Oct 19 2010
Magnolia Solar Corporation (OTCBB: MGLT) ("Magnolia Solar"), announced today that its wholly owned subsidiary has recently received funding for a Phase II contract from the New York State Energy Research and Development Authority (NYSERDA).
This contract is for continued effort to demonstrate high-efficiency nanostructured thin film solar cells, and represents the second phase of a previously announced three-phase, one million dollar development program.
The award of the Phase II funds was approved after the Magnolia team met the Phase I milestones for the development of nanostructure based thin film solar cells. Phase I accomplishments included the demonstration of advanced, tunable antireflection coatings for solar cells on glass substrates and the development of nanostructured absorber materials to capture a larger part of the solar spectrum for the high efficiency solar cell development. For the Phase II efforts, Magnolia Solar will continue optimizing this unique solar cell technology.
Magnolia Solar has opened an office at the Albany Nanotech complex on the University of Albany campus. This allows Magnolia employees to collaborate closely with the development team members at the College of Nanoscale Science and Engineering (CNSE) and Rensselaer Polytechnic Institute (RPI), and to better capitalize on the world-class characterization facilities available in the New York Capital region.
Dr. Ashok K. Sood, the President and CEO of Magnolia Solar Corporation, said, "We are delighted to be working very closely with NYSERDA and our University partners in the New York Capital region. Progress to Phase II represents completion of an important milestone in our development program. We are committed to growing in the Albany region, leveraging the tremendous infrastructure at the Albany Nanotech Center. We intend to provide environmentally responsible, low cost solutions for the solar power industry and to be part of the New York state's energy future."
Source: http://www.MagnoliaSolar.com/