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Natcore Technology Inc. (NTCXF)

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Last Post: 6/22/2017 1:31:37 AM - Followers: 139 - Board type: Free - Posts Today: 0

Corporate Website:

[Latest Presentation] (DECEMBER 2016):


"NatcoreTechnology is a research and development company pioneering solar cells with improved efficiency and reduced cost. By combining the expertise of our scientists – who are among the most renowned in the solar community – with a well-equipped research facility, we are developing approaches that will define the next generation of cells. Our output is technology: our intellectual property is currently protected by 62 patents granted or pending. Natcore plans to move our technologies into manufacturing through partnerships that ultimately yield licensing and royalty revenue streams."

 Natcore is a dual-pronged business consisting of 1) commercialising technology (licensing, royalties, material sales) 2) international consulting for industrial scale solar facilities (Best-of-Breed Program).  The company has been funded via private placement for several years back in a purely R&D phase and now looks to turn the corner with revenue generation. 

Primary Technology:

Rochester, N.Y., research and development center (19,000 sf with 8,000 sf clean room)

 [Natcore Foil Cell] (All Back Contact Solar Cell): The cell is several technologies combined under the product name "Foil Cell". The structure uses aluminum instead of industry traditional silver, greatly reducing material costs. The patented low temperature laser process rids the need for expensive furnaces.

     • Current Efficiency: 19.4% (Short term target of >20%)
     • Early Phase Full Production Estimate: 22%
     • Long Term Full Production Estimate: 24-26%

♦ [Black Silicon]: The black silicon technology streamlines the path to low solar cell reflectance.  By reducing steps in the manufacturing process, costs are greatly reduced.

Technical Executive Summary:

"The vast majority of solar cells produced today employ front contacts—one of the cell’s electrical contacts is the familiar grid of metal lines on the front of a cell. Even though the grid lines are thin, they block light and thus reduce efficiency. These standard solar cells are also made with a thermally diffused emitter, requiring very high process temperatures (>800C). The combination of front contacts and thermally diffused emitters limit current cell efficiency to about 19%.

Recently, a 25.6% efficiency was reported – the highest efficiency ever reached for a silicon solar cell. The cell in question used only back contacts, thus blocking no light. It also used a silicon heterojunction (SHJ) emitter, eliminating high temperature diffusion steps. While the achievement showed the value of these approaches, the cell was produced using a complicated, high cost process. The goal then: produce a cell like that at low cost.

The Natcore Cell leverages laser processing and a revolutionary approach to contacting/metallizing the cell in order to drive out cost while getting to high efficiency.

Our design requires highly defined regions of heavily doped silicon in order to form the base contact of the solar cell. By using a powerful focused laser beam, small regions of the silicon surface can be melted in the presence of a specially applied dopant, allowing that dopant to penetrate the silicon matrix. In particular, Natcore scientists have discovered a method to laser-form these dopant regions while not disrupting the high quality emitter already present on the solar cell. The laser process is rapid, and can be performed in low capital equipment at atmospheric conditions.

Our approach to metallization is game changing. Silver is a staple of current solar cells, being used for its high conductivity and easy processing. However, it can represent from 30 to 50% of the fabrication cost of a solar cell. Our unique metallization approach relies upon a simple multilayer structure composed of aluminum foils. The use of aluminum alone permits great cost saving. However, there are two additional areas of cost saving with our approach. First of all, the metallization process, leveraging the worldwide volume of aluminum foil production, can have a very low capital cost and footprint. Secondly, the resulting cell architecture is ideal for subsequent incorporation into modules cheaply and with low cell-to-module (CTM) losses.

Natcore has specifically protected its laser back contacted cell approach with a number of patent filings covering the architecture, laser process, and general processing characteristics. Natcore’s rapid progress in this area is enabled by David Carlson, member of our Science Advisory Board and Charlie Gay, auxiliary scientific advisor. Both bring a recognized, extensive career in solar technology and business to the table."

♦ Natcore makes solar energy cost-competitive by increasing efficiency and lowering cost.

♦ In a solar cell industry where manufacturers are fighting for fractions of a percent improvement in performance or costs, Natcore’s new cells will offer cost/watt improvements likely well over 30% – a generational leap in performance that will essentially force adoption by the industry.

♦ Natcore will have a very quick ramp-up to significant revenues, with virtually no capital expense and margins near 100%. This is because the company’s business model calls for licensing the technology to any and all comers, earning royalties on equipment, materials and every solar cell sold using the proprietary process.


International Solar Project Consulting (Best-of-Breed):

• Provide project financing and technology;
• Design, develop, implement and bring solar plants to the turnkey phase;
• Serve as supplier and promoter of the project;
• Select suppliers, PV plant locations and EPC company

Projects in the Pipeline

♦ Belize: 10MW
 Australia: 30MW
 Vietnam 200MW (Multi Phase With State Party Interest in Manufacturing Facility)
 Middle East 1,000MW
 South Africa

Vietnam - Phase 1: 56.18MW (December 2016 Presentation)

Drone Aerial Image of Land


• Total Investment: $65.5 Million

 PPA: $0.112 kWh
 Average Yearly Revenue: $9.3M (Recurring for 20 Years)

Estimated Fees to Natcore:

56.18MW - Phase 1
 Engagement Fee:$1.5M
 Cost Plus $3.25M
 Annual Partnership Participation (10%) 20 Year Term: $18.6M

200MW - All Phases
 Engagement Fee:$6.0M
 Cost Plus $13M
 Annual Partnership Participation (10%) 20 Year Term: $74.4M

Natcore’s Scientific Staff: 
Current and auxiliary advisory members boast some of the world’s top experts and authorities in photovoltaics, highlighted by:


Dr. David Levy (Director of Research & Technology)
Dr. Levy earned his BSE in Chemical Engineering from the University of Pennsylvania and his PhD in Chemical Engineering, with a minor in Electrical Engineering, at the Massachusetts Institute of Technology.

He invented the atmospheric Spatial Atomic Layer Deposition process (SALD) while he was a Senior Research Scientist at Eastman Kodak, where he spent 20 years. With primary applications in the semiconductor industry, SALD is now a recognized area of research in the atomic layer deposition community.

While working with air-free synthesis of nanoparticles, Dr. Levy also gained familiarity with quantum dot systems. The ability to create a three dimensional matrix of quantum dots is a critical step toward the formation of a fully functioning tandem cell, a principal goal of Natcore scientists.

Dr. Levy has been granted 90 patents and has authored 11 peer-reviewed journal articles. He has been an invited presenter at meetings of the Materials Research Society and the American Vacuum Society.

Dr. Dennis Flood (former Chief of Photovolatic and Space Environments Branch, NASA) 

Dennis Flood, PhD, is a Natcore co-founder. He has more than 30 years’ experience in developing solar cell and array technology for both space and terrestrial applications. At the NASA Glenn Research Center in Cleveland, he served for 15 years as Chief of the Photovoltaic and Space Environments Branch and led programs in advanced photovoltaic systems development.  

Dr. Charlie Gay (former Director of U.S. National Renewable Energy Lab, president of Applied Solar at Applied Materials, chairman of technical advisory board of Sunpower) 
He has 41 years of professional management, manufacturing and advanced technology experience in renewable energy and photovoltaics. He created the Greenstar Foundation, which delivers solar power and Internet access for health, education and microenterprise projects to villages in developing countries.

Dr. Gay has been president and chief operating officer of ASE Americas; chairman of the technical advisory board at SunPower Corporation; president of Applied Solar and chairman of the Applied Solar Council at Applied Materials, Inc; and president of ARCO Solar.

Charlie Gay received a B.S. in Chemistry from the University of California, Riverside, and a PhD in Physical Chemistry from the same institution. He holds numerous patents for solar cell and module construction and is a winner of the Gold Medal for Achievement from the World Renewable Energy Congress. He was elected to the U.S. National Academy of Engineering for his seminal leadership contributions to the development of the global solar PV industry.

Dr. David Carlson (former Chief Scientist for BP Solar and inventor of the amorphous silicon solar cell)

Dr. Carlson is a physicist with a worldwide reputation in photovoltaics and materials science. Until his recent retirement, he was the chief scientist of BP Solar, for whom he managed future technology programs and the intellectual property system.

In 1974, Dr. Carlson invented the amorphous silicon solar cell at RCA Laboratories, and was the first to demonstrate that hydrogenated amorphous silicon could be doped either p- or n-type and could be used to form a semiconductor junction. He has been Group Head, Photovoltaic Device Research, at RCA Labs; and Vice President and Director of Research of the Thin Film Division of Solarex Corp.

Dr. Carlson is a fellow of the IEEE and has been a member of the American Physical Society, the American Vacuum Society, and Sigma Xi. He has published more than 150 technical papers, has been issued 26 U.S. patents, and has 8 patents pending. He’s listed in Who’s Who in America. Dr. Carlson received a B.S. in Physics from Rensselaer Polytechnic Institute and a PhD in Physics from Rutgers University.




Shares Outstanding                                61,939,302

Warrants Outstanding                              23,657,302

Options Outstanding                                5,540,000

Shares Outstanding Fully Diluted          91,136,872

Press Coverage:


ABC NEWS: <--  Worth a watch but Natcore did not end up doing business in China for concern over intellectual property ownership

NY Times:


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NTCXF News: Annual and Transition Report (foreign Private Issuer) (20-f) 05/17/2017 09:27:20 AM
NTCXF News: Notification That Form 20-f Will Be Submitted Late (nt 20-f) 05/02/2017 11:17:26 AM
NTCXF News: Report of Foreign Issuer (6-k) 03/24/2017 02:56:02 PM
NTCXF News: Amended Small Company Offering and Sale of Securities Without Registration (d/a) 03/24/2017 12:29:42 PM
NTCXF News: Amended Small Company Offering and Sale of Securities Without Registration (d/a) 03/24/2017 12:04:16 PM
#6842  Sticky Note May 2, 2017:Natcore Surpasses 20% Efficiency Milestone With TRUTH 05/02/17 09:16:50 AM
#6057  Sticky Note Vietnamese Government approves Natcore project: bprescott 01/10/17 09:15:03 AM
#6911   they are very close to revenue, TRUTH 06/22/17 01:28:11 AM
#6910   Truth "Do a multi-million dollar private placement; where D theG 06/21/17 09:45:49 PM
#6909   Try getting in touch with the management... if D theG 06/21/17 09:42:07 PM
#6908   We currently work with smaller cells in the TRUTH 06/21/17 02:46:27 PM
#6907   Natcore President's Letter – June 2017 Natcore donfig47 06/21/17 02:34:01 PM
#6906   6/16/2017-Natcore Technology Closes Private Placement TRUTH 06/17/17 05:31:12 PM
#6905   6/14/2017-Natcore Technology Announces Private Placement TRUTH 06/15/17 04:19:01 AM
#6903   I don't get it stopshorthatty? This is thisway 06/14/17 04:40:39 PM
#6902   PUBLIC OFFERING stopshortHatty 06/14/17 02:04:34 PM
#6901   Truer words couldn't be posted.... TRUTH 06/14/17 09:04:27 AM
#6900   Yeah, call up every Fortune 500 company not teq0904 06/14/17 01:31:32 AM
#6899   coin8300, I thought you said NTCXF was great flaflyersfan 06/14/17 12:46:33 AM
#6898   As usual people see Natcore and like what donfig47 06/13/17 09:29:33 PM
#6897   The lack of transparency is absurd. Like coin8300 06/13/17 09:16:42 PM
#6896   Maybe I am not clear. Apple Corp. couldbebetter 06/13/17 08:34:53 PM
#6895   Do you really think you have a $1B teq0904 06/13/17 08:28:32 PM
#6894   Here is an idea for Natcore management. couldbebetter 06/13/17 08:09:55 PM
#6893   They have no worries, very big technology that stopshortHatty 06/13/17 06:32:01 PM
#6892   I don't understand how Natcore is paying the coin8300 06/13/17 04:55:30 PM
#6891   Brien Lundin on the growth of solar: bprescott 06/06/17 08:16:00 AM
#6890   Nice find bprescott Thanks for posting. douginil 06/04/17 11:41:06 AM
#6889   With some further research and development, it might bprescott 06/04/17 08:55:33 AM
#6887   Natcore Technology to Present Paper to IEEE Photovoltaic Conference TRUTH 05/24/17 09:52:18 AM
#6886   Just did some investigation on Google Maps with Pennyfolio 05/22/17 05:05:40 PM
#6885   *** Natcore Technology Inc Patents *** TRUTH 05/21/17 04:06:55 PM
#6884   No news on Binh... stopshortHatty 05/21/17 12:49:33 PM
#6883   I want to point out something I've found stopshortHatty 05/21/17 12:35:49 PM
#6882   May 12, 2017-Natcore Technology Closes Private Placement TRUTH 05/14/17 03:59:42 PM
#6881   The bulk of the funding, PP's are being D theG 05/12/17 03:41:07 PM
#6880   US investors are more difficult for them to coin8300 05/12/17 12:34:08 PM
#6879   I don't think that their funding has dried macluver 05/12/17 12:28:03 PM
#6878   I can't tell if they are trying to coin8300 05/12/17 11:30:07 AM
#6877   They have to keep the doors open somehow. TRUTH 05/12/17 09:47:06 AM
#6876   TRUTH, has NTCXF ever reported $1 in revenues?; flaflyersfan 05/12/17 09:44:05 AM
#6875   This month-to-month financing really gives the impression that TRUTH 05/12/17 09:25:18 AM
#6874   May 11, 2017-Natcore Technology Announces Private Placement[/ TRUTH 05/12/17 08:58:51 AM
#6873   Wow. 100 shares drops it .025. MrC 05/11/17 02:11:38 PM
#6872   Hopefully we will be getting a nice piece D theG 05/11/17 08:36:44 AM
#6870   New study calls for US solar policy reform rkt9 05/08/17 09:04:10 AM
#6869   Natcore Technology Appoints McMillan LLP As Legal Counsel TRUTH 05/07/17 07:53:46 PM
#6868   A law firm is admin and a non-event. teq0904 05/07/17 03:17:32 PM
#6867   Overall PR May 5,2017, positive thisway 05/06/17 06:42:52 PM
#6866   As you may already know, Chuck recently returned TRUTH 05/04/17 05:02:42 AM
#6865   See my previous post for the email and attachment. donfig47 05/03/17 08:34:57 PM
#6864   Wow! That is great news.... we may be D theG 05/03/17 08:32:49 PM
#6863   I got an email from Tom Scarpa. tom1231 05/03/17 07:49:16 PM
#6862   Natcore Technology Update - May 2017 donfig47 05/03/17 07:46:29 PM
#6861   Is this your first reading of a press teq0904 05/03/17 03:29:22 PM
#6860   nuketheshorts, the Press Release also says this; flaflyersfan 05/03/17 12:33:31 AM