526,168 3,711,775
Billings in excess of cost and estimated earnings 11 1,448,590 507,044
Total current liabilities 11,881,948 10,366,547
Long-Term Liabilities:
Loan payable 10 918,389 0
Construction loan 10 882,413 7,563
Total long-term liabilities 1,800,802 7,563

Stockholders’ Equity: 15
Common stock, $0.001 par value; 73,081 73,081
100,000,000 shares authorized;
73,081,168 shares issued and outstanding;
Additional paid in Capital 8,050,093 8,050,093
Accumulated other comprehensive income (loss)
Translation Adjustment (603,005 ) (395,447 )
Year end Accumulated Deficit (4,244,822 ) (3,770,368 )
Total stockholders’ equity (deficit) 3,275,347 3,957,359

Total Liabilities and Stockholders’ Equity 16,958,097 14,331,469

See accompanying summary of accounting policies and the notes to the financial statements.


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SES SOLAR INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in $, except per share amounts)

Year Ended
December 31,
2008 Year Ended
December 31,
2007
Revenue:
Revenue 5,7 33,416 1,344,794
Cost of goods sold (exclusive of depreciation shown separately below) (5,417 ) (1,104,119 )

Costs and Expenses:
Personnel 532,039 366,553
Rent and Leases Expenses 12 181,632 135,453
Research and Development 337,761 426,814
Other G+A 870,643 1,141’046
Depreciation and amortization 75,516 59,104
Total costs and expenses 1,997,591 2,128,970

Other Income and Expense:
Interest expense (155,133 ) (116,212 )
Interest income and other 17 45,838 177,650
Foreign Exchange Gain 272,577 302,803
Total Other Income (Loss) 163,282 364,241

Income (loss) from continuing operations before taxes (1,806,310 ) (1,524,054 )
Income taxes 18 0 0
Net income (loss) from continuing operations (1,806,310 ) (1,524,054 )
Income (loss) from discontinued operations before taxes (Note 14) 1,331,856 0
Net income (loss) (474,454 ) (1,524,054 )
Other Comprehensive Loss/Income:
Translation adjustment (207,558 ) (168,631 )
Comprehensive loss (682,012 ) (1,692,685 )
Basic and diluted Weighted Average Shares 73,081,168 55,835,875
Basic and diluted net income (loss) per share from continuing operation (0.025 ) (0.027 )
Basic and diluted net income (loss) per share from discontinuing operation 0.018 0
Basic and diluted net income (loss) per share
(0.007) (0.027 )

See accompanying summary of accounting policies and the notes to the financial statements.



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SES SOLAR INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
(in $, except per share amounts)

Common Stock Accumulated Other Comprehensive Income
Shares Amount Paid-in Capital Retained Earnings Translation Adjustment Total Shareholders’ Equity
Balance at January 01, 2007 73,081,168 73,081 8,050,093 (2,246,314 ) (226,816 ) 5,650,044
Net Loss 0 0 0 (1,524,054 ) 0 (1,524,054
Translation Adjustment 0 0 0 0 (168,631 ) (168,631
Balance at December 31, 2007 73,081,168 73,081 8,050,093 (3,770,368 ) (395,447 ) 3,957,359
Net Loss 0 0 0 (474,454 ) 0 (474,454
Translation Adjustment 0 0 0 0 (207,558 ) (207,558
Balance at December 31, 2008 73,081,168 73,081 8,050,093 (4,244,822 ) (603,005 ) 3,275,347


See accompanying summary of accounting policies and the notes to the financial statements.


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SES SOLAR INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in $, except per share amounts)

YEARS ENDED
December 31st
2008 December 31st
2007
Cash Flows from Operating Activities:
Net loss (474,454 ) (1,524,054 )
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization 170,880 59,104
Adjustment for proceed of power plant (1,185,704 ) 0
Changes in operating assets and liabilities
(Increase) decrease in:
Receivables, including Due from Related Party 37,649 (33,902 )
Inventory (1,267,689 ) (13,791 )
Other current assets 252,330 (393,932 )
Deferred Expenses 180,000 240,000
Increase (decrease) in:
Accounts payable and accrued expenses (10,596 ) (4,517 )
Billings in excess of cost and estimated earnings 966,700 350,407
Net cash provided/used in operating activities (1,330,884 ) (1,320,685 )
Cash Flows from Investing Activities:
Proceed on sale of solar plant 5,065,460 0
Property, plants and equipment (11,047,735 ) (5,260,502 )
Advance payments for machinery 0 (369,814 )
Net cash provided/used in investing activities (5,982,275 ) (5,630,316 )

Cash Flows from Financing Activities:
Repayment/Proceed of loans 6,809,969 3,344,062
Bank loan (1,778,982 ) 1,210,285
Net cash provided by financing activities 5,030,987 4,554,347
Decrease in cash and cash equivalents (2,282,172 ) (2,396,654 )
Effect of exchange rate changes on cash (381,167 ) (190,979 )
Cash and cash equivalents, beginning of year 3,429,033 6,016,666
Cash and cash equivalents, end of year 765,694 3,429,033
Cash paid for interest 155,133 116,212
Supplemental disclosure of non-cash operating and investing activities:
Non cash transaction, Property, plants and equipment in accounts payable 185,214 3,167,499

See accompanying summary of accounting policies and the notes to the financial statements.


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1. Organization and Nature of Operations

Organization - SES SOLAR INC. (the “Company,” “SES USA,” “our,” “we” and “us”) is the result of a reverse acquisition accomplished on September 27, 2006 between SES USA, a Delaware company, which had no operations and net assets of $39,069, and Société d’Energie Solaire SA (“SES Switzerland”), a Swiss company. SES USA acquired all of the outstanding shares of SES Switzerland. For accounting purposes, the acquisition has been treated as a recapitalization of SES Switzerland with SES Switzerland as the acquirer (reverse acquisition). SES Switzerland acquired 10,668,000 of SES USA in the transaction. The historical financial statements prior to September 27, 2006 are those of SES Switzerland. The reverse acquisition resulted in a change of control of SES USA, with the former stockholders of SES Switzerland owning approximately 70% of SES USA and SES Switzerland becoming SES USA’s wholly owned subsidiaries.

SES Switzerland was formed in 2001 for the purpose of researching, developing, manufacturing and selling innovative products to the solar photovoltaic market. From its inception, SES Switzerland has focused primarily on manufacturing and installing silicon photovoltaic solar cell panels. The principal source of revenue for the Company has been the sale of photovoltaic panels in turn-key installations, manufactured in-house or purchased from subcontractors, to electric utilities, local government agencies and private households.

As of July 31, 2008, the Company formed a new Swiss wholly owned subsidiaries, SES Prod SA (“SES Prod”), also located in Geneva. It is expected that in the future, all of the Company’s manufacturing activities now being conducted by SES Switzerland will be conducted by SES Prod. At such time, SES Switzerland’s primary activity will be managing the Company’s manufacturing facility.

In connection with the reverse acquisition accomplished on September 27, 2006, the Company entered into the Credit Line Escrow Agreement dated September 1, 2006, as amended October 27, 2006 and November 30, 2006, with Christiane Erné, Jean-Christophe Hadorn, and Claudia Rey. Pursuant to the terms of the Credit Line Escrow Agreement, the parties agreed to escrow 24,143,410 of the 48,286,817 shares of common stock issued in the merger to Christiane Erné (21,729,068 shares), Jean-Christophe Hadorn (1,207,171 shares) and Claudia Rey (1,207,171 shares). The 24,143,410 shares of common stock are to be delivered from escrow as follows:

(a) into a subsequent escrow in accordance with the terms of the Long Term Escrow Agreement (as described below) if the Company receives financing of at least $11,367,727 (CHF 12 million) on or before November 30, 2007; or

(b) to the Company for immediate cancellation if it do not receive financing of at least $11,367,727 (CHF 12 million) on or before November 30, 2007.

On September 18, 2007, we entered into a loan agreement with the Geneva (Switzerland) State Department of Energy (“ScanE”) in the principal amount of $4.3 million (CHF4.5 million). On November 13, 2007, the Company entered into an amended agreement with Banque Cantonal de Genève whereby our Construction Credit Agreement dated December 20, 2006 was increased from $4.6 million (CHF4.8 million) to $8.1 million (CHF8.5 million). As a result these recent financings, and in combination with its other available financing arrangements as discussed in the Liquidity section to Management’s Discussion and Analysis, the Company obtained total financing in excess of the amount required to satisfy the Credit Line Escrow Agreement such that the 24,143,410 shares have been transferred from the Credit Line Escrow to the Long Term Escrow.

SES USA engaged in a second round of financing on November 7, 2006 pursuant to which SES USA issued 4,100,001 shares to third parties resulting in a further dilution of the historical and former shareholders of SES Switzerland to approximately 66%.


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2. Future Operations

The Company has experienced losses from operations and anticipates incurring losses in the near future. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of ($474,454) and a negative cash flow from operations of ($1,330,884), and had a working capital deficiency of ($8,923,795) at December 31, 2008. These matters raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company has financed the construction of the new manufacturing facility with so called construction loans (Note 10). These construction loans are converted into a mortgage immediately after completion of the building. Since the manufacturing facility has not been completed as of December 31, 2008, no construction loans were yet converted into mortgages.

The Company's ability to continue its operations and market and sell its products and services will depend on the Company's ability to convert the construction loans into mortgages and to obtain additional financing. If the Company is unable to obtain such financing, the Company will not be able to continue its business. Any additional equity financing may be dilutive to shareholders, and debt financing, if available, will increase expenses and may involve restrictive covenants. The Company will be required to raise additional capital on terms which are uncertain, especially under the current capital market conditions. Under these circumstances, if the Company is unable to obtain capital or is required to raise it on undesirable terms, it may have a material adverse effect on the Company's financial condition. The Company’s cash and cash equivalents are $765,000 for the year ended December 31, 2008. Based on the Company’s business plan it needs additional funding from external sources of approximately $7,456,000 to fund anticipated operating expenses and the completion of the manufacturing facility.

The Company’s current business plan includes the development of a new assembly line based on its proprietary technology and the construction of a manufacturing facility in the suburbs of Geneva, Switzerland to produce solar modules and solar tiles at a lower cost. These activities require the Company to design and manufacture prototype panels, have them approved in accordance with European and other standards, manufacture in series and sell them in the primary markets for solar photovoltaic cells. Costs incurred in manufacturing prototype panels have been expensed as research and development costs.

3. Summary of Significant Accounting Policies

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SES Switzerland and SES Prod. All significant inter-company accounts and transactions have been eliminated in the consolidation.

All amounts are presented in $ unless otherwise stated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ from such estimates.

Foreign Currency Translation - The reporting currency of SES USA is the U.S. dollar ($) whereas SES Switzerland’s functional currency is the Swiss Franc (CHF). The financial statements of SES Switzerland are translated to U.S. dollar equivalents under the current method in accordance with SFAS No. 52, “Foreign Currency Translation.” Assets and liabilities are translated into U.S. dollar equivalents at rates of exchange in effect at the balance sheet date. Average rates for the year are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive income (loss). Foreign currency differences from inter-company receivables and payables are recorded as Foreign Exchange Gains/Losses in the Statement of Operations.

The exchange rates used for translating the financial statements are listed below:

Average Rates 2008 2007
CHF CHF
$ 1.07940 1.19870

Balance Sheet year-end rates 2008 2007
CHF CHF
$ 1.05562 1.12566

Cash Equivalents—The Company considers all highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents.


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Receivables and Credit Policies— The Company’s accounts receivables primarily consists of trade receivables. Management reviews accounts receivables on a monthly basis to determine if any receivables will potentially be uncollectible. The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable and unbilled receivables to their expected net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates, due primarily to credit policies, collection experience and the Company’s stability as it relates to its current customer base. Receivables consist of revenues billed to customers upon achievement of contractual obligations. Based on the information available, the Company believes its allowance for doubtful accounts as of December 31, 2008 is adequate.

Product Inventory—Product inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is accounted for at the lower of cost or market, and as a result, write-offs/write-downs occur due to damage, deterioration, obsolescence, changes in prices and other causes.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using straight-line method over estimated useful lives of 3 to 20 years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized.

Long-Lived Assets—The Company accounts for long-lived assets in accordance with the provisions of SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The statement requires the Company to evaluate its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, impairment may exist. To determine the amount of impairment, the Company compares the fair value of the asset to its carrying value. If the carrying value of the asset exceeds its fair value, an impairment loss equal to the difference is recognized.

Warranties—Since the Company’s commencement it has had no warranty claims. The Company’s production was low and components were purchased for photovoltaic installations, all of which have their own warranties. Since the Company has not yet started producing its own photovoltaic cells and warranty claims can be thus exercised against its suppliers, the Company does not believe that discussion of warranties is a critical accounting policy currently, but this may become so in the future.

Revenue Recognition - The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition" ("SAB 104"). SAB 104 requires that four basic criteria be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller's price to the buyer is fixed and determinable; and (4) collection is reasonably assured.

Revenues and profits from general management of construction-type contracts are recognized on the completed-contract method and therefore when the project is completed. A contract is considered complete when all costs except insignificant items have been incurred and the installation is operating according to specifications or has been accepted by the customer. Contract costs include all direct materials and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Costs in excess of amounts billed are classified as current assets under Work in Progress. Billings in excess of cost are classified under current liabilities as Billings in Excess of Cost and Estimated Earnings. Any anticipated losses on contracts are charged to operations as soon as they are determinable. No unbilled revenue has been recognized so far.

For the years ended 2008 and 2007, the Company has no billed or unbilled amount representing claims or other similar items subject to uncertainty concerning their determination or ultimate realization. Amounts outstanding as at year end are expected to be collected in 2009.

Between January 2008 and June 2008, the Company recognized sales of photovoltaic electricity produced by solar modules on the roof of its new manufacturing facility to a local electricity provider in Geneva. Revenues from such sales were recognized monthly based on the amount of electricity produced. As further explained below, such revenue has ceased due to the sale of the power plant as of June 30, 2008.

Income Taxes—The Company follows Statement of Financial Accounting Standards (SFAS) No. 109, “Accounting for Income Taxes”, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense (benefit) is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. The Company’s tax basis for assets and liabilities is identical for the financial statements and tax reporting. Accordingly, the only deferred tax position is the benefit with respect to the net operating loss. The Company records a valuation allowance to reduce the deferred tax asset to the amount that is estimated to be more likely than not to be realized.

Comprehensive Income - The Company accounts for comprehensive income according to Statement of Financial Accounting Standards (SFAS) No. 130 “Reporting Comprehensive Income”. Effective for fiscal years beginning after December 15, 1997, FAS 130 states that comprehensive income is net income, plus certain other items that are recorded directly to shareholders’ equity such as foreign currency translation adjustments and unrealized gains (losses) on marketable securities.


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Loss Per Share—Loss per share is presented in accordance with the provisions of SFAS No. 128, “Earnings Per Share”. Basic earnings per share does not include the effects of potentially dilutive stock options and is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects, in periods in which they have a dilutive effect, commitments to issue common stock and common stock issuable upon exercise of stock options for periods in which the options’ exercise price is lower than the Company’s average share price for the period. As per an agreement dated September 1, 2006 (as amended), related to the reverse acquisition, the Company is required to obtain additional financing in the amount of CHF12,000,000 ($11,367,727) no later than November 30, 2007 to build a manufacturing plant in Plan-les-Ouates. Otherwise, 24,143,410 escrowed shares will be cancelled. As of September 18, 2007, the Company entered into a loan agreement with the Geneva (Switzerland) State Department of Energy (“ScanE”) in the principal amount of $4.3 million (CHF4.5 million). On November 13, 2007, the Company entered into an amended agreement with Banque Cantonal de Genève whereby its Construction Credit Agreement dated December 20, 2006 was increased from $4.6 million (CHF4.8 million) to $8.1 million (CHF8.5 million). As a result of these recent financings, and in combination with its other available financing arrangements, the Company obtained total financing in excess of the amount required to satisfy the Credit Line Escrow Agreement such that the 24,143,410 shares have been transferred from the Credit Line Escrow to the Long Term Escrow (see notes 15). The escrowed shares were included in earnings per share once conditions were met (September 18, 2007).

Stock options of 43,110 were granted to a non-employee, Hogan & Hartson LLP, and outstanding as of June 18, 2007 and are not included in the Earnings per Share. The grant of options was cancelled by mutual agreement on July 18, 2007 without any options being exercised.

2008 2007
Basic Weighted average shares outstanding 73,081,168 55,835,875
Diluted weighted average shares outstanding 73,081,168 55,835,875


Note: Due to the net loss, the calculation of the effect of common stock equivalents due to issuance of warrants is excluded because of anti-dilution. The number of shares of common stock listed as beneficially owned by one stockholder includes 1,500,000 shares of common stock potentially issuable upon exercise of 1,500,000 common share purchase warrants. Each common share purchase warrant is exercisable until November 22, 2010 at an exercise price of $0.90 per share. As of the December31, 2008 and December 31, 2007 balance sheet dates, the warrants were not yet exercised. Also, they are not included in the computation of diluted loss per share because their effect was anti-dilutive.

Long-Lived Assets - Long-lived assets, other than goodwill, are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of these assets and their eventual disposition is less than their carrying amount. The determination of whether or not long-lived assets have become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the estimated future cash flows expected to result from the use of those assets. Changes in the Company’s strategy, assumptions and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of long-lived assets.

Research and Development Costs—Research and development costs are expensed as incurred. Research and development costs are not disclosed separately in the Notes to the Financial Statements, but are disclosed separately in the Income Statement.

Fair Value of Financial Instruments—The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of receivables, inventory, accounts payable and accrued liabilities approximate fair value because of the short-term maturities of these instruments. The fair value of the long-term debt is estimated based on anticipated interest rates which management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. The fair value approximates carrying value of the long-term debt.



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4. Impact of Recently Issued Accounting Pronouncements


In September 2006, the Financial Accounting Standards Board (FASB) issued Statement No. 157, “Fair Value Measurements” (“SFAS 157”). SFAS 157 defines fair value for financial accounting and reporting purposes, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value instruments. This statement does not require any new fair value measurements, rather, it applies under other accounting pronouncements that require or permit fair value measurements. The provisions of this statement are to be applied prospectively as of the beginning of the fiscal year in which this statement is initially applied, with any transition adjustment recognized as a cumulative effect adjustment to the opening balance of retained earnings. SFAS 157 was effective and adopted by the Company as of January 1, 2008. In order to determine the implications of adopting SFAS 157, the Company reviewed all the assets and liabilities recorded on its balance sheet. Based on the results of its review, the Company determined that a majority of its assets and liabilities are either not required to be measured at fair value in its financial statements, or are outside the scope of SFAS 157. The adoption of SFAS 157 did not have a material impact on the Company’s results of operations, cash flows or financial positions.

In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities - Including an Amendment of FASB Statement No. 115” (“SFAS 159”). SFAS 159 allows an entity to irrevocably elect fair value for the initial and subsequent measurement of certain financial instruments and other items that are not currently required to be measured at fair value. When the fair value option is elected and a company chooses to record eligible items at fair value, the company must report unrealized gains and losses on those items in results of operations at each subsequent reporting date. Additionally, the transition provisions of SFAS 159 permit a one-time election for existing positions at the adoption date, with a cumulative effect adjustment included in opening retained earnings. All future changes in fair value will be reported in results of operations. Prior to this election, only the unrealized losses were recorded in results of operations. The Company adopted SFAS 159 effective for the fiscal year beginning January 1, 2008, and the adoption had no impact on the Company’s financial position and results of operations.

Recent Accounting Pronouncements Not Yet Effective

In December 2007, the FASB issued SFAS No. 141(R),“Business Combinations.” SFAS 141(R) requires all business combinations completed after the effective date to be accounted for by applying the acquisition method (previously referred to as the purchase method). Companies applying this method will have to identify the acquirer, determine the acquisition date and purchase price and recognize at their acquisition date fair values of the identifiable assets acquired, liabilities assumed, and any non-controlling interests in the acquirer. In the case of a bargain purchase the acquirer is required to reevaluate the measurements of the recognized assets and liabilities at the acquisition date and recognize a gain on that date if an excess remains. SFAS 141(R) becomes effective for fiscal periods beginning after December 15, 2008. This statement is not expected to have a significant effect on the Company's financial statements.

In February 2008, the FASB issued Staff Position (FSP) FAS 157-2, Effective Date of FASB Statement No. 157, which defers the implementation for the non-recurring financial assets and liabilities from fiscal years beginning after November 15, 2007 to fiscal years beginning after November 15, 2008. The provisions of SFAS 157 will be applied prospectively. The statement provisions effective as of January 1, 2008, do not have a material effect on the Company’s financial position and results of operations. Management does not believe that the remaining provisions will have a material effect on the Company’s financial position and results of operations when they become effective on January 1, 2009.

On October 10, 2008, the Financial Accounting Standards Board issued FASB Staff Position (FSP) No. FAS 157-3. This FSP applies to financial assets within the scope of accounting pronouncements that require or permit fair value measurements in accordance with Statement 157 and clarifies the application of Statement 157 in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. It is effective upon issuance. The adoption of FSP FAS 157-3 is not expected to have a material impact.

In December 2007, the FASB issued Financial Accounting Standard No. 160, Non-controlling Interests in Financial Statements-an amendment of ARB No. 51 (“SFAS 160”). SFAS 160 requires that a non-controlling interest in a subsidiary be reported as equity and the amount of net income specifically attributable to the non-controlling interest be identified in the financial statements. It also calls for consistency in the manner of reporting changes in the parent’s ownership interest and requires fair value measurement of any non-controlling equity investment retained in a deconsolidation. SFAS 160 is effective for fiscal years beginning after December 15, 2008, with early adoption prohibited. This statement is not expected to have a significant effect on the Company’s financial statements.


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In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133" (“SFAS 161”). SFAS 161 amends and expands the disclosure requirements of SFAS 133, "Accounting for Derivative Instruments and Hedging Activities" (“SFAS 133”), by requiring enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for under SFAS 133 and its related interpretations, and how derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows. SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. SFAS 161 will be effective for the Company as of January 1, 2009. As SFAS 161 provides only disclosure requirements, the adoption of this standard will not have a material impact on the Company’s results of operations, cash flows or financial positions.

5. Sales Contracts under Completed-Contract Method (CCM)

SES Switzerland enters into contracts for installation of solar cell panels with public or private building owners. The timeframe between the contract’s signature and the connection to the electrical network (grid), being the due date for the contract’s completion, can vary between 6 months and 2 years. SES Switzerland recognizes revenues under the Completed Contract Method (CCM), based on contractual obligations and deliveries. Until completion of the contract, advances from customers and advances to suppliers are recorded separately in the balance sheet.

During 2008, two projects were completed and therefore $33,416 were recognized (2007 $1,344,794).

6. Cash and Cash Equivalents

$ (held in CHF) $ (held in $) $ (held in EUR) $ TOTAL
2008 $ TOTAL 2007
Cash on hand 547,904 1,861 215,929 765,694 274,033
Short-term Investments - - - - 3,155,000
Cash and Cash Equivalents 547,904 1,861 215,929 765,694 3,429,033

Cash and cash equivalents are available to the Company, and there is no restriction or limitation on withdrawal or use of these funds. The Company’s cash equivalents are placed with highly credit rated financial institutions. The carrying amount of these assets approximates their fair value.

7. Accounts Receivable and Significant Customers

At December 31, 2008 and 2007, the Company’s accounts receivable balances were $12,001 and $47,356, respectively. Significant customers are summarized below:

Receivables
2008 2007
$ $
A 12,001 11,255
F - 15,771
G - 20,330

Total Accounts Receivable 12,001 47,356



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Revenues for 2008 and 2007 were $33,416 and $1,344,794, respectively. Significant customers are summarized below:

Revenues
2008 2007
$ $


D 23,161 1,192,964
E 6,027 52,023
F 0 89,263
Others 4,228 10,544

Total Revenues 33,416 1,344,794

8. Inventory

Inventory is summarized as follows:

2008 2007
$ $
Raw Materials and Others 1,473,540 97,159
Finished Goods 192,159 174,635
Total Inventory 1,665,699 271,794

Large increase in inventory relates mostly to the SwissTiles. This increase in inventory is due to the fact the company will need them for the completion of projects in the future

9. Property, Plant and Equipment

Property and equipment is summarized as follows:

2008 2007
$ $
Machinery and equipment 384,831 360,887
Office furniture and equipment 87,306 76,606
Vehicles 128,252 0
Equipment 600,389 437,493
Solar plant 0 3,785,521
Building construction 13,449,460 5,398,153
Property and equipment 14,049,849 9,621,167
Less accumulated depreciation and amortization (429,351 ) (339,014 )
Property, Plant. and equipment, net 13,620,498 9,282,153

Depreciation and amortization expense of property and equipment for the years ended December 31, 2008 and 2007 was $75,516 and $59,104, respectively. The company has defined the following useful lives for fixed assets: Machinery and equipment: 8 years, Office furniture and equipment: 3 (IT equipment) to 5 years (office furniture), Vehicles: 4 years.



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10. Borrowings Under Revolving Credit Facility, Short and Long-Term Loan

Short-Term Loan 2008 2007

State Department of Energy Geneva (Switzerland) 33,085 861,248
Banque Cantonale de Genève (1) 5,137,555 0
State Department of Energy Geneva (Switzerland) 0 3,997,665
State Department of Energy Geneva (Switzerland) (1) 4,736,550 0
UBS 0 1,288,815
9,907,190 6,147,728

Long-Term Loan 2008 2007

Banque Cantonale de Genève 0 7,563
State Department of Energy Geneva (Switzerland) 918,389 0
State Department of Energy Geneva (Switzerland) 882,413 0
1,800,802 7,563


Total loan as at December 31st, 2008 11,707,992


Year Repayments

2009
Short term loans (1)
Long term loans 9,874,105
33,085
2010
Long term loans 952,798
2011
Long term loans 35,785
2012
Long term loans 37,216
2013
Long term loans 38,706
Thereafter 736,297

Total 11,707,992

(1)Short term loans relate to the new construction of the manufacturing facility. The Company intends to refinance the construction loans on a long-term basis upon completion of the plant. Negotiations are presently taking place with several banking institutions interested in granting the long term mortgage facility.

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On November 3, 2003, SES Switzerland received a loan from the Geneva (Switzerland) State Department of Energy (“ScanE”) of up to CHF1,000,000 ($947,311). The loan bears interest at a rate of 4%. SES Switzerland used CHF969,470 ($918,389) of this loan as of December 31, 2008, and CHF969,470 ($861,248) as of December 31, 2007. This loan matured on March 31, 2008. On April 2, 2008, the Company filed a request with ScanE to renew the loan for a period of 24 months on the same terms and conditions. By decision dated May 19, 2008, ScanE accepted the Company’s request that the loan be extended for a period of 24 months on the same terms and conditions. The new maturity date for the loan is March 31, 2010. Pursuant to the Canton Geneva Escrow Agreement dated September 15, 2006, Christiane Erne, Jean-Christophe Hadorn and Claudia Rey personally pledged 10,000,000 of their issued SES USA common shares as a guarantee for the original loan entered into on November 6, 2003. These shares now serve as a guarantee for the renewed loan dated May 19, 2008. The Company does not currently have any plans to repay the loan before its March 31, 2010 maturity date.

On January 21, 2004, ScanE granted the Company a credit facility of CHF1million ($947,311) to finance the construction of the Company’s new manufacturing facility. Release of these loan proceeds was contingent upon the Company satisfying certain conditions precedent, which were satisfied as of November 13, 2007. As of January 8, 2008, we had utilized the full amount of the loan, which has a fixed annual interest rate of 4%. The loan has a duration of 20 years and is secured by a mortgage certificate of CHF1,000,000 ($947,311) on the manufacturing facility. The loan is reimbursed in 20-equal annual installments of CHF73,581 (approximately $69,704) which include principal and interest. The first installment was paid in December 2008 thus reducing the principal to $ 915,498.

On September 18, 2007, we signed a six month credit facility for CHF4,500,000 ($4,262,898) with ScanE. The loan bears interest at 5%. The proceeds were received on October 1, 2007 and became due on March 17, 2008. ScanE extended the loan until June 20, 2008 under the same terms and conditions as the existing loan agreement. On June 20, 2008, SES announced the sale of its photovoltaic power station to Services Industriels de Geneve (“SIG”). The Company received substantially all of the proceeds from the sale on June 30, 2008 and used a portion of the proceeds to reimburse this loan in full as of July 2, 2008.

SES Switzerland also had a revolving credit line with UBS in the principal amount of CHF3,000,000 ($2,841,932) used mainly to cover short-term cash needs. The revolving credit line was secured by short-term deposits denominated in US dollars with UBS, amounting to $3,155,000. The credit line bears interest at 4.75%. On August 13, 2008, $ 3,000,000 of the short-term deposit were used to offset the credit line. The balance of the credit facility was CHF0 ($0) as of December 31, 2008 and CHF1,450,764 ($1,288,815) as of December 31, 2007 and expired.

SES Switzerland also has a Construction Credit Agreement with Banque Cantonale de Genève (BCGE) dated December 20, 2006 in the amount of CHF4.8 million ($4,547,091), which is used to finance construction of our new manufacturing facility. The loan was amended on November 13, 2007 and increased from CHF4.8 million to CHF8.5 million ($8,052,140). The amended agreement must be drawn down no later than the date of completion of construction on the new manufacturing facility planned during the first semester 2009. We used CHF5,423,310 ($5,137,555) of the loan as of December 31, 2008 and CHF8,513 ($7,563) as of December 31, 2007. The loan bears interest at a rate of 3.75% and is secured by a second lien exclusive mortgage certificate of CHF9,000,000 ($8,525,795) on the manufacturing facility.


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On October 27, 2008 we signed a six month credit facility for CHF5,000,000 ($4,736,550) with ScanE to finance improvements on the building. The loan was secured by a 4 rd rank mortgage on the building. As of December 31, 2008, the full amount of the loan was used to finance construction of our new manufacturing facility. The loan bears interest at of 4%. The loan will be reimbursed upon completion of the construction and concentration of all construction credit facilities with one financial institution.

11. Billings in Excess of Cost and Estimated Earnings

Billings in Excess of Cost and Estimated Earnings 2008 2007

Prepayments to suppliers 151,363 43,234
Work in progress 134,782 367,960
Prepayments from customers (1,734,735 ) (918,238 )
(1,448,590 ) (507,044 )

12. Commitments and Contingencies:

Operating Leases - lease expenses for the years ended December 31, 2008 and 2007 were $181,632 and $135,453, respectively.

The following table presents future minimum lease commitments (concerning the lease of vehicles) under operating leases at December 31, 2008

Operating Leases
2009 43,355
2010 29,739
2011 30,005
2012 25,209
Total 128,308

In addition to the amounts disclosed above, SES Switzerland has an operating lease for its office located at 129 Route de Saint-Julien, Plan-les-Ouates, Switzerland (a suburb of Geneva). The rent is CHF52,572 ($48,705) per year. The initial lease term ended on February 28, 2008. The lease has been renewed with the same conditions for the next 12 months.

SES Switzerland also leases a 1,654 square meter industrial facility in Härkingen, Switzerland. The monthly fixed rent is CHF7,232 (approximately $6,700). The lease has no specific termination date. The lease may be cancelled with six months notice at the end of the month, except for December, which requires an additional month’s notice.

On May 27, 2005, we received authorization from the State of Geneva to build a manufacturing facility on their property in Plan-les-Ouates, Switzerland and we received a lease for the land in February 2007. The lease for use of the land is for 60 years commencing on July 1, 2006.

The following are the lease commitments.

Use of Land
2009 66,764
2010 66,764
2011 66,764
2012 66,764
2013 66,764
Thereafter 3,505,127
Total 3,838,947

SES Switzerland has no non-cancellable operating leases.


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Employment Agreements—As at year end, SES Switzerland and SES Prod employed 4 employees and 2 executive officers. The terms of employment are supplemented by Swiss Commercial Law which requires in case of termination of the contract, a minimum of one month’s notice the first year, 2 months paid notice the second year and 3 month’s paid notice of termination thereafter. Mrs. Crisafulli and Mr. Erné have written employment agreements.

Flannel Management sarl has a consulting agreement with SES Switzerland effective October 1, 2006. Flannel Management sarl receives a monthly consulting fee of CHF20,000 ($18,529) (using exchange rate set forth in Note 3 to the Consolidated Financial Statements hereto). The contract is for a 10-year term and if earlier terminated, the Company nevertheless pays the consulting fees for the remainder of the term. One of Flannel Management sarl’s consultants is Philippe Crisafulli, the husband of Sandrine Crisafulli, Chief Financial Officer of SES USA and SES Switzerland.

During the year 2008, Jean-Christophe Hadorn, the CEO, and a stockholder of the Company, invoiced CHF94,706 ($87,739) to SES Switzerland as a consultant, of which CHF8,647($8,011) was outstanding at year-end.

Litigation—The Company is from time to time subject to routine litigation incidental to its business. There are no such litigation currently pending.

Capital Commitments- At December 31, 2008, the Company has an outstanding purchase order of EUR448,600 ($632,410) for the future construction of a new machine to be used in the new plant for solar module production. The Company has made an advance payment of EUR269,160 ($379,446) for the purchase of this machine. The balance due will be paid upon delivery of the machine. At December 31, 2008, the Company had purchase agreements signed for the building of the new plant for CHF7,354,273 ($6,966,781). Of the above amount, advance payment of CHF5,421,607 ($5,135,946) was made on January 1, 2009, the remaining amount will be paid at the end of the construction planned during the first semester 2009.

13. Business Segments

As December 31, 2008, all of the Company’s operations were conducted through its wholly owned subsidiaries, SES Switzerland, and were limited to the assembly and installation of photovoltaic panels in Switzerland. Commencing January 2008, the Company began selling electricity produced by its photovoltaic power station (the “Solar Plant”) on the roof of its new manufacturing facility to a local utility in Geneva. As previously reported, the Solar Plant was sold in June 2008. As a result, the Company’s operations are again limited to the assembly and installation of photovoltaic panels.

14. Discontinued Operations

As noted above, the Company sold its Solar Plant in June 2008. The balance sheet and income statement have been retrospectively adjusted to reflect the effects of discontinued operations. The Company sold photovoltaic electricity produced by the Solar Plant to a local electricity provider in Geneva based on a 20-year contract. This contract was cancelled on June 30, 2008 due to the sale of the Solar Plant. The net income from discontinued operations is from the former electricity producing business segment. The Solar Plant and the six-month credit facility of CHF4.5 million dated September 18, 2007 are the sole assets and liabilities, respectively, that comprise the electricity producing business segment.

The net income from discontinued operations during the year 2008 was $1,331,856 (gain on disposal of $1,185,704, revenue of $247,730 and expenses of $101,578). No income was recorded for the six-month period ended December 31, 2008. In 2007 there was no income or expense from discontinued operations.

12 months ended December, 2008

Revenue 247,730
Operating expenses (101,578 )
Gain (loss) on sale 1,185,704
Income tax (expense) recovery -
Net earnings (loss) from discontinued operations 1,331,856

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15. Stockholders’ Equity:

Common Stock— The Company has 100,000,000 shares of common stock authorized, par value $0.001 per share, and 73,081,168 shares issued and outstanding.

On November 22, 2006, the Company issued warrants to purchase 1,500,000 shares of common stock at an exercise price of $0.90 per share (the “Warrant Shares”). The Warrants expire four (4) years after the date of issuance.

During the year ended December 31, 2008, no stock purchase warrants were exercised.

Warrant transactions consisted of the following during the year ended December 31, 2008:

Exercisable
Warrants Strike Price
Warrants Outstanding As of December 31, 2007 1,500,000 $ 0.90
Warrants granted as consideration for agent’s fee 0 $ 0
Exercise of warrants 0 $ 0
Warrants Outstanding As of December 31, 2008 1,500,000 $ 0.90

Warrants outstanding expire as follows:

Warrants Strike
Year Expiring Price
2010 1,500,000 $ 0.90
1,500,000

The Company granted registration rights to Lansing Securities including the right to include all or any part of the Warrant Shares (the “Registrable Securities”) in the next registration statement and subsequent registration statements that the Company files with the SEC from time to time (the “Registration Statement”) (other than a registration statement on Form S-8 or Form S-4) until all of the Registrable Securities have been duly registered.

On August 31, 2006, SES USA entered into an agreement with Standard Atlantic to advise SES USA and its stockholders in connection with the purchase of all of the shares of SES Switzerland. Pursuant to the terms of a Finder’s Agreement between SES USA and Standard Financial (the “Finder’s Agreement”) the parties agreed to a finder’s fee of $228,000 if a transaction were consummated. The Finder’s Agreement also provided that Standard Atlantic would continue to provide consulting services to the Company for a period of 24 months regarding investor relations matters for a monthly fee of $20,000. The two-year consulting fee was due and was paid to Standard Financial at closing. The Company paid and recorded initially the total amount as deferred expense and amortized the amount over the 24 months of the consulting agreement, which ended on September 2008.

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TABLE OF CONTENTS


As per the terms of the Credit Line Escrow Agreement dated September 1, 2006 (as amended), related to the reverse acquisition, the Company was required to obtain additional financing in the amount of CHF12,000,000 ($11,367,727) before November 30, 2007 to build the manufacturing plant in Plan-les-Ouates. Otherwise, 24,143,410 shares of common stock escrowed by Christiane Ernè, Jean-Christophe Hadorn and Claudia Rey will be cancelled. If the Company receives the necessary financing, the escrowed shares are to be delivered to a subsequent escrow pursuant to the Long Term Escrow Agreement dated September 1, 2006. The shares of common stock of the Company held in escrow pursuant to the terms of the Long-Term Escrow Agreement are to be delivered from escrow by the escrow agent on the second anniversary of the closing of the share exchange agreement. As of September 18, 2007, the Company did obtain the necessary financing to satisfy the Credit Line Escrow Agreement, thus the shares were transferred into the Long Term Escrow and are included in earnings per share.

16. Employee Benefit Plans:

SES Switzerland’s employees are enrolled in a mandatory group pension plan with Bâloise Assurances. The pension plan is a defined contribution plan, and payments to the plan are made in equal parts by the employee (through withholding) and the employer. Contributions are based on the age of the employee and vary between 8% and 16%. Total amounts paid by the employer for 2008 were CH18,400 ($17,046).

17. Interest Income and other:

Interest income for the year ended December 31, 2008 was $45,838 as compared to $177,650 for the year ended December 31, 2007. The interest income earned in the year ended December 31, 2008, was received from increase time deposits originated by additional funding received during the second semester of 2006.

18. Income Taxes:

In June 2006, the Financial Accounting Standards Board issued interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes”. FIN 48 establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax-return positions in financial statements. The provisions of FIN 48 were effective for the Company as of January 1, 2007, and required application of FIN 48 to all existing tax positions upon initial adoption. The adoption of the standard had no effect on the Company’s financial condition or results of operation.

The following tax years remain subject to examination:

Jurisdiction Open years
Switzerland 2007-2008

The Company’s tax basis for assets and liabilities is identical for the financial statements and tax reporting. Accordingly, the only deferred tax portion is the benefit with respect to the net operating loss. The Company records a valuation allowance to reduce the deferred tax asset to the amount that is estimated to be more likely than not to be realized.

December 31, 2008 December 31, 2007
$ $
Deferred tax assets:
Net operating loss carry-forward 1,112,143 987,836
Less: valuation allowance (1,112,143) (987,836 )
Net deferred tax assets - -

We have net losses for financial reporting purposes. Recognition of deferred tax assets will require generation of future taxable income. There can be no assurance that we will generate sufficient taxable income in future years. Therefore, we established a valuation allowance on net deferred tax assets of $1,112,143 as of December 31, 2008 and $987,836 as of December 31, 2007.



F-18




TABLE OF CONTENTS

The components of loss before income tax benefit are as follows:

For the Years Ended December 31,
2008 2007
$ $
United States 0 0
Switzerland (474,454 ) (1,524,054 )
(474,454 ) (1,524,054 )

As of December 31, 2008, we have net operating loss carry forwards for Swiss tax purposes of $4,244,822, expiring at various times from years ending 2010 to 2014.

2008
$
2010 (501,396 )
2011 (505,411 )
2012 (1,239,507 )
2013 (1,524,054 )
2014 (474,454 )
Total tax-deductible loss carry forward (4,244,822 )

The deferred tax asset is realizable as we anticipate sufficient taxable income in future years to realize the tax benefit with respect to the net operating loss.

The adoption of FIN 48, Accounting for Uncertainty in Income Taxes, has had no impact on the reported carry forwards at December 31, 2008.

The tax provisions differ from the amount computed using the federal statutory income tax rate as follows:

Years Ended December 31,
2008 2007
$ $
Income tax benefit at federal statutory rate (161,314 ) (518,178 )
Foreign tax rate differential 37,007 119,101
Increase in valuation reserve 124,307 399,077
- -

19. Concentration of Risk

SES Switzerland is dependent on third-party equipment manufacturers, distributors and dealers for all of its supply of photovoltaic cells and panel components. For fiscal years 2008 and 2007, products purchased from SES Switzerland’s top three suppliers accounted for 87% and 99% of total revenues, respectively. The Company is dependent on its ability to provide installations on a timely basis and on favorable pricing terms. Although SES Switzerland tries to diversify its sources of supplies, its technology needs certain types of solar cells and the loss of certain principal suppliers, or the loss of one or more of certain ongoing affinity relationships could have a strong material adverse effect on the Company.

The Company’s future results could also be negatively impacted by the loss of certain customers, or the loss of one or more of certain ongoing affinity relationships.

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TABLE OF CONTENTS

20. Reverse Acquisition

SES USA entered into a share exchange agreement dated August 31, 2006 with SES Switzerland and the stockholders of SES Switzerland. The share exchange agreement contemplated SES USA acquiring all of the issued and outstanding common shares of SES Switzerland in exchange for the issuance by SES USA of 48,286,817 common shares. All share information has been retroactively restated to reflect the recapitalization in connection with the reverse takeover. See also Note 1.

21. Related Party Transactions

During 2008, Jean-Christophe Hadorn, the CEO, and a stockholder of the Company, invoiced CHF94,706 ($87,739) to SES Switzerland as a consultant, of which CHF8,647 ($8,011) was outstanding at year-end.

As of the fiscal years ended 2008 and 2007, the Company has a receivable from its major stockholder in the amount of $90,573 (CHF95,611) and $84,938 (CHF95,611), respectively. These amounts relate to a project for a building of a controlling stockholder.

Flannel Management sarl has a consulting agreement with SES Switzerland effective October 1, 2006. Flannel Management sarl receives a monthly consulting fee of CHF20,000 ($18,529) (using exchange rate set forth in Note 3 to the Consolidated Financial Statements hereto), resulting in CHF240,000 ($222,346) for the year 2008 (CHF240,000 or $200,218 for 2007). The contract is for a 10-year term and if earlier terminated, the Company nevertheless pays the consulting fees for the remainder of the term. One of Flannel Management sarl’s consultants is Philippe Crisafulli, the husband of Sandrine Crisafulli, Chief Financial Officer of SES USA and SES Switzerland.

SES Switzerland has entered into an employment agreement with Daniel Erné effective October 1, 2006. Mr. Erné receives an annual salary of CHF130,000 ($120,437) in consideration of management services. Mr. Erné is the husband of Christiane Erné and a director of SES USA and SES Switzerland.

22. Supplemental Cash Flow Information

Cash paid for interest during fiscal years 2008 and 2007 totaled $155,133, and $116,212, respectively.

In fixed assets a total amount of $185,214 ($3,167,499) have been capitalized but not paid as of December 31, 2008. This amount is included in accounts payable as of year end.

23. Subsequent Events

No major events have occurred since the closing of the accounts.


F-20







Department of Territory
Energy Service

File N° 597


Funds for development of renewable energies and savings of energy

Loan Agreement

N° 08/03

between

Etat de Genève, Department of Territory (DT), Cantonal Energy Service (ScanE), lender

and

SES Société d’Energie Solaire SA (hereinafter the “beneficiary” or “SES SA”), domiciled at 129 route de Saint-Julien 1228 Plan-les-Ouates, borrower


1) Preamble

On August 21, 2008, SES SA filed a request with DT, ScanE, for a loan of CHF 5,000,000 (five millions of Swiss francs), in accordance with the Act Establishing Two Funds for the Development of Renewable Energies and Economies of Energy (L 2 40), for the purpose of bridge-loan designated to complete the loan granted for the construction of their new manufacturing facility in ZIPLO, which is located on plot n° 6786 (DDP on plot n° 6708) of the municipality of Plan-les-Ouates. By decision dated October 8, 2008, the DT, granted SES a loan of CHF 5,000,000 for a period of 6 months, at the interest rate of 4% per annum. This decision was contingent upon the signing by the parties of this Loan Agreement. The latter determines the modalities of the transfer, of the repayment, and the guarantee of the aforementioned loan.

2) Transfer of the loaned monies to the borrower

Not a single transfer shall take place unless the guarantees set forth in Section 7 hereinafter are presented by the borrower and two copies of this agreement are signed.

The interests start from the payment of the loan by State of Geneva, DT, ScanE.

The loan shall be paid into the credit for the construction account No R 3307.0035 held at the Bank Cantonal de Genève

3) Duration of the loan

The loan is granted for a maximum period of 6 months starting from the date where the loan was paid by DT, ScanE.

4) Interests

The loan shall bear interest of 4% per annum payable by the borrower.












5) Repayment for the loan

The borrower undertakes to repay the amount of CHF 5’000’000 and the interests due on redemption date.

Advanced repayment of the loan in a single installment or advanced repayment of part of the loan is possible at all times.

6) Delay in repayment

A penalty interest of 5% shall be paid in case of late repayment of the capital and interests.

7) Guarantees

The loan is guaranteed by a mortgage certificate of CHF 5’000’000 established on the DDP 6786 of plot 6708 of the municipality of Plan-les-Ouates. The mortgage certificate shall be returned to the borrower as soon as the loan is repaid.

8) Use of the loan in conformity with the energy indicators

The borrower shall use the loan to realize the project enclosed to its demand number 597 which was approved by DT, ScanE by its decision dated October 8, 2008 and excluding any other use.

9) Project or installation changes

Any change in the initial project as such was approved by DT needs be notified in writing to DT, ScanE, so that, if needed, a new examination of the file can be effectuated.

Any change which was not approved in writing by DT, ScanE, shall constitute a breach of contract.

10) Entry and information right

The present agreement authorizes DT, ScanE to effectuate, at its own expenses, the scrutiny visits throughout the duration of the construction works. If the installation is declared not conform to the initial project, the cost of the scrutiny visits shall be assumed by the borrower.

The borrower authorizes DT to use photographs or other documents and information concerning the project in connection with statistics, information or promotion of renewable energies.

11) Venue and governing law

For any dispute arising out of the present agreement, the venue shall be in Geneva. Swiss law applies.

12) Transfer/Assignment

The present agreement cannot be fully or partially assigned by any of the parties to any third party (Art. 164(1) Code of Obligations).

Address of correspondence

Any correspondence in relation to this agreement shall be sent to the address hereinafter and shall mention the name of the borrower, the signing date and the file number (indicated at the beginning of the contract)










Service de l’Energie
Rue du Puits-Sait-Pierre 4
Case postale 3918
1211 Geneva 3

Agreement drafted and signed in two original copies, one for the borrower and another for Etat de Genève, DT, ScanE

For Etat de Genève, DT: For the borrower:

Mr. Olivier Epelly
Director of the Service for Energy Mrs Sandrine Crisafulli
Administrative director

[signed] [signed]
[SES SA seal]

Geneva, October 27, 2008 Geneva, October 9, 2008












Exhibit 21

Subsidiaries of SES Solar Inc.

Société d’Energie Solaire SA
SES Prod SA












CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jean-Christophe Hadorn, certify that:

1. I have reviewed this annual report on Form 10-K of SES Solar Inc. for the year ended December 31, 2008;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

5. The small business issuer’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: March 31, 2009

By: /s/ Jean-Christophe Hadorn
Jean-Christophe Hadorn
Chief Executive Officer








CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sandrine Crisafulli, certify that:

1. I have reviewed this annual report on Form 10-K of SES Solar Inc. for the year ended December 31, 2008;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

5. The small business issuer’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: March 31, 2009


By: /s/ Sandrine Crisafulli
Sandrine Crisafulli
Chief Financial Officer









CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of SES Solar Inc. (the “Company”) on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Jean-Christophe Hadorn, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 31, 2009


By: /s/ Jean-Christophe Hadorn
Jean-Christophe Hadorn
Chief Executive Officer









CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of SES Solar Inc. (the “Company”) on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Sandrine Crisafulli, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 31, 2009


By: /s/ Sandrine Crisafulli
Sandrine Crisafulli
Chief Financial Officer

[Torrente]

Antwort auf Beitrag Nr.: 36.900.870 von poersi am 01.04.09 20:22:43

Poersi hat vollkommen recht.
Der Bericht aus der Berliner Zeitung, interessiert nen Toten!!
Fakten über SES Solar brauchen wir und sonst nix!!

[Torrente]

Den kompletten Bericht hier zu posten wäre nicht nötig gewesen.
Ich denke alle hier sind in der Lage, sich den selbst zu besorgen.

Kommentare und dazugehörige Auszüge aus dem Bericht, wären doch etwas interessanter!

[lerchengrund]

Antwort auf Beitrag Nr.: 36.905.950 von Torrente am 02.04.09 14:11:14

W A H N S I N N ! ! !

[Torrente]

Tja, Wahnsinn, das meine ich auch!!

Zurück zum Thema denke ich.

Wann bewegt sich bei uns denn mal wieder etwas.
Damals gabs wenigstens mal so Schwankungen, so um die 20 Cent.

Echt tote Hose momentan.
Oder weiß jemand etwas Neues??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.925.601 von Torrente am 06.04.09 12:00:31

ich denke unsere ses wird erst reagieren, wenn der amerikan.markt nach oben zieht ( bin z.b.bei einer apso drinnen-nichts rührt sich derzeit).der dt.markt ( solarworld , conergy, etc. )ist , glaube ich, derzeit schon zu ausereizt, um auf nachrichten zu reagieren.aber , wie geschrieben-nur meine meinung und keine ak u. vk. empfehlung

[Superzukunft]

Antwort auf Beitrag Nr.: 36.926.335 von schniddelwutz am 06.04.09 13:44:03

Hee Schniddelwutz, bist Du ein Hellseher??????????????

In USA aktuell bei 0,35 Dollar, das sind umgerechnet 0,26 €!!!!!!

Morgen gehts dann hier so richtig uppi

SZ

[Torrente]

Antwort auf Beitrag Nr.: 36.929.772 von Superzukunft am 06.04.09 21:34:34

Tja, alles schon wieder verpufft!!!

Immer diese Kurszuckungen.

[poersi]

hier gibt's was neues:

(b) On April 2, 2009, the Board of Directors of SES Solar Inc. (the “Company”) accepted the resignation of Jean-Christophe Hadorn as Chief Executive Officer and as a Director in order that Mr. Hadorn may pursue other interests. On March 31, 2009, the Board of Directors also accepted the resignation of Michael Noonan as a Director.

(c) Christiane Erné, a member of the Board of Directors since September 2006 and one of the Company’s controlling stockholders, has agreed to serve, as of the date hereof, as the Company’s interim Chief Executive Officer until such time as the Board of Directors appoints a permanent Chief Executive Officer, which the Company expects will occur over the next several months. The time frame for selecting a permanent Chief Executive Officer coincides with the Company’s anticipated launch of its first production line at its new manufacturing facility in Geneva.

Since 2001, Ms. Erné has been active in the development of renewable energies and associated technologies through the Company’s wholly owned subsidiary, Société d’Energie Solaire. Ms. Erné is married to Daniel Erné, a full time consultant to the Company and a Director. We are grateful to Ms. Erné for her continued leadership as we enter into this next phase of the Company’s development.

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.930.091 von Torrente am 06.04.09 22:19:26

solange ein ding zuckt ist das teil wenigstens nicht tot

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.929.772 von Superzukunft am 06.04.09 21:34:34

leider bin ich keiner. wäre dies nämlich der fall würde ich hier nicht schreiben, sondern würde irgendwo in der sonne liegen

[Torrente]

Hab gestern noch mal verzweifelt nach News gesucht, aber nichts gefunden.
Wann beginnt denn endlich die Produktion?
Ist echt frustrierend!

[lerchengrund]

Antwort auf Beitrag Nr.: 36.959.515 von Torrente am 13.04.09 14:10:31

es wird doch schon produziert, und zwar Solarstrom, auf dem Dach der Fabrikhalle, die bisher innen wohl noch leer zu sein scheint. ???

[schniddelwutz]

was mich momentan etwas stört ist die tatsache, daß dt. u. chin. solaraktien derzeit einen regelrechten boom erleben, china bei weitem mehr. aber vielleich wird's auch bei uns noch was

[Torrente]

Antwort auf Beitrag Nr.: 36.962.559 von schniddelwutz am 14.04.09 09:25:11

Impulse aus den USA sind das einzige was denn Kurs hoch treiben könnte, oder?
Ich glaube nicht, das der Dax-Kurs selbstständig nen Sprung macht!!

[meineeigene]

Antwort auf Beitrag Nr.: 36.964.305 von Torrente am 14.04.09 13:16:52

seit diesen Monat kann mann in google earth auch die Halle sehen. das solardach ist besonders gut zu erkennen.

[lerchengrund]

Antwort auf Beitrag Nr.: 36.964.594 von meineeigene am 14.04.09 14:03:31

welche Koordinaten?

[Torrente]

http://www.eurosolar.de/de/index.php?option=com_content&task…

Eigentlich ein altes Video, aber in deutscher Sprache.
SES hat ja 2008 einen Solarpreis gewonnen,

Also von einer Briefkastenfirma kann hier wirklich keine Rede sein, oder.
So´n Preis bekommt doch nicht jeder.
Bin extrem gespannt, wo es hingeht wenn Produktion und Handel bei SES startet.
SES schläft momentan noch, aber wenn es aufwacht..., dann ist einiges möglich!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.976.997 von Torrente am 16.04.09 09:06:19

[meineeigene]

Antwort auf Beitrag Nr.: 36.968.483 von lerchengrund am 14.04.09 22:36:17

Fertigungshalle in Genf bei Google Earth 46°09´53.33" und 06°06´12.77", viel Spaß beim Suchen

[Superzukunft]

Antwort auf Beitrag Nr.: 36.978.446 von meineeigene am 16.04.09 11:51:32

Wau, heute schon 1300 Stück gehandelt

SZ

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.979.053 von Superzukunft am 16.04.09 12:56:28

bin entzückt

[Sombratan]

Ich ebenfalls... Jetzt will ich aber auch mal Kurse >.20 sehen

[Torrente]

Antwort auf Beitrag Nr.: 36.980.901 von Sombratan am 16.04.09 16:01:55

Tja, die USA sind schon wieder im Minus.
Und nach denen richtet sich ja leider bekanntlich alles!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.980.901 von Sombratan am 16.04.09 16:01:55

wer will das nicht - ist eben ein geduldsspiel

[Torrente]

Bin kein Experte, aber haben wir nicht einen relativ hohen Umsatz?
Und auch recht viele Kursfeststellungen.

Kann man daraus etwas ablesen??

[schniddelwutz]

Antwort auf Beitrag Nr.: 36.989.230 von Torrente am 17.04.09 15:03:17

wenn's so weitergeht das ding wieder zu alten höhen hoffen läßt-schöne we

[Torrente]

Wow!!!!

Umsatz 92000 Stück!

Hatten wir schon mal solch einen Umsatz in der letzten Zeit??

Vielleicht ist das ein Anfang......
Wäre echt geil, wenn´s mal abgeht, ich denke wir haben auch schon lang genug gewartet.
Jetzt wird´s Zeit für die Belohnung.
Schönes We allen "Investoren"!

[meineeigene]

Hier die Antwort auf eine Mail von mir an SES. Die Mail ist im Original in Französisch. Habe sie mit einem Programm übersetzt.

Cher Monsieur,

Nous vous remercions de votre message. Les aménagements intérieurs de notre bâtiment sont en cours de finition et programmons le début de la production à partir du 2ème semestre 2009.Vous trouverez plus de détails dans le 10K publié sur la SEC.

Avec nos cordiales salutations.

Lieber Herr, Wir danken Ihnen für Ihre Nachricht. Die innerlichen Einrichtungen unseres Gebäudes sind der Fertigbearbeitung im Gange und programmieren wir den Anfang der Produktion ab dem 2. Halbjahr 2009. Sie werden mehr Details in 10K, auf der TROCKENHEIT veröffentlicht, finden. Mit unseren herzlichen Begrüßungen.

Habe aber keine Ahnung was das Wort TROCKENHEIT darin zu suchen hat. Vielleicht kann es einer erklären.

Auf jedenfall läßt der Text hoffen. Wie schon so oft...

[Sombratan]

SEC ist entweder a) einfach falsch übersetzt, b) ne Abkürzung (mir fällt keine ein) oder ist c) falsch geschrieben.

Ich geh von letzteres aus und bin der Meinung, dass es vllt. SES heißen könnte und damit die Webseite von SES gemeint ist.

[Torrente]

SEC übersetzt heisst Trockenheit!
Falsch übersetzt also.

Wikipedia sagt:
An SEC filing is a financial statement or other formal document submitted to the U.S. Securities and Exchange Commission (SEC).

[poersi]

Antwort auf Beitrag Nr.: 36.994.706 von meineeigene am 18.04.09 11:43:37

hier findest du die sec-fillings:

http://www.sessolar.com/index.php?page=sec

[lerchengrund]

Antwort auf Beitrag Nr.: 37.016.194 von poersi am 22.04.09 12:00:13

da tut sich was !

[Torrente]

Antwort auf Beitrag Nr.: 37.022.523 von lerchengrund am 22.04.09 23:59:15

Wo??

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.023.614 von Torrente am 23.04.09 09:42:20

laß dir zeit

[lerchengrund]

Antwort auf Beitrag Nr.: 37.023.976 von schniddelwutz am 23.04.09 10:20:58

und wie sich da was tut.
von dieser wahnsinnig guten aktie sind auf grund der breiten bekanntheit, dem kontinuierlichen erfolg, dem steten trotzen gegen die weltpolitischen hindernisse dank des unermüdlichen einsatz des unglaublich kompetenten managementteams heute wieder einmal 50 aktien gehandelt worden.
noch ist nicht ganz sicher, ob der glückliche käufer dieses aktienpakets durch diesen coup warren buffet oder auch bill gates im vermögensranking überholen wird.

[Torrente]

Antwort auf Beitrag Nr.: 37.031.338 von lerchengrund am 23.04.09 23:07:49

Korrekt!!
Wahnsinn, was da abgeht!
Naja, ein bisschen Spaß muß sein!

[lerchengrund]

Antwort auf Beitrag Nr.: 37.031.893 von Torrente am 24.04.09 07:51:12

verstehen Sie Spass?

[Torrente]

Antwort auf Beitrag Nr.: 37.041.486 von lerchengrund am 25.04.09 23:59:58

Mann, es geht mal etwas hoch!!

Bin mal gespannt, was die Ammis heute zeigen!!!

[Fabelhaft]

moin, moin! kann mir bitte jemand kurz infos ( inhaltsangabe ) zu diesem papier schreiben, möchte hier nicht alle beiträge lesen. danke

[Torrente]

Antwort auf Beitrag Nr.: 37.069.999 von Fabelhaft am 30.04.09 09:50:29

Fakt ist:
Es ist eine neue Fertigungshalle fertiggestellt worden.
Zur Jahresmitte hin soll dort die Produktion starten.
SES Solar wurde 2008 mit einem Solarpreis ausgezeichnet.

Mehr fällt mir persönlich nicht ein.

Meiner Meinung nach, ist der Einstieg bei SES momentan recht günstig, aber das Risiko bei einer Investition ist halt da.
SES ist kurz vor dem Durchstarten.
Wenn die Produktion demnächst anläuft und der Verkauf der neuen Produkte erfolgreich verläuft, könnte es steil bergauf gehen.

Wie gesagt, nur meine Meinung.
Ich will hier niemanden überreden, SES Aktien zu kaufen!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.072.336 von Torrente am 30.04.09 13:26:45

0,15 - 0,18 gute tradingkurse-leider dürfte das papier sehr markteng sein ( zumindest bisher )

[lerchengrund]

Antwort auf Beitrag Nr.: 37.073.384 von schniddelwutz am 30.04.09 15:17:18

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.080.943 von lerchengrund am 01.05.09 21:11:08

aufwachen

[lerchengrund]

Antwort auf Beitrag Nr.: 37.081.939 von schniddelwutz am 02.05.09 09:26:21

aufstehen!

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.082.162 von lerchengrund am 02.05.09 11:12:36

thanks

[lerchengrund]

Antwort auf Beitrag Nr.: 37.082.903 von schniddelwutz am 02.05.09 15:48:56

jetzt Mittagschlaf halten!

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.083.009 von lerchengrund am 02.05.09 16:39:09

bin schon wieder wach

[lerchengrund]

Antwort auf Beitrag Nr.: 37.084.561 von schniddelwutz am 03.05.09 11:19:29

Erneut behaupten sich die Märkte in dieser Woche gut und setzen nach leichten Abwärtstendenzen sofort wieder die Aufwärtsbewegung fort. Da ist es nicht verwunderlich, dass die deutschen Insider auch verstärkt Gewinne realisieren und sich von den Wertapapieren der eignen Unternehmen trennen. In der letzten Woche traten die deutschen Manager annähernd gleichhäufig als Käufer als auch als Verkäufer auf (Käufe/Verkäufe ca. 1). Damit bewegt sich der GBC-Insiderindikator mit einem kumulierten Wert von 2,63 im Zeitraum April erneut unter der Marke der Vorwoche, als noch 3,05 ermittelt wurden. Noch deutlicher fällt der Vergleich zum Vormonat März aus, als wir noch einen Wert von 4,65 gemessen hatten. Die Prognosen der letzten Ausgabe haben sich bewahrheitet und behalten auch weiterhin ihre Gültigkeit. Sollte die derzeitigen Kursniveaus weiterhin bestand haben, so werden die Verkaufstransaktionen bei einem gleichzeitigen Rückgang der Kauftransaktionen zunehmen. Das Risiko von Kursrückschlägen sollte damit zunehmen.

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.084.800 von lerchengrund am 03.05.09 12:57:28

guter kommentar - allerdings glaube ich, daß auf grund des langsam wieder ansteigenden ölpreises sich auch die solarwerte wieder nach oben bewegen werden. nur mm

[Torrente]

Tja, wollen wir´s hoffen!

In letzter Zeit tut sich aber auch wirklich nichts.
Früher gab´s mal kurzeitig immer wieder die Chance ein paar Gewinne zu realisieren durch kurzeitige Kurssprünge.
Etwas frustrierend und langweilig ist es schon geworden.


Naja, abwarten...

[lerchengrund]

Antwort auf Beitrag Nr.: 37.088.231 von Torrente am 04.05.09 11:12:47

scheisse heute!

[Torrente]

Typisch,
es geht überall hoch, aber bei uns???

[lerchengrund]

Antwort auf Beitrag Nr.: 37.093.425 von Torrente am 04.05.09 20:41:08

Flaute!

[meineeigene]

Antwort auf Beitrag Nr.: 37.093.425 von Torrente am 04.05.09 20:41:08

vor juli, also mit der geplanten aufnahme der produktion in der neuen Halle, brauchst du nicht mit einem kursanstieg rechnen.

[kerikeb2]

Wo steht, dass SES im Juli mit der Produktion anfängt.
Da habe ich wohl was verpast.
Gruß
Kerikeb

[Torrente]

Ja, daß wüsste ich auch gerne!!!

[meineeigene]

Antwort auf Beitrag Nr.: 37.105.416 von Torrente am 06.05.09 10:03:42

Bitte Posting #867 lesen

[lerchengrund]

Antwort auf Beitrag Nr.: 37.110.155 von meineeigene am 06.05.09 16:42:07

Was ist denn hier los? Zuckt die tote Kuh ?

[Torrente]

Nix Neues hier, oder????

[luxchris]

Antwort auf Beitrag Nr.: 37.153.513 von Torrente am 12.05.09 13:29:47

passiert net viel wir wohl nochn bisschen so weiter gehen mit dem auf und ab zwischen 0.15 - 0.18 aber da die produktion soll ja gleich anlaufen im juni oder so. (kleiner artikel im handelsblatt glaube ich). Denke kaum das man hier die kurse so leicht vermehrfacht aber ein aufwaerts potenzial sollte schon drin sein

[Superzukunft]

Antwort auf Beitrag Nr.: 37.157.307 von luxchris am 12.05.09 18:29:35

Und ich dachte schon, das Teil ist in den Genfer See gefallen

SZ

[lerchengrund]

Antwort auf Beitrag Nr.: 37.158.810 von Superzukunft am 12.05.09 20:48:38

ganz tief in den See.

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.159.315 von lerchengrund am 12.05.09 21:41:05

ganz tief in den see - umso höher dann in die luft?? abwarten ist angesagt lg sw

[lerchengrund]

Antwort auf Beitrag Nr.: 37.161.163 von schniddelwutz am 13.05.09 09:02:24

ach du sch..., was ist da denn heute los?

Egal, habe mir geschworen, langfristig dabei zu bleiben. man koennte jetzt sogar ueberlegen, nachzukaufen

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.188.186 von lerchengrund am 15.05.09 20:10:05

hi, nachkaufen ist gut-gibt nichts.hab ein paar mal zwischen 0,15 und 0,18 getradet-geht ngar nicht mehr-kein material

[lerchengrund]

Antwort auf Beitrag Nr.: 37.190.215 von schniddelwutz am 16.05.09 09:27:53

Die Aktie hat einiges nachzuholen. Lassen wir Sie laufen!!!

[lerchengrund]

Antwort auf Beitrag Nr.: 37.192.373 von lerchengrund am 16.05.09 22:45:46

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SES SOLAR INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in $, except per share amounts)

March 31,
2009 December 31,
2008
(unaudited)
ASSETS (in $)
Current Assets:
Cash and cash equivalents 404,707 765,694

Receivables, net of allowance for doubtful accounts of $0 for the periods ended 2009 and 2008 159,049 12,001
Due from related party 83,214 90,573
Inventory 413,371 1,665,699
Other current assets 279,329 424,186
Total current assets 1,339,670 2,958,153
Long-Term Assets:
Deferred expense 0 0
Advance payments for machinery 355,496 379,446
Total other long-term assets 355,496 379,446
Property, Plan and Equipment, at cost, 561,498 600,389
Building construction 13,823,751 13,449,460
Less accumulated depreciation and amortization (418,067 ) (429,351 )
Total fixed assets 13,967,182 13,620,498
Total long-term assets 14,322,678 13,999,944

Total assets 15,662,348 16,958,097

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Short-term loan 4,382,097 4,769,635
Construction loan 6,007,566 5,137,555
Accounts payable 727,053 526,168
Billings in excess of cost and estimated earnings 39,372 1,448,590
Total current liabilities 11,156,088 11,881,948
Long-Term Liabilities:
Loan payable 843,769 918,389
Construction loan 810,715 882,413
Total long-term liabilities 1,654,484 1,800,802
Stockholders' Equity:
Common stock, $0.001 par value; 73,081 73,081
100,000,000 shares authorized;
73,081,168 shares issued and outstanding
Additional paid-in capital 8,050,093 8,050,093
Accumulated other comprehensive income (loss)
Translation adjustment (383,703 ) (603,005 )
Year end accumulated deficit (4,871,199 ) (4,244,822 )
Less: Cost of common stock in treasury, 67,000 shares (16,496 ) 0

Total stockholders' equity (deficit) 2,851,776 3,275,347

Total Liabilities and Stockholders' Equity 15,662,348 16,958,097

See accompanying summary of accounting policies and the notes to the financial statements.


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Table of Contents

SES SOLAR INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in $, except per share amounts)

Three Months Ended March 31,
2009 2008
(unaudited) (unaudited)
Revenue:
Revenue 1,022,416 0
Cost of goods sold (exclusive of depreciation shown separately below) (706,912 ) 0
Costs and Expenses:
Personnel 154,644 138,427
Rent and Leases Expenses 46,297 36,751
Research and Development 61,039 152,832
Other general and administrative 155,144 201,042
Depreciation and amortization 23,690 66,656
Total costs and expenses 440,814 595,708
Other Income and Expense:
Interest expense (8,636 ) (118,143 )
Interest income and other 0 22,645
Foreign Exchange Gain (Loss) (492,431 ) 395,543
Total Other Income (Loss) (501,067 ) 300,045
Loss before taxes from continuing operations (626,377 ) (295,663) )
Income taxes 0 0
Net Income (Loss) from continuing operations (626,377 ) (295,663 )
Income from discontinued operations before taxes 0 83,138
Income taxes 0 0
Net Income from discontinued operations before taxes 0 83,138
Net Income (Loss) (626,377) (212,525)
Other Comprehensive Loss/Income:
Translation adjustment 219,302 (352,703 )
Comprehensive loss (407,075 ) (565,228 )

Basic and diluted Weighted Average Shares 73,081,168 73,081,168

Basic and diluted Net Income (Loss) per Share from continuing operations (0.009 ) (0.004 )
Basic and diluted Net Income (Loss) per Share from discontinuing operations 0 0.001
Basic and diluted Net Loss Per Share (0.009 ) (0.003 )

For 2008 amounts have been reclassified to reflect discontinued operations.

See accompanying summary of accounting policies and the notes to the financial statements.


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Table of Contents

SES SOLAR INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in $, except per share amounts)

Three Months Ended March 31,
2009 2008
(unaudited) (unaudited)
Cash Flows from Operating Activities:
Net loss (626,377 ) (212,525 )
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization 23,690 66,656

Changes in operating assets and liabilities:
(Increase) decrease in:
Receivables, including Due from Related Party (148,578 ) (48,324 )
Inventory 1,121,185 0
Other current assets 110,823 (57,370 )
Deferred Expenses 0 60,000
Increase (decrease) in:
Accounts payable and accrued expenses 46,911 90,162
Billings in excess of cost and estimated earnings (1,364,533 ) (10,157 )
Net cash used in operating activities (836,879 ) (111,558 )

Cash Flows from Investing Activities:
Property, plants and equipment (1,227,464 ) (3,772,295 )
Advance payments for machinery 0 0
Net cash used in investing activities (1,227,464 ) (3,772,295 )

Cash Flows from Financing Activities:
Treasury shares (16,496 ) 0
Repayment/Proceed of loans 1,292,279 3,785,988
Bank loan 0 433,590
Net cash provided by financing activities 1,275,783 4,219,578

Increase (decrease) in cash and cash equivalents (788,560) 335,725
Effect of exchange rate changes on cash 427,573 (365,389 )
Cash and cash equivalents, beginning of the quarter 765,694 3,429,033
Cash and cash equivalents, end of the quarter 404,707 3,399,369
Supplemental cash flow information
Cash paid for interest 8,636 118,143
Supplemental disclosure of non-cash operating and investing activities
Non cash transaction, Property, plants and equipment in account payable 354,345 144,970

See accompanying summary of accounting policies and the notes to the financial statements.


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Table of Contents

SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Organization and Nature of Operations

Organization - SES SOLAR INC. (the “Company,” “SES USA,” “our,” “we” and “us”) is the result of a reverse acquisition accomplished on September 27, 2006 between SES USA, a Delaware company, which had no operations and net assets of $39,069, and Société d’Energie Solaire SA (“SES Switzerland”), a Swiss company. SES USA acquired all of the outstanding shares of SES Switzerland. For accounting purposes, the acquisition has been treated as a recapitalization of SES Switzerland with SES Switzerland as the acquirer (reverse acquisition). SES Switzerland acquired 10,668,000 of SES USA in the transaction. The historical financial statements prior to September 27, 2006 are those of SES Switzerland. The reverse acquisition resulted in a change of control of SES USA, with the former stockholders of SES Switzerland owning approximately 70% of SES USA and SES Switzerland becoming SES USA’s wholly owned subsidiaries.

SES Switzerland was formed in 2001 for the purpose of researching, developing, manufacturing and selling innovative products to the solar photovoltaic market. From its inception, SES Switzerland has focused primarily on manufacturing and installing silicon photovoltaic solar cell panels. The principal source of revenue for the Company has been the sale of photovoltaic panels in turn-key installations, manufactured in-house or purchased from subcontractors, to electric utilities, local government agencies and private households.

As of July 31, 2008, the Company formed a new Swiss wholly owned subsidiary, SES Prod SA (“SES Prod”), also located in Geneva. It is expected that in the future, all of the Company’s manufacturing activities now being conducted by SES Switzerland will be conducted by SES Prod. At such time, SES Switzerland’s primary activity will be managing the Company’s manufacturing facility.

2. Plan of Operations

The Company has experienced losses from operations and anticipates incurring losses in the near future. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of ($626,377) and a negative cash flow from operations of ($836,879), and had a working capital deficiency of ($9,803,018) at March 31, 2009. These matters raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company has financed the construction of the new manufacturing facility with so called construction loans (Note 6). The Company intends to convert these construction loans into a mortgage immediately after completion of the facility. Since the manufacturing facility has not been completed as of March 31, 2009, no construction loans have been converted into mortgages.

The Company's ability to continue its operations and market and sell its products and services will depend on the Company's ability to convert the construction loans into mortgages and to obtain additional financing. If the Company is unable to obtain such financing, the Company will not be able to continue its business. Any additional equity financing may be dilutive to shareholders, and debt financing, if available, will increase expenses and may involve restrictive covenants. The Company will be required to raise additional capital on terms which are uncertain, especially under the current capital market conditions. Under these circumstances, if the Company is unable to obtain capital or is required to raise it on undesirable terms, it may have a material adverse effect on the Company's financial condition.

The Company’s current business plan includes the development of a new assembly line based on its proprietary technology and the construction of a manufacturing facility in the suburbs of Geneva, Switzerland to produce solar modules and solar tiles at a lower cost. These activities require the Company to design and manufacture prototype panels, have them approved in accordance with European and other standards, manufacture in series and sell them in the primary markets for solar photovoltaic cells. Costs incurred in manufacturing prototype panels have been expensed as research and development costs.

The Company does not believe that it can achieve profitability until development, implementation, and commercialization of new products manufactured through the new assembling process are operational.


4





Table of Contents

SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

3. Basis of Presentation

The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.

These statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. These consolidated interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008. The Company adheres to the same accounting policies in preparation of its interim financial statements. As permitted under generally accepted accounting principles (“GAPP”), interim accounting for certain expenses, including income taxes, are based on full year assumptions. Such amounts are expensed in full in the year incurred. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

4. Summary of Significant Accounting Policies

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SES Switzerland and SES Prod. All significant inter-company accounts and transactions have been eliminated in the consolidation.

All amounts are presented in U.S. dollars ($) unless otherwise stated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ from such estimates.

Foreign Currency Translation - The reporting currency of SES USA is the U.S. dollar whereas the Company’s wholly owned subsidiaries’ functional currency is the Swiss Franc (CHF). The financial statements of SES Switzerland and SES Prod are translated to U.S. dollar equivalents under the current method in accordance with SFAS No. 52, “Foreign Currency Translation.” Assets and liabilities are translated into U.S. dollar equivalents at rates of exchange in effect at the balance sheet date. Average rates for the year are used to translate revenues and expenses. The cumulative translation adjustment is reported as a component of accumulated other comprehensive income (loss). Foreign currency differences from inter-company receivables and payables are recorded as Foreign Exchange Gains/Losses in the Statement of Operations.

The exchange rates used for translating the financial statements are listed below:

Average Rates 2009 2008
CHF CHF
$ 1.14468 1.06789

2009 2008
Balance Sheet period-end rates CHF CHF
$ 1.14898 1.05562

Earnings (Loss) per Share - Earnings (Loss) per share is presented in accordance with the provisions of SFAS No. 128, “Earnings Per Share.” Basic and diluted loss per share for the three months ended March 31, 2009 does not include the effects of warrants and is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects, in periods in which they have a dilutive effect, commitments to issue common stock and common stock issuable upon exercise of warrants for periods in which the warrants exercise price is lower than the Company’s average share price for the period.


5





Table of Contents

SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Three Months Ended
March 31,
2009 2008
Basic Weighted average shares outstanding 73,081,168 73,081,168
Diluted weighted average shares outstanding 73,081,168 73,081,168

Note: Due to the net loss, the calculation of the effect of common stock equivalents due to issuance of warrants is excluded because of anti-dilution. The number of shares of common stock listed as beneficially owned by one stockholder includes 1,500,000 shares of common stock potentially issuable upon exercise of 1,500,000 common share purchase warrants. Each common share purchase warrant is exercisable until November 22, 2010 at an exercise price of $0.90 per share. As of the March 31, 2009 balance sheet date, the warrants were not yet exercised. Also, they are not included in the computation of diluted loss per share because their effect was anti-dilutive.

Revenue Recognition - The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition" ("SAB 104"). SAB 104 requires that four basic criteria be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller's price to the buyer is fixed and determinable; and (4) collection is reasonably assured.

Revenues and profits from general management of construction-type contracts are recognized on the completed-contract method and therefore when the project is completed. A contract is considered complete when all costs except insignificant items have been incurred and the installation is operating according to specifications or has been accepted by the customer. Contract costs include all direct materials and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Costs in excess of amounts billed are classified as current assets under Work in Progress. Billings in excess of cost are classified under current liabilities as Billings in Excess of Cost and Estimated Earnings. Any anticipated losses on contracts are charged to operations as soon as they are determinable. No unbilled revenue has been recognized thus far.

For the three months ended March 31, 2009 and 2008, the Company had no billed or unbilled amount representing claims or other similar items subject to uncertainty concerning their determination or ultimate realization.

Between January 2008 and June 2008, the Company recognized sales of photovoltaic electricity produced by solar modules on the roof (hereinafter, the “Solar Plant”) of its new manufacturing facility to a local electricity provider in Geneva. Revenue from such sales were recognized monthly based on the amount of electricity produced. As further explained below, such revenue has ceased due to the sale of the Solar Plant as of June 30, 2008.

Impact of Recently Issued Accounting Pronouncements

In December 2007, the FASB issued SFAS No. 141(R),“Business Combinations.” SFAS 141(R) requires all business combinations completed after the effective date to be accounted for by applying the acquisition method (previously referred to as the purchase method). Companies applying this method will have to identify the acquirer, determine the acquisition date and purchase price and recognize at their acquisition date fair values of the identifiable assets acquired, liabilities assumed, and any non-controlling interests in the acquirer. In the case of a bargain purchase the acquirer is required to reevaluate the measurements of the recognized assets and liabilities at the acquisition date and recognize a gain on that date if an excess remains. SFAS 141(R) becomes effective for fiscal periods beginning after December 15, 2008. This statement did not have an effect on the Company's financial statements.

In February 2008, the FASB issued Staff Position (FSP) FAS 157-2, Effective Date of FASB Statement No. 157, which defers the implementation for the non-recurring financial assets and liabilities from fiscal years beginning after November 15, 2007 to fiscal years beginning after November 15, 2008. The provisions of SFAS 157 will be applied prospectively. The statement provisions effective as of January 1, 2008, do not have a material effect on the Company’s financial position and results of operations. The adoption of as of January 1, 2009 the remaining provisions did not have a material effect on the Company’s financial position and results of operations.

In December 2007, the FASB issued Financial Accounting Standard No. 160, Non-controlling Interests in Financial Statements—an amendment of ARB No. 51 (“SFAS 160”). SFAS 160 requires that a non-controlling interest in a subsidiary be reported as equity and the amount of net income specifically attributable to the non-controlling interest be identified in the financial statements. It also calls for consistency in the manner of reporting changes in the parent’s ownership interest and requires fair value measurement of any non-controlling equity investment retained in a deconsolidation. SFAS 160 was adopted by the Company effective January 1, 2009 and did not have a significant effect on the Company’s financial statements.

In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133" (“SFAS 161”). SFAS 161 amends and expands the disclosure requirements of SFAS 133, "Accounting for Derivative Instruments and Hedging Activities" (“SFAS 133”), by requiring enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for under SFAS 133 and its related interpretations, and how derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows. SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. SFAS 161 was adopted by the Company as of January 1, 2009 and did not have an impact on the Company’s results of operations, cash flows or financial positions.


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Table of Contents

SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

5. Inventory

Inventory is summarized as follows:

Three
Months Ended
March 31,
2009 Twelve
Months Ended
December 31,
2008
$ $
Raw Materials and Others 228,937 1,473,540
Finished Goods 184,434 192,159
Total Inventory 413,371 1,665,699

6. Borrowings Under Revolving Credit Facility, Short and Long-Term Loans

Short-Term Loans Three
Months Ended
March 31, 2009 Twelve
Months Ended
December 31,2008

State Department of Energy Geneva (Switzerland) 30,397 33,085
Banque Cantonale de Genève (1) 6,007,566 5,137,555
State Department of Energy Geneva (Switzerland) (1) 4,351,700 4,736,550
UBS 0 0
10,389,663 9,907,190

Long-Term Loans Three
Months Ended
March 31, 2009 Twelve
Months Ended
December 31, 2008

Banque Cantonale de Genève 0 0
State Department of Energy Geneva (Switzerland) 843,769 918,389
State Department of Energy Geneva (Switzerland) 810,715 882,413
1,654,484 1,800,802
Total loans as at March 31, 2009 12,044,147 11,707,992


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Table of Contents

SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Year Repayments

2009
Short-term loans (1) 10,359,266
Long-term loans 30,397
2010
Long-term loans 875,382
2011
Long-term loans 32,877
2012
Long-term loans 34,192
2013
Long-term loans 35,561
Thereafter 676,472

Total 12,044,147

(1) Short term loans relate to amounts used to finance construction of the Company’s manufacturing facility. The Company intends to refinance such loans on a long-term basis upon completion of the facility. Negotiations are presently underway with several banking institutions interested in granting a long-term mortgage facility.

On November 3, 2003, SES Switzerland received a loan from the Geneva (Switzerland) State Department of Energy (“ScanE”) of up to CHF1,000,000 ($870,337). The loan bears interest at a rate of 4%. SES Switzerland used CHF969,470 ($843,769) of this loan as of March 31, 2009, and CHF969,470 ($918,389) as of December 31, 2008. This loan matured on March 31, 2008. On April 2, 2008, the Company filed a request with ScanE to renew the loan for a period of 24 months on the same terms and conditions. By decision dated May 19, 2008, ScanE accepted the Company’s request that the loan be extended for a period of 24 months on the same terms and conditions. The new maturity date for the loan is March 31, 2010. Pursuant to the Canton Geneva Escrow Agreement dated September 15, 2006, Christiane Erne, Jean-Christophe Hadorn and Claudia Rey personally pledged 10,000,000 of their issued SES USA common shares as a guarantee for the original loan entered into on November 6, 2003. These shares now serve as a guarantee for the renewed loan dated May 19, 2008. The Company does not currently have any plans to repay the loan before its March 31, 2010 maturity date.

On January 21, 2004, ScanE granted the Company a credit facility of CHF1million ($870,337) to finance the construction of the Company’s new manufacturing facility. Release of these loan proceeds was contingent upon the Company satisfying certain conditions precedent, which were satisfied as of November 13, 2007. As of January 8, 2008, we had utilized the full amount of the loan, which has a fixed annual interest rate of 4%. The loan has a duration of 20 years and is secured by a mortgage certificate of CHF1,000,000 ($870,337) on the manufacturing facility. The loan is reimbursed in 20-equal annual installments of CHF73,581 (approximately $64,040) which include principal and interest. The first installment was paid in December 2008 thus reducing the principal to $ 841,112.


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SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


SES Switzerland also has a Construction Credit Agreement with Banque Cantonale de Genève (BCGE) dated December 20, 2006 in the amount of CHF4.8 million ($4,177,618), which is used to finance construction of our new manufacturing facility. The loan was amended on November 13, 2007 and increased from CHF4.8 million to CHF8.5 million ($7,397,866). The amended agreement must be drawn down no later than the date of completion of construction on the new manufacturing facility planned during the first half of 2009. We used CHF6,902,550 ($6,007,566) of the loan as of March 31, 2009 and CHF5,423,310 ($5,137,555) as of December 31, 2008. The loan bears interest at a rate of 3.75% and is secured by a second lien exclusive mortgage certificate of CHF9,000,000 ($7,833,035) on the manufacturing facility.

On October 27, 2008 we signed a six month credit facility for CHF5,000,000 ($4,351,700) with ScanE to finance improvements on the manufacturing facility. The loan is secured by a 4 th rank mortgage on the building. As of March 31, 2009, the full amount of the loan was used to finance such construction. The loan bears interest at 4%. Although the loan matured on April 27, 2009, the Company filed a formal request with ScanE on May 7, 2009 to renew the loan for a period of 12 months on the same terms and conditions. The Company expects to receive written confirmation in the following weeks. The loan will be reimbursed upon completion of construction and consolidation of all outstanding construction loans with one financial institution.

7. Commitments and Contingencies

Operating Leases - Lease expenses for the three months ended March 31, 2009 and 2008 were $46,297 and $36,751, respectively.

The following table presents future minimum lease commitments (concerning the lease of vehicles) under operating leases at March 31, 2009:


Operating Leases
2009 38,964
2010 40,052
2011 40,428
2012 23,771
Total 143,215

In addition to the amounts disclosed above, SES Switzerland has an operating lease for its office located at 129 Route de Saint-Julien, Plan-les-Ouates, Switzerland (a suburb of Geneva). The rent is CHF54,084 ($47,248) per year. The lease term ended on February 28, 2009. The lease has been renewed with the same conditions for the next 12 months.

SES Switzerland also leased a 1,654 square meter industrial facility in Härkingen, Switzerland. The lease was terminated on February 28, 2009. The global charge for the period January 1, to February 28, 2009 was CHF9,434 ($8,242).

On May 27, 2005, we received authorization from the State of Geneva to build a manufacturing facility on their property in Plan-les-Ouates, Switzerland and we received a lease for the land in February 2007. The lease for use of the land is for 60 years commencing on July 1, 2006.



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SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following are the lease commitments:

Use of Land
$
2009 47,218
2010 62,957
2011 62,957
2012 62,957
2013 62,957
Thereafter 3,305,232
Total 3,604,278

The Company has no non-cancellable operating leases.

Litigation - The Company is from time to time subject to routine litigation incidental to its business. There is no such litigation currently pending.

Capital Commitments - At March 31, 2009, the Company has an outstanding purchase order of EUR448,600 ($592,493) for the future construction of a new machine to be used in the new plant for solar module production. The Company has made an advance payment of EUR269,160 ($355,496) for the purchase of this machine. The balance due will be paid upon delivery of the machine. At March 31, 2009, the Company had purchase agreements signed for the building of the new plant for CHF7,467,483 ($6,499,228). Of the above amount, advance payments totaling CHF6,105,339 ($5,313,704) have been made as of April 1, 2009, and the remaining amount will be paid at the end of completion of construction.

8. Business Segments

As March 31, 2009, all of the Company’s operations were conducted through its wholly owned subsidiaries, SES Switzerland and SES Prod, and were limited to the assembly and installation of photovoltaic panels in Switzerland. Commencing January 2008, the Company began selling electricity produced by its Solar Plant to a local utility in Geneva. As previously reported, the Solar Plant was sold in June 2008. As a result, the Company’s operations are again limited to the assembly and installation of photovoltaic panels.

9. Discontinued Operations

As noted above, the Company sold its Solar Plant in June 2008. The balance sheet and income statement have been retrospectively adjusted to reflect the effects of discontinued operations. The Company sold photovoltaic electricity produced by the Solar Plant to a local electricity provider in Geneva based on a 20-year contract. This contract was cancelled on June 30, 2008 due to the sale of the Solar Plant.

The Solar Plant had been operational since the end of 2007. For the three months ended March 31, 2009, revenue totaled $0 due to the sale of this activity in June 2008. For the three months ended March 31, 2008, this discontinued activity generated revenues of $83,138. There were no expenses for the presented period.

10. Stockholders' Equity

Common Stock - The Company has 100,000,000 shares of common stock authorized, par value $0.001 per share, and 73,081,168 shares issued and outstanding.

Treasury Stock - The Company purchased shares of its common stock, par value $0.001, in the open market. As of March 31, 2009, the Company repurchased 67,000 shares in the amount of $16,496.

On November 22, 2006, the Company issued warrants to purchase 1,500,000 shares of common stock at an exercise price of $0.90 per share (the “Warrant Shares”). The Warrants expire four (4) years after the date of issuance.

During the quarter ended March 31, 2009, no stock purchase warrants were exercised.


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SES SOLAR INC. AND SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Warrant transactions consisted of the following during the quarter ended March 31, 2009 :

Exercisable
Warrants Strike Price
Warrants Outstanding As of December 31, 2008 1,500,000 $ 0.90
Warrants granted as consideration for agent’s fee 0 $ 0
Exercise of warrants 0 $ 0
Warrants Outstanding As of March 31, 2009 1,500,000 $ 0.90

Warrants outstanding expire as follows:

Warrants Strike
Year Expiring Price
2010 1,500,000 $ 0.90
1,500,000

11. Subsequent Events

Other than as disclosed herein, no major events have occurred since March 31, 2009.



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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those anticipated in these forward-looking statements, including those set forth in our Annual Report on Form 10-K.

As used herein, the terms “company,” “SES USA,” “our,” “we,” and “us” refer to SES Solar Inc. and its subsidiaries on a consolidated basis, and the terms “SES Switzerland” and “SES Prod” refer to our wholly owned subsidiaries, unless the context requires otherwise.

We are a Delaware corporation based in Geneva, Switzerland engaged in the business of designing, engineering, producing and installing solar modules and solar tiles for generating electricity. We have developed a new assembly technology for solar tiles that allows for higher quality electrical contacts, better performance and reduced costs resulting from our proprietary automation processes. We are constructing a manufacturing facility that will include assembly lines based on our proprietary technology to complete the development and testing of our new products. To date, while we have been engaged in developing and testing our new solar panel assembly technology, we have been developing the sales and distribution portions of our business by selling solar tiles manufactured and produced by us and third parties and by responding to quotations for our solar tiles to electric companies, local governmental agencies and private home owners.

Our business was commenced in 2001 by SES Société d’Energie Solaire SA (“SES Switzerland”), a Swiss-based developer of solar panels and solar roof tiles. On September 27, 2006, our parent company, SES USA, completed a share exchange agreement with SES Switzerland in which SES Switzerland became our wholly owned subsidiary. We then abandoned our previous Internet based auction website business and the SES Switzerland business of designing, engineering, producing, and installing solar panels or modules and solar tiles became the sole business of the combined company. In July 2008, we formed a second wholly owned subsidiary, SES Prod, to conduct our manufacturing operations. Because SES USA and its subsidiaries on a consolidated basis are the successor business to SES Switzerland, and because the operations and assets of SES Switzerland and SES Prod represent our entire business and operations from the closing date of the share exchange agreement, the following discussion and analysis is based on SES Switzerland’s and SES Prod’s financial results for the relevant periods.

Overview

This overview addresses our plan of operation and the trends, events, and uncertainties that have been identified by our management as those that we believe are reasonably likely to materially affect the comparison of historical operating results reported herein to either past period results or to future operating results.

We have developed and patented a new assembly technology for solar modules and solar tiles. Our business plan includes the development of a new assembly line based on our proprietary technology, using a manufacturing facility in the suburbs of Geneva, Switzerland that is currently under construction to produce solar modules and solar tiles at a lower cost. We believe this new facility will enable us to produce solar photovoltaic (“PV”) modules that are larger than three square meters.

To implement our business plan, we will need to complete the design of the solar modules and solar tiles, manufacture and test the prototype panels, have them approved in accordance with European and other standards, manufacture them in series and sell them in major markets in Europe and eventually other countries around the world. Our plan is to complete the manufacturing facility during the second quarter of 2009 and commence full scale production and sale of our new products during the third or fourth quarter of 2009. While we await completion of our facility and work to bring our fully automated production lines into operation, we have reconfigured our production capabilities to manufacture our solar products on a manual and semi-manual production basis and in partnership with subcontractors.

To date, we have generated only limited revenue from the sale of solar modules and solar tiles manufactured by us and third parties and the related engineering services required to design and install the same. In addition, during the period from January 2008 to June 2008, we generated revenue from the sale of electricity produced by our Solar Plant. We no longer generate such revenue from the sale of electricity, as we sold the Solar Plant to a third party in June 2008.

Once our manufacturing capabilities are fully operational, we will have available a product line consisting of our SunTechTile® and SwissTile® solar tiles and, in the future, PV solar modules. Historically, we have relied upon third-party vendors to supply us with component parts, such as PV cells, in order to manufacture and produce our products.


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We have experienced operating losses from our early stage operations, which have involved developing and testing our new solar panel technology and commencement of the sales and distribution portions of our business by selling custom solar modules and solar tiles using an early stage technology. We anticipate incurring additional operating losses over the next few years as we complete the development, testing, prototypes and licensing of our new products and commence production. Our research and development costs and the costs incurred in manufacturing prototypes have been expensed to date. We do not believe that we can achieve profitability until development, implementation and commercialization of our solar products manufactured through our new assembling processes are operational.

We believe the demand for solar modules and solar tiles will ultimately be substantial. According to the Energy Information Administration, global demand for electricity is expected to increase from 16.4 trillion kilowatt hours in 2004 to 30.3 trillion kilowatt hours in 2030. Over time, supply constraints, rising electricity prices, dependence on foreign countries for fuel feedstock and environmental concerns could limit the ability of many conventional sources of electricity and other alternative sources to supply this rapidly expanding global demand. According to the U.S. Department of Energy, solar energy is the only source of renewable power with a large enough resource base to supply a significant percentage of the world’s electricity needs over the next several decades.

However, over the near term there are significant competitive concerns with solar energy. As the cost of producing electricity from grid connected PV installations is higher than the current cost of electricity from fossil or nuclear plants, the PV market relies heavily on government subsidies and regulation concerning independent power producers. These regulations favor PV electricity in some, but not all, countries. Existing regulations are subject to change due to local political factors affecting the energy market, especially in Europe, where the process has been ongoing for 10 years. The major PV market in Europe is Germany, where the EEG law governs. We expect France will play an increasing role in the future due to current law. Other countries, including Italy, Spain and Greece, have similar but less favorable laws. The PV market is heavily dependent on public policies and, as a result, such policies present the greatest uncertainties for our products. Reductions of the feed-in tariff in Germany by 8% per year could affect our sales. Spain decreased its subsidies by 75% during 2008. Without continued and/or enhanced governmental support in the form of favorable laws and subsidies, the projected growth of the PV market will not exist, which could hurt our results of operations.

Our primary market for our SwissTile® product is Switzerland, which recently enacted a new feed-in tariff that became effective May 2008. This tariff has 10 different values depending on PV integration and size. Due to the properties of our SwissTile® product, we believe that it will receive the highest value, which will be favorable for us.

Due to overwhelming demand, final subsidy decisions by the relevant Swiss grid authority regarding remuneration for electricity generated by solar power installations have been delayed. As a result of this delay, many of our prospective and potential solar power production customers have postponed new solar power installations as they await determination by the Swiss grid authority whether their respective installations will qualify for remuneration. While we expect that decisions will be made during 2009 and that we will have at least one large installation approved by the Swiss grid authority in 2009, any additional significant delays could impact our projected growth plans. The tariff will decrease for new entrants by 8% every year starting in 2010.

Worldwide, annual installations by the PV industry grew from 0.4GW in 2002 to 4.0GW in 2008, and cumulative installed capacity reached approximately 12GW at the end of 2008. Despite this growth, solar electricity still represents a small fraction of the supply of electricity. So long as governments and the market are focused on the ability of manufacturers to develop new technologies that reduce the cost of solar electricity, we believe that the demand for solar energy products will continue to grow significantly. This growth projection is based on continued governmental support, on the success of such manufacturing efforts to reduce the gap between the cost of solar electricity and more conventional and established methods of generating electricity, and on other developments affecting the world energy markets. In addition to the uncertainties associated with government subsidies and these other factors, it is also possible that breakthrough technologies might emerge in other areas that will reduce demand for new solar energy products. Furthermore, even within the solar energy sector, it is possible that developments in thin films or nanoscience could reduce the cost of PV cells or that future shortages in the supply of polysilicon, an essential raw material in the production of our PV cells, could impact our proposed new products and adversely affect our plan of operation.

We are in ongoing discussions with strategic partners, including cell manufacturers, PV line manufacturers and special machine manufacturers to assist us with our new technology for module assembly. We are also progressing with construction of our new manufacturing facility, which is expected to be operational during the summer of 2009.


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During the three month period ended March 31, 2009, we incurred capital expenditures of $1,227,464 to construct our new manufacturing facility. We also continued sales of our custom solar panels and SwissTile® solar tiles to customers during the three month period ended March 31, 2008, generating revenue of $1,022,416 and a net loss of $626,377.

Based on current and planned projects that will be completed during fiscal year 2009, we believe that our cash flows used in operating activities for the remainder of fiscal year 2009 will be greater than our cash flows used in operating activities during 2008. In light of these operating activities, we believe that our operating expenses in fiscal year 2009 will be approximately $2 million, which we anticipate financing through revenue generated from operating income and with available cash and credit facilities. Management anticipates total capital expenditures of approximately $18 million for the new manufacturing facility, of which we have already financed $13.8 million, and $2 million for the assembly lines and related machinery, of which we have already financed $355,000. Depending on our production requirements, we may also require up to an additional $11 million during fiscal year 2009 to finance the purchase of raw materials to be used in the production of 2MW of solar tiles. We anticipate financing the remaining capital expenditures on the manufacturing facility and assembly lines using available cash, loans and lines of credit, as well as a planned debt consolidation and refinancing of the construction loans owed on the facility. We will also require additional financing in order to purchase raw materials and expand our operations once our manufacturing facility is fully operational. We do not presently have any definitive agreements in place to secure any such financings or debt consolidation.

We expect to continue to experience losses from operations until we can generate significant revenue from manufacturing our new products. As a result of our continuing need to expand our operations and develop and market our new products, we expect to continue to need additional capital over the long-term in order to continue as a going concern. See “Liquidity and Capital Resources.”



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Selected Financial Data

Balance Sheets March 31,
2009 December 31,
2008
(unaudited) (audited)
in $
Total current assets 1,339,670 2,958,153
Total long-term assets 14,322,678 13,999,944
Total current liabilities 11,156,088 11,881,948
Total long-term liabilities 1,654,484 1,800,802
Total liabilities and stockholders' equity 15,662,348 16,958,097

Statement of Operations (unaudited)

For the three months ended
March 31,
2009 2008
in $
Revenues 1,022,416 0
Total cost of goods sold (exclusive of depreciation, shown separately below) (706,912 ) (0 )
Personnel 154,644 138,427
Rent and lease expenses 46,297 36,751
Research and development 61,039 152,832
Depreciation and amortization 23,690 66,656
General and administrative expenses 155,144 201,042
Interest expense (8,636 ) (118,143 )
Interest income 0 22,645
Foreign exchange gain (loss) (492,431 ) 395,543
Total other income (expense) (501,067 ) 300,045
Loss before taxes from continuing operations before taxes (626,377) (295,663)
Income Taxes (0 ) (0 )
Net Income (Loss) from continuing operations (626,377 ) (295,663) )
Income from discontinued operations before taxes 0 83,138
Income Taxes 0 0
Net Income (Loss) from discontinued operations 0 83,138
Net Income (Loss) (626,377) (212,525)
Other comprehensive income: translation adjustment 219,302 (352,703 )
Comprehensive loss (407,075 ) (565,228 )


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RESULTS OF OPERATIONS - COMPARISON OF THREE MONTHS ENDED MARCH 31, 2009 AND 2008

Net Loss

Our net loss for the three months ended March 31, 2009 was $626,377 compared to a net loss of $212,525 for the three months ended March 31, 2008. The increase in net loss during the period ended March 31, 2009 was due to $887,974 of adverse foreign exchange rate conditions between the Swiss franc and the U.S. dollar, partially offset by a reduction in interest expense during the period. The company generated revenue from discontinued operations for the three months ended March 31, 2008 of $83,138 (See Note 9 to the unaudited financial statements attached hereto).

Revenue and Cost of Goods Sold

We recognize revenue on the completed-contract method, and therefore when projects are completed. During the three months ended March 31, 2009, we completed one project and generated total revenue of $1,022,416 compared to $0 for the three months ended March 31, 2008.

Cost of goods sold for the three months ended March 31, 2009 was $706,912 compared to cost of goods sold of $0 for the three months ended March 31, 2008. The increase in cost of good sold for the three months ended March 31, 2009 is entirely attributable to the project completed during the period.

Operating Expenses

Operating expenses for the three months ended March 31, 2009 were $440,814 compared to $595,708 for the three months ended March 31, 2008, which represents a 26% decrease. Personnel, rent, research and development, general and administrative expenses, and depreciation and amortization expenses constitute the components of our operating expenses.

The majority of the decrease resulted from reduced research and development expenses (decrease of $91,793), general and administrative expenses (decrease of $45,898), and depreciation and amortization expenses (decrease of $42,966), offset by a slight increase in personnel costs to develop the activities of our new subsidiary (increase of $16,217).

We expect that as we continue to implement our business plan these expenses will increase accordingly.

Other Income (Expense)

Interest expense decreased to $8,636 for the three months ended March 31, 2009 compared to $118,143 for the three months ended March 31, 2008. The decrease resulted from the receipt of $50,000 in proceeds from the sale of the Solar Plant, which had remained outstanding since such sale, approximately $24,000 to our cancelled credit line with UBS, and $20,000 to interest on a construction loan that has now been capitalized.

Interest income for the three months ended March 31, 2009 was $0 compared to $22,645 for the three months ended March 31, 2008. Interest income earned during the three months ended March 31, 2008 was received from time deposits.

Foreign exchange loss for the three months ended March 31, 2009 was $492,431 compared to a foreign exchange gain of $395,543 for the three months ended March 31, 2008. Our wholly owned subsidiaries conduct substantially all of their business and incur substantially all of their costs in Swiss francs. The foreign exchange loss is due to adverse currency exchange rate conditions between the Swiss franc and the U.S. dollar, which is the company’s reporting currency. See Note 4 to the accompanying unaudited financial statements.

Net Income (Loss) from Discontinued Operations, net of tax

We sold the Solar Plant, which was housed on the roof of our manufacturing facility, in June 2008. For the three months ended March 31, 2008, sales of electricity generated by the Solar Plant resulted in revenue of $83,138. For the three months ended March 31, 2009, revenue totaled $0 due to the sale of the Solar Plant. There were no expenses for the presented period.

Liquidity and Capital Resources

Our principal cash requirements are for operating expenses, including consulting, accounting and legal costs, staff costs, and accounts payable.

As of March 31, 2009, we had negative working capital of $9,816,418 compared with a negative working capital of $8,923,795 as of December 31, 2008, and our cash and cash equivalents decreased to $404,707 as of March 31, 2009 compared to $765,694 as of December 31, 2008. This increase in negative working capital is partially the result of decreased billings in excess of cost and estimated earnings over the comparable periods and use of available funds to finance our new manufacturing facility.


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As of March 31, 2009, we had accounts payable of $727,053 compared to $526,168 as of December 31, 2008. This increase is the result of amounts owed to creditors for construction costs relating to our manufacturing facility.


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At March 31, 2009, we had short-term debt in the amount of $4,382,097 compared to $4,769,635 as of December 31, 2008.

We believe that our negative working capital situation is temporary, as we expect in the near term to restructure our capital financing arrangements into longer term loans with more favorable terms.

We currently have several loans outstanding with ScanE. On November 3, 2003, SES Switzerland received a loan from the Geneva (Switzerland) State Department of Energy (“ScanE”) of up to CHF1,000,000 ($870,337). The loan bears interest at a rate of 4%. SES Switzerland used CHF969,470 ($843,769) of this loan as of March 31, 2009, and CHF969,470 ($918,389) as of December 31, 2008. This loan matures March 31, 2010. Pursuant to the Canton Geneva Escrow Agreement dated September 15, 2006, Christiane Erne, Jean-Christophe Hadorn and Claudia Rey personally pledged 10,000,000 of their issued SES USA common shares as a guarantee for the original loan entered into on November 6, 2003. These shares now serve as a guarantee for the renewed loan dated May 19, 2008. The Company does not currently have any plans to repay the loan before its March 31, 2010 maturity date.

On January 21, 2004, ScanE granted us a credit facility of CHF1million ($870,337) to finance the construction of our new manufacturing facility. Release of these loan proceeds was contingent upon us satisfying certain conditions, which were satisfied as of November 13, 2007. As of January 8, 2008, we had utilized the full amount of this loan, which has a fixed annual interest rate of 4%. The loan has a duration of 20 years and is secured by a mortgage certificate of CHF1,000,000 ($870,337) on the manufacturing facility. The loan is paid in 20-equal annual installments of CHF73,581 (approximately $64,040) which include principal and interest. The first installment was paid in December 2008 thus reducing the principal to $841,112.

On October 27, 2008, we signed a six month credit facility for CHF5,000,000 ($4,351,700) with ScanE to finance improvements on the manufacturing facility. The loan is secured by a 4 th rank mortgage on the building. As of March 31, 2009, the full amount of the loan was used to finance construction. The loan bears interest at of 4%. Although the loan matured on April 27, 2009, we filed a formal request with ScanE on May 7, 2009 to renew the loan for a period of 12 months on the same terms and conditions. We expect to receive written confirmation within the next several weeks. The loan will be reimbursed upon completion of construction and consolidation of all outstanding construction loans with one financial institution.

SES Switzerland also has a Construction Credit Agreement with Banque Cantonale de Genève (BCGE) dated December 20, 2006 in the amount of CHF4.8 million ($4,177,618), which is used to finance construction of our new manufacturing facility. The loan was amended on November 13, 2007 and increased from CHF4.8 million to CHF8.5 million ($7,397,866). The amended agreement must be drawn down no later than the date of completion of construction on the new manufacturing facility planned during the first half of 2009. We used CHF6,902,550 ($6,007,566) of the loan as of March 31, 2009 and CHF5,423,310 ($5,137,555) as of December 31, 2008. The loan bears interest at a rate of 3.75% and is secured by a second lien exclusive mortgage certificate of CHF9,000,000 ($7,833,035) on the manufacturing facility.

Our ability to meet our financial commitments in the near term will be primarily dependent upon continued revenue from the sale of our manufactured solar modules, when available, and solar tiles and the related engineering services required to design and install the same and the continued extension of credit from existing or new lenders.

If we are unable to secure additional financing and successfully implement our planned debt consolidation and refinancing of the construction loans owed on our new facility, management does not believe that our cash and cash equivalents, cash provided by operating activities, and the cash available from existing loans will be sufficient to meet our working capital requirements for the next 12 months, and we will not be able to continue as a going concern. If our future revenues do not increase significantly to a level sufficient to cover our net losses, we will continue to need to raise additional funds to expand our operations. In addition, we may need to raise funds sooner than anticipated to respond to competitive pressures, to develop new or enhanced products or services, to fund our expansion or to make acquisitions. We may not be able to find financing on acceptable terms or at all.

Operating Activities

Net cash used in operating activities was $836,879 for the three months ended March 31, 2009 compared to $111,558 of net cash used in operating activities for the three months ended March 31, 2008. In local currency, use of funds for operating activities was larger during this period compared to the same period in 2008. However, exchange rate volatility has greatly offset the difference. Billings in excess of cost and estimated earnings decreased by $1,364,533 due to completion of projects and the resulting recognition of revenue. Inventory of our SwissTile® product decreased by $1,121,185 for the same reason.

Investing Activities

Net cash used in investing activities was $1,227,464 during the three months ended March 31, 2009 compared to $3,772,295 during the three months ended March 31, 2008. The decrease in investing activities is mostly due to reduced investments for the construction of the manufacturing facility.


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During the first half of 2009 management anticipates total capital expenditures of approximately $18 million for the new manufacturing facility of which we have already financed $13.8 million, and $2 million for the assembly lines and related machinery, of which we have already financed $355,000. In addition, and depending on our production requirements, we may require during the next 12 months up to an additional $11 million to finance the purchase of raw materials to be used in the production of 2 MWs of solar tiles.

Financing Activities

Net cash provided by financing activities was $1,275,783 for the three months ended March 31, 2009 compared to $4,219,578 for the three months ended March 31, 2008. The decrease in financing activities is due to bank loans received from BCGE and ScanE to build the new facility. During three months ended March 31, 2009, the Company utilized $1,292,279 of such financing. In addition, we also used $16,496 of available cash during the three months ended March 31, 2009 to repurchase 67,000 shares of our common stock on the open market.

Off-Balance Sheet Arrangements

We have no outstanding derivative financial instruments, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.

At March 31, 2009, the company had an outstanding purchase order of EUR448,600 ($592,493) for the future construction of a new machine to be used in the manufacturing facility for solar module production. The company has made an advance payment of EUR269,160 ($355,496) for the purchase of this machine. The balance due will be paid upon delivery of the machine. At March 31, 2009, the company had purchase agreements signed for the building of the new plant for CHF7,467,483 ($6,499,228). Of this amount, advance payments totaling CHF6,105,339 ($5,313,704) had been made as of April 1, 2009, with the remaining amount to be paid upon completion of construction, currently projected to be during the first half of 2009.

ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to “smaller reporting companies” under Item 305(e) of Regulation S-K.

ITEM 4T. CONTROLS AND PROCEDURES

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in company reports filed or submitted under the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed under the Exchange Act, is accumulated and communicated to management, including the company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.


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As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and which also are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including the company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There was no change in our internal control over financial reporting that occurred during the quarter ended March 31, 2009 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

A summary of our repurchases of shares of our common stock for the three months ended March 31, 2009 is as follows:

Maximum Number
of Shares (or
Total Number of Approximate
Shares Purchased Dollar Value)
Total Number Average as Part of Publicly that May
of Shares Price Paid Announced Plans Yet be Purchased
Purchased(1) per Share or Programs Under the Plans

January 1 — January 31, 2009 1,000 0.2373 — —
February 1 — February 28, 2009 35,000 0.2676 — —
March 1 — March 31, 2009 31,000 0.2223 — —

Total 67,000 0.2462 — $ —

(1) During the three month period ended March 31, 2009, the company, through a broker, repurchased 67,000 shares of its common stock, par value $0.001, in open-market transactions. The company may, in its discretion, engage in future share repurchases, although no formal repurchase plan or program has been adopted by the company at this time.

20




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ITEM 6. EXHIBITS

Exhibits

31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


21





Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 15, 2009 SES SOLAR INC.
(Registrant)

Dated: May 15, 2009 By: /s/ SANDRINE CRISAFULLI
Sandrine Crisafulli
Chief Financial Officer and Chief Operating Officer
(principal financial officer and principal accounting
officer)


22




Table of Contents


Exhibit 31.1

CERTIFICATION

I, Christiane Erne, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2009 of SES Solar Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2009 By: /s/ Christiane Erne
Christiane Erne
Chief Executive Officer











Exhibit 31.2

CERTIFICATION

I, Sandrine Crisafulli, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2009 of SES Solar Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2009 By: /s/ Sandrine Crisafulli
Sandrine Crisafulli
Chief Financial Officer











Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of SES Solar Inc. (the “Company”) on Form 10-Q for the three-month period ended March 31, 2009, as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Christiane Erne, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2009 By: /s/ CHRISTIANE ERNE
Christiane Erne
Chief Executive Officer











Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of SES Solar Inc. (the “Company”) on Form 10-Q for the three-month period ended March 31, 2009, as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Sandrine Crisafulli, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2009 By: /s/ SANDRINE CRISAFULLI
Sandrine Crisafulli
Chief Financial Officer










_______________________________________________
Created by 10KWizard www.10KWizard.comSource: SES SOLA

[lerchengrund]

Antwort auf Beitrag Nr.: 37.194.650 von lerchengrund am 17.05.09 18:27:01

Das Unternehmen Société d’Energie Solaire SA (SES) entwickelt Projekte und Lösungen im Bereich der Photovoltaik und legt dabei großen Wert auf die architektonische Integration in das Gebäude, um Ästhetik und Energiegewinnung miteinander zu verbinden.
In den letzten beiden Jahren errichtete SES in der Nähe von Genf die erste Schweizer Solarfabrik. Auf dem Dach dieses architektonisch sehr elegant gestalteten Fabrikbaus befindet sich eine vorbildlich integrierte PV-Anlage, die bei einer installierten Leistung von 571 kWp jährlich etwa 600.000 kWh sauberen Strom erzeugt. Durch die Unterstützung des Energiedienstleistungs-Unternehmen Services Industriels de Genève (SIG) konnte die Photovoltaikanlage kostendeckend finanziert werden, sodass nun die Schweizer Solarpanels mit dem selbst produzierten Strom CO2-frei hergestellt werden.
Diese dezentrale Solarenergie-Versorgung weist klare ökologische Vorteile auf: Im Gegensatz zu freistehenden Anlagen benötigt die PV-Anlage sehr wenig Fläche und kein Kulturland. Damit liefert SES einen wesentlichen klimatischen und energetischen Beweis, dass die auf dem Dach eines Gebäudes erzeugte Solarstrommenge in der Regel ausreicht, um den Gesamtenergiebedarf eines Gebäudes in Mitteleuropa zu decken.
Mit der wegweisenden Errichtung der ersten PV-Fabrik leistet SES Pionierarbeit beim Ausbau der Solarenergienutzung in der Schweiz.

Wir gratulieren dem Unternehmen Société d’Energie Solaire zum Europäischen Solarpreis 2008.


Kontaktdaten:
SES Société d'Energie Solaire
Route de Saint-Julien 129
1228 Plan-les-Ouates/GE
Schweiz

[Torrente]

Tja, kommt denn bald was??

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.196.298 von Torrente am 18.05.09 08:02:31

gut ding braucht eben weile

[lerchengrund]

Antwort auf Beitrag Nr.: 37.197.190 von schniddelwutz am 18.05.09 10:19:25

Die Aktie hat einiges nachzuholen. Lassen wir Sie laufen!!!

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.204.381 von lerchengrund am 18.05.09 23:18:48

ok - let's do it

[lerchengrund]

Antwort auf Beitrag Nr.: 37.205.447 von schniddelwutz am 19.05.09 09:16:12

es zieht schon gewaltig an!

[Torrente]

Wow, beachtlicher Umsatz in Frankfurt.
Naja rein rechnerisch ist das nur ein Umsatz von 15000€.

Vielleicht kommt jetzt etwas, die Hoffnung stirbt zuletzt.
Aber alles spricht doch für SES Solar.
Als der Kurs noch bei 1€ war, was haben die denn in dieser Zeit produziert und wo?
Hatten die ne Produktionshalle?

Im Prinzip siehts doch momentan besser aus als damals, neue Produkte, neue Fertigungshalle.
Da müsste man doch locker mal wieder auf 1€ Kurse kommen!

Die längste Wartezeit ist aber vorbei! Bald ist Zahltag, hoffe ich.


Was meint ihr?

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.215.037 von Torrente am 20.05.09 08:12:24

hoffe, du hast recht

[Sombratan]

40 Cent tuen es auch fürs Erste...

[Torrente]

40 Cent?? Dein Einstiegskurs??

Wo gibt´s die denn???

Würde ehrlich gesagt, alles verticken!!

Eure Einstiegskurse würden mich interessieren, ich lieg bei 28 Cent!

Das kann also noch etwas dauern!

[lerchengrund]

Antwort auf Beitrag Nr.: 37.233.883 von Torrente am 22.05.09 15:21:29

Im Prinzip siehts doch momentan besser aus als damals, neue Produkte, neue Fertigungshalle.
Da müsste man doch locker mal wieder auf 1€ Kurse kommen!

Die längste Wartezeit ist aber vorbei! Bald ist Zahltag, hoffe ich.

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.236.982 von lerchengrund am 22.05.09 21:44:56

kann sein, daß wir den 1 € nochmals sehen werden. im moment sehe ich allerdings nur tradingkurse ( 0,15 bis 0,18 ) mit wenig aktien, was natürlich durch die kosten den gewinn schmälert.

[Torrente]

Gute Konjunkturprognosen in den USA.
Können wir davon profitieren??

[Sombratan]

Antwort auf Beitrag Nr.: 37.233.883 von Torrente am 22.05.09 15:21:29

Das sollte heissen: Statt Deinem gewünschten 1€Kurs, wäre ich auch mit 40 Cent erstmal zufrieden.
Mein Einstiegkurs für die gesamten 100.000 waren 18,5Cent.

[Torrente]

Schöner Einstiegskurs, hätte ich auch gerne.

Werde aber in Zukunft aber noch versuchen, meinen Einstiegskurs zu drücken.

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.272.738 von Torrente am 28.05.09 15:32:47

schöne einstiegskurs heute, aber was soll ich mit 2000 stück. anscheinend schmeißt keiner mehr oder hat zittrige händ

[lerchengrund]

Antwort auf Beitrag Nr.: 37.279.108 von schniddelwutz am 29.05.09 10:09:15

Die Pfingslangeweile greift un sich!

[Torrente]

Tja, vielleicht kommt diese Woche was!!


Nicht verzweifeln!

[ichwilleureknete]

Guten Tag meine Damen und Herren !
War eine Freundin Besuchen und sah zufällig eure Produktionshalle , muss echt sagen die sieht super aus , gearbeitet an dieser halle hatten nur zwei leute , was ich erkennen konnte , in der halle müsste allerdings noch was gemacht werden , aber der bau an sich ist abgeschlossen .

Ich denke über ein investment nach und würde von euch gerne mal wissen wan die produktion anlaufen soll ?
weil wenn das geschieht müsste der kurs doch explodieren oder

p.s. das doofe ist für mich , als investierter würde ich das anders sehen , das der kurs so tief ist das man sich sagt für das gelt lasse ich sie liegen

wenn man hier investieren will etwa 15k euro wäre der kurs direkt bei 0,20 euro

[ichwilleureknete]

vor allem , der umsatz hier stimmt einfach nicht
ses ist kaum bekannt , rein zufällig diese perle wieder mal gesehen , wenn man nur wüsste wann die produktion beginnt ?
dann wären wir hier einige sorgen los

p.s. warte mit dem investment bis die produktion beginnt , dann muss ich auch schnell sein , deswegen halte ih sie mal auf meiner watchlist

[lerchengrund]

Antwort auf Beitrag Nr.: 37.316.887 von ichwilleureknete am 04.06.09 09:59:17

sind die eigentlich auf der SOLARMESSE in München vertreten?

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.329.231 von lerchengrund am 05.06.09 14:46:10

soweit ich in anderen foren gelesen habe ja aber inwieweit da was drann ist weis ich nicht
bist du investiert

[lerchengrund]

Antwort auf Beitrag Nr.: 37.329.444 von ichwilleureknete am 05.06.09 15:00:07

ja (leider)

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.329.454 von lerchengrund am 05.06.09 15:01:10

was heißt ja leider
wo war denn dein einstiegskurs

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.329.454 von lerchengrund am 05.06.09 15:01:10

wenn man fragen darf

[lerchengrund]

Antwort auf Beitrag Nr.: 37.329.606 von ichwilleureknete am 05.06.09 15:12:06

in einer Woche wissen wir mehr.

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.335.573 von lerchengrund am 06.06.09 14:26:12

was soll den in einer woche sein

[lerchengrund]

Antwort auf Beitrag Nr.: 37.335.640 von ichwilleureknete am 06.06.09 14:47:23

SES - Die Perle im Technologiebereich !

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.336.910 von lerchengrund am 06.06.09 23:57:16

begründest du mir mal deine aussagen
was soll denn die nächste woche sein

[lerchengrund]

Antwort auf Beitrag Nr.: 37.337.041 von ichwilleureknete am 07.06.09 02:16:08

die Börse ahnt den Konjunkturabschwung, sie ahnt auch den Aufschwung, sie ist der Wirklichkeit immer ein bisschen voraus.

Es ist eine ganz alte Börsenweisheit, dass an der Börse die Zukunft gehandelt wird und nicht die Vergangenheit.

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.337.868 von lerchengrund am 07.06.09 13:03:19

aha und was ist dann mit ses nächste woche ausser die weitere seitwärtsbewegung

[lerchengrund]

Antwort auf Beitrag Nr.: 37.338.361 von ichwilleureknete am 07.06.09 15:51:25

abwarten, .........und Tee trinken ....

[Fire2]

wie seiht ihr fuer naechste woche positioniert

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.338.614 von Fire2 am 07.06.09 17:01:27

20k habe ich was soll denn die nächste woche sein weist du das wenigstens

[Fire2]

Antwort auf Beitrag Nr.: 37.338.751 von ichwilleureknete am 07.06.09 17:39:51

am donnerstag ist feiertag

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.338.755 von Fire2 am 07.06.09 17:40:27

schon klar
dachte schon ihr meint die seitwärtsbewegungen in den nächsten 50 jahren
ne mal im ernst demnächst wird hier was los gehen

[Fire2]

Antwort auf Beitrag Nr.: 37.338.854 von ichwilleureknete am 07.06.09 17:58:20

schweizer firmen hab ich ehrlich gesagt die schnau.. voll

aber euch allen
hoffentlich dicke gewinne

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.338.890 von Fire2 am 07.06.09 18:04:53

Danke die gewinne holen wir uns

[lerchengrund]

Antwort auf Beitrag Nr.: 37.339.039 von ichwilleureknete am 07.06.09 18:36:37

ist am Donnerstag auch in der Schweiz ein feiertag?

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.339.817 von lerchengrund am 07.06.09 21:25:18

Handel an der börse dort ja aber ob das vol ruhetag macht keine ahnung googel es doch mal im netz

ses solar halle wurde heute zumindest wieder innen gearbeitet , weil von aussen ist ja die halle so gut wie fertig

[Torrente]

Der Produktionsstart muß doch jetzt langsam anfangen, oder??

Woher weiss denn jemand so genau, dass dort gearbeitet wird?
Wohnt da jemand vor Ort?

Richtige News wären hilfreich, daß könnte den Kurs auch mal ankurbeln.

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.340.624 von Torrente am 08.06.09 07:52:09

ich habe eine kumpel dort in der näher der mir das berichtete aber ich wüsste nicht wie sich sowas auf den kurs wirken soll

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.341.229 von ichwilleureknete am 08.06.09 09:57:41

solange es nichts gravierendes gibt,bzw. ein bb eine empfehlung für ses ausspricht, wird sich meiner meinung nach nicht sehr viel ändern.

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.341.306 von schniddelwutz am 08.06.09 10:07:12

denke ich auch auch wenn ich nichts von bb und seinen empfehlungen
halten tue wie die meisten sonst hier auch die ahnung haben , aber was solls lemminge brauchen diese aussagen und früher oder später wird sie kommen

[Torrente]

Tja, dann soll er mal genau gucken was da abgeht.

Ein Blick ins Gebäude wäre echt super, dann wüsste man wo SES steht.
Ein Wunschtraum!!

Aber ganz so lange kann der Produktionsstart ja auch nicht mehr dauern, oder??

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.341.456 von Torrente am 08.06.09 10:24:29

ich werde am wochenende mit ihm wieder telefonieren , ist ein alter studiumkompane , wegen den 20k zu 0,15 euro lohnt es sich nicht ihm stress zu machen das er nachschauen geht .
samstag gebe ich dir genauere infos

[Torrente]

Coole Sache!
Das beste wären ein paar Fotos!

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.341.840 von Torrente am 08.06.09 11:10:52

werde ihn mal fragen aber denke schon das er am wochenende fotos machen kann

[lerchengrund]

Antwort auf Beitrag Nr.: 37.342.345 von ichwilleureknete am 08.06.09 12:05:41

warum brauchen die den 3 Jahre um die Halle zu bauen und mit der Produktion zu starten?

Bei vielen anderen Firmen ist das in 6 Monaten erledigt ???!!!

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.342.428 von lerchengrund am 08.06.09 12:19:22

weil die stück für stück gelder zur verfügung haben

[schniddelwutz]

hi @ all - bin mal gespannt, ob zu diesem kurs ( 0,135 ) jemand schmeißt

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.350.967 von schniddelwutz am 09.06.09 11:41:17

mal sehen ob jemand so dumm ist je tiefer um so besser habe noch genug kohle um zu verbilligen , wäre mir fast schon gelegen

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.342.428 von lerchengrund am 08.06.09 12:19:22

weil das eine golden halle wird

[obbi]

Notice of Intent To Prepare an Environmental Impact Statement/Staff Assessment and Land Use Plan Amendment for the SES Solar One Project, San Bernardino County, CA
Sat. June 06, 2009; Posted: 12:42 PM
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Jun 06, 2009 (FIND, Inc. via COMTEX) -- SESIE | Quote | Chart | News | PowerRating -- SUMMARY: In compliance with the National Environmental Policy Act of 1969, as amended (NEPA), and the California Environmental Quality Act (CEQA), the Department of the Interior, Bureau of Land Management (BLM), together with the California Energy Commission, (hereinafter jointly referred to as the Agencies) intend to prepare an Environmental Impact Statement/Staff Assessment (EIS/SA), and a Proposed Land Use Plan Amendment for the Stirling Energy Systems (SES) Solar One Project (Project), a Stirling engine systems solar dish project in San Bernardino County, California. SES is seeking approval to construct and operate an electrical generating facility with a nominal capacity of 850 megawatts (MW), using concentrated solar thermal power. Approximately 8,230 acres of BLM administered public land are needed to develop the Project. SES has submitted an application to the BLM requesting a right-of-way (ROW) to construct the Project and related facilities. Pursuant to BLM's California Desert Conservation
Area (CDCA) Plan (1980, as amended), sites associated with power generation or transmission not identified in the CDCA Plan will be considered through the plan amendment process.

Under Federal law, BLM is responsible for processing requests for rights- of-way to authorize solar projects and associated transmission lines and other appurtenant facilities on the land it manages. BLM must comply with the requirements of NEPA to ensure that environmental impacts associated with construction, operation, and decommissioning will be identified, analyzed and considered in the application process. This will be accomplished through preparation of Draft and Final Environmental Impact Statements (EIS) in coordination with the Energy Commission.

Under California law, the Energy Commission is responsible for reviewing the Application for Certification (AFC) filed for thermal power plants over 50 MW, and also has the role of lead agency for the environmental review of such projects under the CEQA (Pub. Res. Code, sections 21000 et seq., 25500 et seq.) The Energy Commission conducts this review in accordance with the administrative adjudication provisions of California's Administrative Procedure Act (Government Code section 11400 et seq.) and its own regulations governing site certification proceedings (Cal. Code Regs., tit. 20, section 1701 et seq.), which have been deemed CEQA equivalent by the Secretary of Resources. SES Solar One, LLC, has submitted an AFC to the Energy Commission. The AFC facilitates analysis and review by staff prior to an Energy Commission decision on the proposed project

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.363.530 von obbi am 10.06.09 14:55:44

thanks

[lerchengrund]

Antwort auf Beitrag Nr.: 37.369.178 von schniddelwutz am 11.06.09 08:45:19

das wird wieder eine spannende Woche werden!

[ichwilleureknete]

Antwort auf Beitrag Nr.: 37.390.214 von lerchengrund am 14.06.09 21:21:33

wieso eine spannende woche ?
was steht denn an , bin hier anscheinend nicht richtig informiert

[ichwilleureknete]

hi lerchengrund
sollen etwa zahlen kommen oder was
konnte aus deinen aussagen nichts eindeutiges erkennen oder hast du das einfach nur so geschrieben gehabt

bis dann ichwilleureknete

[Scherrar]

ichwilleureknete auch hier
da bin ich ja mal gespannt

[Torrente]

Mein Gott, wann fangen die denn mal an zu produzieren?

NEWS brauchen wir!
Würde da gerne mal anrufen und nachfragen, was Sache ist.

[meineeigene]

Antwort auf Beitrag Nr.: 37.407.495 von Torrente am 17.06.09 08:15:24

das hier ist doch schon auch mal eine gute Meldung
http://209.85.135.132/translate_c?hl=de&u=http://www.pr-inside.com/ses-solar-inc-financial-and-r133114…
sorry für die textgestaltung, ist mit google übersetzt

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.422.441 von meineeigene am 18.06.09 20:40:04

diese guten meldungen sollten sich halt auch einmal auf den kurs auswirken.

[schniddelwutz]

morgen @ all - interessanter artikel für alle: die rohstoffabhängigkeit europas - w-o, rohstoffe

[AustinPowersPI]

Da sollte man doch nun optimistisch sein, nachdem die Wüste Sahara mit Solarzellen ausgestattet werden soll in Afrika.

Vielleicht springt ja auch ein Auftrag für SES Solar dabei raus.

Jedenfalls gute PR gefällt.

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.437.025 von AustinPowersPI am 21.06.09 21:50:40

vielleicht ein auftrag für sesbitte das gefahrenmoment n i c h t ausser acht lassen

[Torrente]

Wann fangen die Spackos denn endlich mit der Produktion an??


"Early 2009", oder wie war das?

Keine richtigen News, echt ätzend.

[Torrente]

Frankfurt: Etwas Umsatz!!!

[lerchengrund]

Antwort auf Beitrag Nr.: 37.473.899 von Torrente am 26.06.09 13:36:33

aber keine Masse!

[Torrente]

Aber News hat immer noch keiner, oder??

[lerchengrund]

Antwort auf Beitrag Nr.: 37.498.210 von Torrente am 01.07.09 09:40:33

würde mich nicht wundern, wenn bald ein Übenahmeangebot kommt.

evtl. vom Bäckermeister?

[Torrente]

??

Übernahme?
Von wem?

[lerchengrund]

Antwort auf Beitrag Nr.: 37.503.480 von Torrente am 01.07.09 21:26:50

Mittelfristige Perspektiven interessieren zur Zeit offenbar niemanden.
Klar ist, dass es auch hier derzeit Probleme gibt wie Auftragsverschiebungen und Zurückhaltung bei den Auftraggebern.

[Torrente]

Ich verstehe aber nicht, das die keine News auf der Webseite bringen.
Wenn alles bereit ist für den Produktionsstart, würde ich das bekannt geben.
Ich denke solche News könnten den Kurs erst mal beflügeln.
Gut, die Wirtschaftskrise könnte Auftraggeber zur Zurückhaltung zwingen, was natürlich wieder schlecht ist für den Kurs.

Aber so, wie´s momentan aussieht, wird der Kurs sich erst mal nur wieder seitwärts bewegen, oder was meint Ihr?

Früher gabs wenigstens mal hin und wieder Kursschwankugen.

[Torrente]

Hab mal eben den letzten Report übersetzt:

Die folgende Diskussion sollte in Verbindung mit dem geprüften Konzern-Jahresabschlusses und in Verbindung stehenden Anmerkungen in unserem Annual Report on Form 10-K für das Geschäftsjahr endend am 31. Dezember, 2008. Die folgende Diskussion enthält zukunftsgerichtete Aussagen, die unsere Planungen, Schätzungen und Überzeugungen. Unsere tatsächlichen Ergebnisse können wesentlich von den erwarteten in diesen zukunftsgerichteten Aussagen, einschließlich derjenigen, die in unserem Jahresbericht auf Formblatt 10-K.

Wie hierin verwendet, die Begriffe "Unternehmen", "SES USA", "unser", "wir" und "uns" beziehen sich auf SES Solar Inc. und ihrer Tochtergesellschaften auf konsolidierter Basis, und die Begriffe "SES Schweiz" und " SES Prod. "verweisen wir auf unsere hundertprozentige Tochtergesellschaften, es sei denn, der Kontext nichts anderes verlangt.

Wir sind eine Delaware Corporation mit Sitz in Genf, Schweiz, die in der Tätigkeit der Planung, Engineering, Herstellung und Installation von Solar-Module und Solar-Fliesen für die Stromerzeugung. Wir haben eine neue Technologie für die Solar-Montage-Fliesen, die für eine höhere Qualität elektrische Kontakte, bessere Leistung und geringere Kosten, die durch unsere eigenen Prozesse. Wir werden den Bau einer Produktionsstätte, die auch Montage auf der Basis unserer proprietären Technologie, um die Entwicklung und das Testen unserer neuen Produkte. Bis heute, während wir an der Entwicklung und Erprobung unserer neuen Solarpanel Montage-Technologie, haben wir den Verkauf und Vertrieb Teile unseres Unternehmens durch den Verkauf von Solar-Fliesen hergestellt und von uns und Dritten, indem sie auf die Angebote für unsere Solar-Fliesen für elektrische Unternehmen, lokale Behörden und private Hausbesitzer.

Unser Unternehmen wurde im Jahr 2001 von SES Société d'Energie Solaire SA ( "SES der Schweiz"), ein Schweizer-Entwickler von Solarzellen und Solar-Dachziegel. Am 27. September 2006, unsere Muttergesellschaft, SES USA, ein Austausch der Vereinbarung mit SES Schweiz, in der Schweiz wurde SES unsere hundertprozentige Tochtergesellschaft. Wir verlassen unsere bisherigen Internet-Auktion-Website und der Schweiz SES Unternehmen der Planung, Engineering, Herstellung und Installation von Sonnenkollektoren oder Solar-Module und Fliesen wurde das einzige Geschäft des kombinierten Unternehmens. Im Juli 2008 haben wir eine zweite hundertprozentige Tochtergesellschaft, SES Prod., um unsere Produktion. Da SES USA und ihrer Tochtergesellschaften auf konsolidierter Basis sind die Nachfolger Unternehmen SES Schweiz, und weil die Maßnahmen und die Werte von SES SES Prod. Schweiz und vertreten unsere gesamte Wirtschaft und Operationen aus dem Abschluss der Austausch der Vereinbarung, die nach der Erörterung und Analyse stützt sich auf die Schweiz und SES SES Prod. die finanziellen Ergebnisse für die entsprechenden Zeiträume.

Überblick

Diese Übersicht Adressen unserer Plan der Betrieb und die Trends, Ereignisse und Unsicherheiten, die durch unser Management als diejenigen, die wir der Meinung, die wahrscheinlich zu wesentlich auf den Vergleich der historischen Betriebsergebnisse berichtet hier entweder vergangenen Zeitraum Ergebnisse oder die zukünftigen Betriebsbedingungen Ergebnisse.

Wir haben entwickelte und patentierte eine neue Technologie für die Montage Solarmodulen und Solar-Fliesen. Unser Business Plan beinhaltet die Entwicklung einer neuen Montagelinie auf der Basis unserer proprietären Technologie, mit einer Produktionsstätte in der Nähe von Genf, Schweiz, befindet sich derzeit im Aufbau, um Solar-Module und Solar-Fliesen zu einem günstigeren Preis. Wir glauben, dass diese neue Einrichtung ermöglicht es uns, Photovoltaik (PV) Module, die größer sind als drei Quadratmeter.

Zur Umsetzung unserer Business-Plan, wir benötigen, um die Gestaltung der Solar-Module und Solar-Fliesen, Herstellung und Erprobung des Prototyps Platten, haben sie im Einklang mit den europäischen und anderen Standards, die Herstellung in Serie und verkaufen sie in den wichtigsten Märkten in Europa und auch anderen Ländern der Welt. Unser Plan ist es, die Fertigung im zweiten Quartal 2009 und mit der vollen Umfang der Produktion und dem Verkauf unserer neuen Produkte in der dritten oder vierten Quartal 2009. Während wir warten auf Abschluss unserer Einrichtung und die Arbeit, um unseren vollautomatischen Produktionslinien in Betrieb, haben wir unsere Produktionskapazitäten neu zur Herstellung unseres Sonnensystems auf eine manuelle und halb-manuelle Produktion und in Zusammenarbeit mit Zulieferern.

Bisher haben wir nur eine begrenzte Einnahmen aus dem Verkauf von Solarmodulen und Solar-Platten hergestellt von uns und Dritten und die damit verbundenen technischen Dienstleistungen für die Gestaltung und die gleiche. Darüber hinaus, in der Zeit von Januar 2008 bis Juni 2008 erzielten wir Einnahmen aus dem Verkauf von Strom durch unsere Solar Plant. Wir erzeugen nicht mehr Einnahmen aus dem Verkauf von Strom, da haben wir die Solaranlage an Dritte im Juni 2008.

Sobald unsere Produktionskapazitäten voll funktionsfähig sind, haben wir eine Produktlinie zur Verfügung, bestehend aus unseren SunTechTile (R) und SwissTile (R) Solar-Fliesen und in der Zukunft, Solar-PV-Module. Historisch gesehen, haben wir unter Berufung auf Drittanbietern, um uns mit Komponenten, wie PV-Zellen, um die Herstellung und die Herstellung unserer Produkte.

Inhaltsverzeichnis

Wir haben die Erfahrung gemacht Betriebsverluste von unseren frühen Stadium, für die haben, die Entwicklung und Erprobung unserer neuen Solar-Panel-Technologie und Beginn des Verkaufs und Vertriebs Teile unseres Unternehmens durch den Verkauf von benutzerdefinierten Solarmodulen und Solar-Fliesen mit einem frühen Stadium Technologie. Wir erwarten, entstehen zusätzliche Verluste in den nächsten Jahren, wie wir die Entwicklung, Erprobung, Prototypen und Lizenzierung der neuen Produkte und die Produktion. Unsere Forschungs-und Entwicklungskosten sowie die Kosten für die Herstellung von Prototypen wurden als Aufwand auf dem neuesten Stand. Wir glauben nicht, dass wir erreichen können, Rentabilität, bis die Entwicklung, Implementierung und Kommerzialisierung unseres Sonnensystems hergestellten Produkte durch unsere neue Montage-Prozesse sind in Betrieb.

Wir glauben, dass die Nachfrage nach Solarmodulen und Solar-Fliesen wird letztlich sein. Nach Angaben der Energy Information Administration, die weltweite Nachfrage nach Strom ist mit einem Anstieg von 16,4 Billionen Kilowattstunden im Jahr 2004 auf 30,3 Billionen Kilowattstunden im Jahr 2030. Im Laufe der Zeit, die Lieferung Zwänge, steigende Strompreise, die Abhängigkeit von ausländischen Ausgangsstoffe für Kraftstoff-und Umweltschutz könnte die Fähigkeit der vielen konventionellen Quellen der Strom-und anderen alternativen Quellen zur Versorgung dieser rasch wachsenden weltweiten Nachfrage. Nach dem US-Department of Energy, Solarenergie ist die einzige Quelle für erneuerbare Energien mit einem groß genug Ressourcen, um einen erheblichen Prozentsatz der weltweit Strom muss über die nächsten Jahrzehnte.

Jedoch, über die nahe Zukunft gibt es erheblichen wettbewerbsrechtlichen Bedenken mit Solarenergie. Da die Kosten der Stromerzeugung aus netzgekoppelten PV-Anlagen ist höher als die tatsächlichen Kosten der Stromerzeugung aus fossilen oder nuklearen Anlagen, die PV-Markt in hohem Maße von staatlichen Subventionen und der Verordnung über unabhängige Stromerzeuger. Diese Regelungen zugunsten PV Strom in einigen, aber nicht in allen Ländern. Bestehende Vorschriften sind unter Vorbehalt aufgrund der örtlichen politischen Faktoren, die die Energie-Markt, vor allem in Europa, wo die laufenden Prozess wurde für 10 Jahre. Die wichtigsten PV-Markt in Europa ist Deutschland, wo die EEG-Gesetz regelt. Wir erwarten von Frankreich wird eine immer wichtigere Rolle spielen in der Zukunft aufgrund der aktuellen Gesetzes. Andere Länder, darunter Italien, Spanien und Griechenland, haben ähnliche, aber weniger günstige Gesetze. Die PV-Markt ist stark abhängig von der öffentlichen Politik, und als Ergebnis einer solchen Politik die größten Unsicherheiten für unsere Produkte. Kürzungen der Einspeisetarif in Deutschland um 8% pro Jahr könnte sich auf unsere Verkäufe. Spanien sanken seine Subventionen um 75% im Jahr 2008. Ohne weiter und / oder verstärkte staatliche Unterstützung in Form von günstigen Gesetze und Subventionen, die prognostizierten Wachstum der PV-Markt wird nicht bestehen, die verletzt unsere Ertragslage.

Unsere primären Markt für unsere SwissTile (R) ist die Schweiz, die kürzlich eine neue Einspeisetarif, dass Mai 2008 wirksam geworden. Dieser Tarif hat 10 verschiedene Werte je nach PV Integration und Größe. Aufgrund der Eigenschaften unserer SwissTile (R) Produkt, wir glauben, dass sie erhalten das der höchste Wert, die sich positiv für uns.

Aufgrund der überwältigenden Nachfrage, endgültige Entscheidungen Zuschuss von der zuständigen Schweizer Behörde Raster über die Vergütung für Strom aus Solarenergie-Anlagen haben sich verzögert. Als Folge dieser Verzögerung, viele unserer Interessenten und potenzielle Kunden Solarenergie Produktion verschoben haben neue Solarstrom-Anlagen, da sie erwarten Bestimmung durch die Schweizer Gitter Behörde, ob die jeweiligen Anlagen werden für die Vergütung. Während wir erwarten, dass die Entscheidungen werden im Laufe des Jahres 2009 und dass wir mindestens eine große Installation, die von der Schweizer Gitter Behörde im Jahr 2009, alle weiteren erheblichen Verzögerungen auswirken könnte unsere prognostizierten Wachstum Pläne. Der Tarif wird für neue Marktteilnehmer Rückgang um 8% pro Jahr ab 2010.

Weltweit jährlichen Installationen von der Photovoltaik-Industrie stieg von 0.4GW im Jahr 2002 auf 4.0GW im Jahr 2008, und kumulative installierte Kapazität erreicht etwa 12GW am Ende des Jahres 2008. Trotz dieses Wachstums, Solarstrom immer noch ein kleiner Teil der Lieferung von Elektrizität. So lange, wie Regierungen und der Markt konzentriert sich auf die Fähigkeit der Hersteller für die Entwicklung neuer Technologien, die die Kosten für Solarstrom sind wir der Meinung, dass die Nachfrage nach Solarenergie wird weiter wachsen. Dieses Wachstum Projektion basiert auf weiterhin staatliche Unterstützung, auf den Erfolg einer solchen Produktion Bemühungen um die Verringerung der Kluft zwischen den Kosten für Solarstrom und konventionellen und etablierten Methoden der Stromerzeugung, sowie auf andere Entwicklungen, die die Welt-Energie-Märkte. Zusätzlich zu den Unsicherheiten im Zusammenhang mit staatlichen Subventionen und diese anderen Faktoren, ist es auch möglich, dass bahnbrechende Technologien entstehen könnte, in anderen Bereichen, die die Nachfrage für neue Produkte der Solarenergie. Außerdem, selbst innerhalb der Solarbranche, ist es möglich, dass die Entwicklungen in dünnen Schichten oder Nanowissenschaft könnten die Kosten von PV-Zellen oder, dass die künftigen Engpässen bei der Lieferung von Polysilizium, ein wesentlicher Rohstoff für die Produktion unserer PV-Zellen, könnte Auswirkungen unsere neuen Produkte und beeinträchtigen unser Plan des Betriebs.

Wir sind in laufenden Gesprächen mit strategischen Partnern, einschließlich der Zell-Hersteller, Hersteller von PV-line-und Sondermaschinen-Hersteller, die uns mit unserer neuen Technologie für die Montage von Baugruppen. Wir sind auch Fortschritte mit dem Bau der neuen Produktionsstätte, in dem vorgesehen ist, soll im Sommer 2009.

Inhaltsverzeichnis

Auf der Grundlage von aktuellen und geplanten Projekten, die im Laufe des Geschäftsjahres 2009 sind wir der Meinung, dass unser Cash-Flow aus operativer Geschäftstätigkeit für den Rest des Geschäftsjahres 2009, die größer ist als unser Cashflows aus operativer Geschäftstätigkeit im Jahr 2008. In Anbetracht dieser betrieblichen Tätigkeit, wir glauben, dass unsere betrieblichen Aufwendungen im Geschäftsjahr 2009 werden rund 2 Millionen US-Dollar, die wir mit der Finanzierung durch die Einnahmen aus dem operativen Ergebnis und mit den verfügbaren Geld-und Kreditlinien. Management erwartet insgesamt Investitionen von etwa $ 18 Mio. für die neue Produktionsstätte, von denen wir bereits finanziert $ 13,8 Millionen und 2 Millionen US-Dollar für die Montage und die damit verbundenen Maschinen, von denen wir bereits finanziert $ 355.000. Je nach Anforderungen unserer Produktion können wir auch bis zu einer zusätzlichen 11 Millionen US-Dollar im Geschäftsjahr 2009 zur Finanzierung des Erwerbs von Rohstoffen für die Produktion von 2 MW von Solar-Fliesen. Wir erwarten, die Finanzierung der verbleibenden Investitionen über die Fertigung und Montage auf vorhandenen Bargeld, Kredite und Kreditlinien, sowie eine geplante Schuldenkonsolidierung und Refinanzierung der Darlehen gegenüber am Bau der Anlage. Wir werden auch zusätzliche Finanzierung, um den Kauf von Roh-und Ausbau unserer Aktivitäten einmal unsere Produktionsstätte voll funktionsfähig ist. Wir haben noch keine endgültigen Vereinbarungen in Kraft, um eine solche Finanzierungen oder Schuldenkonsolidierung.

Wir gehen davon aus, weiterhin auf Verluste von Operationen, bis wir können erhebliche Einnahmen aus der Produktion unserer neuen Produkte. Als Ergebnis unserer anhaltenden Notwendigkeit zur Ausweitung unserer Aktivitäten und die Entwicklung und Vermarktung unserer neuen Produkte, erwarten wir weiterhin auf zusätzliches Kapital über die langfristige, um als eine Fortführung des Unternehmens. Siehe "Liquidität und Kapitalausstattung."

Inhaltsverzeichnis

[kerikeb2]

Hallo Freunde,

es wird wohl mit der produktionsbeginn dieses Jahr nichts.
So lange die keine NEWS über die neue Halle bringen, wird auch der Kurs sich nicht nach oben bewegen.
Gruß
Kerikeb

[lerchengrund]

Antwort auf Beitrag Nr.: 37.514.966 von kerikeb2 am 03.07.09 15:42:20

sag mal, die brauchen ja mehr als 4 Jahre um eine Halle zu bauen ???!!!

[Torrente]

Mich würde auch mal interessieren, wat jetzt genau da los ist!

[lerchengrund]

Antwort auf Beitrag Nr.: 37.520.979 von Torrente am 05.07.09 20:40:00

kennt jemand eine Person, die in Genf wohnt?

man könnte mal vorbeifahren!

[Torrente]

Da sollte echt mal einer vor Ort gucken, was da so getrieben wird.

Vielleicht kann man ja etwas sehen.....

[Sombratan]

Stand ja im letzten Bericht, dass sie frisches Geld brauchen, um die Anlage fertig zu bauen.

Ich frag mich, wie weit runter es noch geht...

Wär ja schon fast froh, wenn ich meinen Einstiegskurs von 18,6 Cent wiederbekommen würde. Ich seh da grad kein Land...

[Torrente]

Durchhalten.
Das kommt schon wieder!!

[Scherrar]

Antwort auf Beitrag Nr.: 37.530.409 von Torrente am 08.07.09 08:08:16

Hier siehts ja echt duster aus
ich bin derzeit bei icp solar drinne die haben eine lizenz bekommen zur namensnutzung von energizer
noch war der kurs schön unten ging genauso wie bei euch runter aber jetzt wird es langsam aber sicher in den norden gehen

[lerchengrund]

Antwort auf Beitrag Nr.: 37.568.695 von Scherrar am 14.07.09 14:08:50

wir brauchen weiter Geduld!

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.572.565 von lerchengrund am 14.07.09 21:37:01

morgen - du hast recht: g e d u l d . bin derzeit auch bei opel drinnen , da geht es jetz auch seit einigen meldungen aufwärts. nur bei ses wird ja nicht einmal mehr irgendeine werbung gemacht - da sollten sich einige herren schleunigst mal etwas einfallen lassen.das grundkapital wird nicht von sich selbst aus mehr

[lerchengrund]

Antwort auf Beitrag Nr.: 37.574.229 von schniddelwutz am 15.07.09 08:53:54

Hier siehts ja echt wieder gut aus !

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.581.968 von lerchengrund am 16.07.09 00:02:27

wie recht du hats - und vorallem der extreme starke handel

[lerchengrund]

Antwort auf Beitrag Nr.: 37.582.802 von schniddelwutz am 16.07.09 09:21:19

wo und an welcher Börse?

[schniddelwutz]

Antwort auf Beitrag Nr.: 37.585.829 von lerchengrund am 16.07.09 15:21:19

diese börsen muß ich noch suchen

[lerchengrund]

Antwort auf Beitrag Nr.: 37.587.175 von schniddelwutz am 16.07.09 17:51:02

hast' also eine Falschmeldung gepostet?!