VALUATION AGREEMENT

Exhibit 10.9

English translation for reference purpose only

VALUATION AGREEMENT

This is made on May 6, 2005 in Ningjin County, Hebei Province, by and among the following Parties:

PARTY A: HEBEI JINGLONG INDUSTRY AND COMMERCE GROUP CO., LTD.

Legal Address: Jinglong Street, Ningjin County

Legal Representative: Xx. Xxx Baofang

PARTY B: AUSTRALIA PV SCIENCE & ENGINEERING CO.

Legal Address: Xx. 00, Xxxxxxxx Xxxxxx, Xxxxxxx Xxxx, Xxx Xxxxx Xxxxx, Xxxxxxxxx

Authorized Representative: Dai Ximing

PARTY C: AUSTRALIA SOLAR ENERGY DEVELOPMENT PTY LTD.

Legal Address: Suite11, 7/F Nationals Plaza, No. 250 Xxxxx Street, Sydney, New South Wales, Australia

Authorized Representative: Yang Huaijin

WHEREAS,

Party A, B and C intent to jointly invest in and establish the sino-foreign joint venture Ningjin Jinglong China-Australia Solar Development Co., Ltd. in Ningjin County, Hebei Province.

NOW, THEREFORE, after friendly consultation, the Parties agree as follows:

1. Parties agree that Party B may contribute its know-how “Proprietary Technology on Silicon Solar Cell Production” to the registered capital of Ningjin Jinglong China-Australia Solar Development Co., Ltd.

2. Parties agree that the above know-how shall be evaluated to be Renminbi 9,000,000 yuan.

PARTY A:

HEBEI JINGLONG INDUSTRY AND COMMERCE GROUP CO., LTD. (SEAL)

By:		/s/ Jin Baofang
		Jin Xxx Xxxx

English translation for reference purpose only

PARTY B:
AUSTRALIA PV SCIENCE & ENGINEERING CO.
By:		/s/ Dai Xxxxxx Xxx Ximing
PARTY C:
AUSTRALIA SOLAR ENERGY DEVELOPMENT PTY LTD.
By:		/s/ Yang Huaijin Yang Huaijin

2