April 14, 2010 / 10:02 PM / in 7 years

UPDATE 1-Arise Technologies sees two-fold rise in Q1 revenue

* Sees Q1 revenue C$15.8 mln vs C$7.2 mln last year

* Sees PV shipments to grow more than six-fold

April 14 (Reuters) - Canadian solar technology Arise Technologies Corp APV.TO forecast a more than two-fold jump in first-quarter revenue on increased demand for photovoltaic cells.

“The European and Ontario solar markets are very active and we expect to continue to see strong demand throughout 2010 for PV cells, modules and systems,” Chief Executive Vern Heinrichs said.

First-quarter revenue is expected to grow to C$15.8 million from C$7.2 million a year ago.

Arise expects PV shipments to rise more than six-fold to 13.9 megawatts in the first quarter.

Shares of the Waterloo, Ontario-based company closed at 16.5 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal)

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