Natcore Technology to Locate Solar Research Center in Kodak's Business Park
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RED BANK, NEW JERSEY--(Marketwire - April 21, 2011) - After a four-month search, Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) has decided to establish the Natcore Research and Development Center at Eastman Business Park in Rochester, NY. The Rochester location was selected over several other finalists throughout the country.
Natcore currently conducts its research at three locations: Ohio State University, Rice University, and its joint venture in China. That work will now be consolidated in Rochester, although Natcore will continue its funded joint research program with the Barron Group at Rice. The R&D Center will enable Natcoreto accelerate its development of thin-film solar cells and tandem solarcells using the company's proprietary liquid phase deposition (LPD)technology. The thin-film cells could halve the cost of producing solarenergy. The super-efficient tandem cells could double the power outputof today's most efficient commercial solar cells.
The Natcore Research and Development Center will be staffed initially by eight people. Dr. Dennis Flood, Natcore'sChief Technology Officer, will soon begin to interview chemists andchemical engineers, electrical engineers, materials scientists, andtechnicians to fill those jobs.
Natcore signed alease yesterday for dedicated office and laboratory facilities thatwill comprise two equipped labs, a clean room and administrationoffices. It will also house the first production model of Natcore'sintelligent LPD processing station for growing an antireflective (AR)coating on silicon wafers in the process of manufacturing solar cells.The Natcore Center will be located in Building #82 of the Kodak Research Laboratories at Eastman Business Park. Natcore is funding the Center with the proceeds of a December 2010 private placement.
Natcorecontinues its search for a site and partners to research, develop andmanufacture thin-film solar cells using the company's proprietary LPDprocess. Eastman Business Park is being considered for that facility, as are Chinese and other foreign alternatives. Like Eastman,all have considerable history in the manufacturing of roll-to-rollphoto film. The final decision in this case will rest on theavailability of funding.
Congresswoman Louise Slaughter has been instrumental in attracting the research facility to Rochester. Mrs. Slaughter has arranged a meeting today at which city, county and state officials and business leaders will work with Natcore to assess possible programs to help fund the development of a manufacturing operation at Eastman Business Park. As an alternative, Natcore may seek financing from joint venture partners.
"We chose Rochester for several reasons," said Natcore President and CEO Chuck Provini. "It will give us access to Kodak'sconsiderable prowess in thin-film technology and much of theinfrastructure we will require. In addition, we can tap expertise at Rochester's distinguished universities. And then there was the persistence of Mrs. Slaughter and Mike Alt, who were invaluable partners in our efforts." Mr. Alt is Director of Eastman Business Park.
"We are certainly pleased with Natcore's decision to locate its R&D Center at Eastman Business Park," said Alt. "Our site is a good fit for Natcore from a technology and infrastructure perspective."
"I'm delighted to know that after months of negotiations, Natcore has decided to bring their Research and Development Center to Eastman Business Park,"said Mrs. Slaughter. "I am happy to do everything I can to assist inthis partnership and hope this is just the beginning of green jobscoming to Rochester."
Statements herein other than purely historical factual information, including statements relating to revenues or profits, or Natcore'sfuture plans and objectives, or expected sales, cash flows, and capitalexpenditures constitute forward-looking statements. Forward-lookingstatements are based on numerous assumptions and are subject to all ofthe risks and uncertainties inherent in Natcore'sbusiness, including risks inherent in the technology history. There canbe no assurance that such forward-looking statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on such statements. Except in accordance withapplicable securities laws, Natcoreexpressly disclaims any obligation to update any forward-lookingstatements or forward-looking statements that are incorporated byreference herein.
Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
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