NENE
Columbia, MD- December 1, 2010 - New Energy Technologies, Inc. (OTCBB: NENE) today announced that the Company has entered into an expanded License Agreement with the University of South Florida Research Foundation, Inc. (USFRF) to include several additional technologies which enable development of SolarWindow™, the world's first-of-its-kind product capable of generating electricity on see-thru glass windows.
Under terms of the agreement, the Company's wholly-owned subsidiary, New Energy Solar Corporation, obtained an exclusive worldwide commercial license to numerous discoveries important to achieving transparency and ease of manufacturing of SolarWindow™. Included are new patent filings and inventions, which:
Allow electricity-generating coatings to be sprayed onto surfaces while remaining see-thru; and
Enable fabrication of novel 'contacts' which conduct electricity on SolarWindow™, yet remain see-thru. Conventional contacts for conducting electricity make use of metals which can block visibility and inhibit transparency.
"Through our licensing arrangement, each new scientific and technical discovery in the research facility brings SolarWindow™ one step closer to commercialization," stated Mr. John A. Conklin, President & CEO of New Energy Technologies, Inc. "This expanded License Agreement strengthens New Energy's intellectual property portfolio and reinforces our confidence in knowing that important technologies are secured exclusively for our worldwide use as we move SolarWindow™ towards pre-production scale-up and eventual commercial launch."
"It's exciting to see bench research applied to the development of meaningful commercial products. Our ongoing collaboration, through this expanded license agreement, with New Energy to develop the SolarWindow™ technology could transform the way in which we view the use of solar energy for our homes, offices, and commercial buildings," stated Ms. Valerie Landrio McDevitt, Assistant Vice President for Research, Division of Patents and Licensing, University of South Florida, and U.S. Registered Patent Attorney.
USFRF has licensed numerous groundbreaking discoveries and important commercial processes and applications to New Energy for the development of its SolarWindow™. These inventions have been discovered under the auspices of Lead Researcher and Physicist, Dr. Xiaomei Jiang at the University of South Florida.
Currently under development, SolarWindow™ is the first-of-its-kind see-thru glass window technology capable of generating electricity, and according to the Company's internal financial modeling and energy savings calculations, able to outperform conventional rooftop solar installations by more than 300% when applied to the window facades of commercial skyscrapers. One aspect of New Energy's technology and product development plans for SolarWindow™ addresses the potential application and use in the estimated 5 million commercial buildings in America (Energy Information Administration) and more than 80 million single detached homes.
Financial terms of the expanded License Agreement announced today were not disclosed.
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