NanoFlex Power Corporation, Through its Research Partner at the University of Michigan, Secures Funding and Collaboration with Dankook University of South Korea

Four-Year Effort Focuses on Increasing Efficiencies of Organic Photovoltaic Solar Cells

MEDFORD LAKES, N.J., March 22, 2010 – NanoFlex Power Corporation (“NFPC”), a leading developer of a sustainable Organic Photovoltaic (OPVTM) technology, which will enable ultra low-cost solar power generation and exciting new product capabilities, said today that its research partner at the University of Michigan has secured a joint research project funded by Dankook University (“DKU”) and the South Korean government.

This investment represents a significant recognition of the groundbreaking work done by Professor Stephen R. Forrest and a strong acknowledgment of the strength of NFPC’s formidable patent portfolio. NFPC is a leading patent-holding company in organic photovoltaic technologies – with a patent portfolio that spans over 425 patents issued and pending worldwide, including many foundational patents.

New inventions derived from the DKU collaboration will further expand the extensive NFPC patent portfolio developed over 16 years with its partner researchers at Michigan and University of Southern California.

“Organic solar cell efficiencies are poised at the edge of a breakthrough. Due to our recent progress (in small molecule photovoltaics), we are confident that organic solar cell power conversion efficiencies of approximately 10 percent are within reach during the next few years. We will be building upon approaches that were developed in our labs at the University of Michigan to enable the necessary breakthroughs,” said Vice President for Research and Professor Stephen R. Forrest, noting that 10 percent OPVTM modules are commercially viable.

“The work will engage researchers at Dankook University with students and faculty from Dankook University collaborating on site at the University of Michigan. In addition, University of Michigan students and faculty will also travel to Korea for similar collaborative exchanges,” Dr. Forrest added. Dankook University, located near Seoul, hosts a student body of about 20,000 and employs a faculty of about 800. This effort championed by DKU is supported by the local state government and large commercial interests.

“The University of Michigan team will continue to work closely with its commercial partner, NanoFlex Power Corporation, to ensure rapid scaling and prototyping of our most promising technologies developed during the course of this program,” he said.

OPVTMs will generate sustainable, clean electricity using lightweight and low-cost solar cells, going far beyond today's heavy, silicon-based cells that remain too expensive to produce. NFPC’s OPVTMtechnology can be applied to virtually any surface using a room-temperature technique akin to spray painting. Production methods of this sort are easily adaptable to batch, continuous and so-called “roll‐to‐roll” manufacturing processes and hold the promise of dramatically reduced production costs.

The highly flexible and ultra-thin OPVTMs will enable large-scale solar energy generation directly integrated into roofs, walls, building materials and even transparent windows in a variety of pleasing colors. OPVTMs will become integrated into the initial design of residential and commercial buildings and promise to replace today's silicon panels at significantly lower cost. Other innovative OPVTMproducts include sun shades and umbrellas covered with thin, flexible organic solar cells. OPVTMs can also be applied directly to laptops and communications devices. Tents, for military or recreational use, are further examples. Vehicle paint can become a source of solar power, as can most outdoor objects exposed to the sun. Directly applied OPVTMs can be used to charge smart phones and mobile devices.

About NanoFlex Power Corporation

NanoFlex Power Corporation (NFPC) is the world leader in developing sustainable molecular Organic Photovoltaic (OPV™) technologies, holding more than 425 patents issued and pending. NFPC is collaborating with world-class organizations to transform the energy and photovoltaic markets. NFPC has research partnerships with the University of Southern California, the University of Michigan and Princeton University. NanoFlex Power Corporation is located in Medford Lakes, N.J. To learn more, visit www.nanoflex.com