NanoFlex Power Corporation's Research Partner Wins U.S. Department of Energy Grant Under the SunShot Initiative
Four-Year Effort to Accelerate Development of Cost-Competitive Solar Technologies
MEDFORD LAKES, N.J., September 21, 2011 – NanoFlex Power Corporation (“NFPC”), a world leader in the development of Small-Molecule Organic Photovoltaic (SM-OPV™) technology that will enable ultra low-cost solar power generation and exciting new product capabilities, said today that its research partner Dr. Stephen R. Forrest, Vice President for Research at the University of Michigan, has secured a $1.5 million grant from the U.S. Department of Energy’s (DOE) SunShot Initiative. The grant was awarded in the “Transformational PV Science and Technology: Next Generation Photovoltaics II” category. Additional cost-share is being provided by the University of Michigan.
Dr. Forrest’s research program will further advance the development of next generation organic solar cell technology using NFPC’s proprietary small-molecule systems incorporated in a stacked architecture. Dr. Forrest is a sponsored researcher and scientific advisor of NanoFlex Power Corporation.
This award is a further endorsement of the research that Dr. Forrest conducted under the DOE’s “Transformational PV Science and Technology: Next Generation Photovoltaics I” program awarded over three years and now coming to a close.
In transforming organic photovoltaics into a fully practical energy solution, Dr. Forrest’s new proposal is focused on addressing key commercial factors including high efficiency, high reliability and low-cost, scalable production systems. “This research program could lead to a transformation in the cost structure of solar energy conversion,” Dr. Forrest stated.
The research work will use proprietary small molecule materials in a variety of device structures to achieve significant performance, reliability and low-cost manufacturability that can incorporate, at any time, improved materials as they become available. “The proprietary core materials, device architectures and fabrication approaches are the product of our research program supported by NFPC, the DOE and other government agencies,” Forrest explained. “Small molecules are easy to purify, process and form into multilayer devices that deliver high efficiency and outstanding reliability.” NFPC works closely with its University of Michigan research team to ensure rapid scaling and prototyping of the most promising technologies developed during the course of this program and the Company’s sponsored research.
NFPC’s SM-OPVTM technology will generate sustainable, clean electricity using lightweight and low-cost solar cells, going far beyond today's heavy, silicon-based cells that remain expensive to produce. NFPC’s SM-OPV™ technology can be applied to virtually any surface using a room- temperature technique similar 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. In addition, the Company’s technology can be deployed to address a variety of exciting application needs including transparent solar windows, power-generating car paint, battery charging smart phone enclosures and solar powered fabric.
About NanoFlex Power Corporation
NanoFlex Power Corporation (NFPC) is a world leader in Small-Molecule Organic Photovoltaic (SM-OPV™) technologies, holding more than 425 patents issued and pending. NFPC collaborates 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. To learn more, visit www.globalphotonic.com