Natcore Technology Inc (NTCXF)

[JB3729]

Thanks Dom, that's a great article.

I just got off the phone with Dr. Flood. We had a pretty lenghty conversation. I'm pretty sure we all know how brilliant Dr. Flood is, I must say he is also a great guy to talk to and is willing to explain answers to questions in detail.

I started out by congratulating Natcore on the MX LOI. Dr. Flood stated that this deal is a very big development. He said it will be very beneficial to Natcore. He went on to say that this deal, and black silicon, will mean that Natcore has successfully navigated it's way through the valley of death (a place that many start up companies end up before they can launch a product, even if their technology is first rate).

I commented that I thought Natcore had done a good job of getting to this point without a lot of dilution and while not losing control of the company. Dr. Flood stated that Dr. Barron and himself are extremely happy with the job that Brien Lunden and Chuck Provini have done. He said that it is now on Dr. Barron and himself to get products out the door. He said they are pushing hard to do that, and that the AR-Boxes will be the first product to hit the market. When I asked him for a date, he said he has a deal with Chuck. He handles the technology and Chuck handles the rest. I got the impression that we are close.

We should be notified of a final black silicon agreement with NREL soon, possibly as early as next week. Dr. Flood confirmed that black silicon does not require an AR-coating. He said that the 3 micron thick layer of black silicon on the wafer is the AR-coating. What is applied to the black silicon coated wafer is a thin layer of silicon oxide. This silicon oxide passivates the wafer when the contacts are sintered to it. Dr. Flood stated that the AR-Box system will include a silicon etching production tool for those that want to produce black silicon coated wafers (nashville, it looks like there was some confusion on the part of the person that told you Natcore would purchase the black silicon wafers from NREL). Most module manufacturers use both monosilicon and polysilicon. One can be made into solar cells using black silicon and the other can be made into solar cells using black silicon or standard wafers. The standard wafers receive an AR-coating.

Dr. Flood said they expect to have silicon quantum dot arrays on sample discs, under glass, for viewing at the New Orleans' Investment Conference.

The Phase 2 build out at the Rochester lab is actually an extension of Phase 1. The inspector said that the existing duct work, which had been installed by Kodak, has to be replaced with plastic duct work for ventilation. Should be done next week. Dr. Flood is reviewing applications for junior scientists and lab techs. Natcore plans to add 5 or 6 by the end of the year (this is in addition to the 2 scientists and 1 lab tech already employed). The extra help is needed for the roll-to-roll labratory bench work (as he called it). This work can be completed without additional funding. Funding will be needed for the ramp-up to production. The first thin-film roll-to-roll product will not be the tandem offering. However, Dr. Flood said it will be very competitive. Natcore plans to accelerate the development of the silicon wafer tandem cell by moving the lab work from Rice U to Rochester next year.

Natcore plans to start a subsidiary to handle the mixing and supplying of chemicals to its AR-Box customers.

I'm glad we escaped from the valley of death!

JB