Arise Technologies to pay €920,000 to settle dispute over lease in Germany

WATERLOO, Ont. – Solar power technology developer Arise Technologies Corp. (TSX:APV) said Monday it has been ordered to pay €920,066 or about C$1.3 million to Germany’s Scheuten Solar to settle a dispute over the lease of a technology centre.

The decision followed an arbitration hearing last week in Germany related to the dispute with Scheuten Solar, which leased the solar power cell facility to Arise in 2009.

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“Arise is disappointed with the arbitration decision and is reviewing the arbiter’s findings with a view to explore its options,” the Waterloo, Ont.-based company said in a statement.

“The company continues to work with its financial adviser, Canaccord Genuity, to evaluate strategic alternatives.”

Arise makes photovoltaic cells for use in solar power generation. Shares in the company were down half a cent or 25 per cent to 1.5 cents in midday trading on the Toronto Stock Exchange.