ROGERS, AR--(Marketwired - October 06, 2016) - Ecoark Holdings, Inc. (EARK) ("Ecoark"), a provider of a growing suite of proprietary technologies and services that drive sustainability and facilitate sustainable growth for a wide range of clients, announced today that its wholly owned subsidiary Magnolia Solar, Inc. (Magnolia) has signed a Teaming Arrangement with India-based InSolare Energy Pvt. Ltd. (InSolare) to bring Magnolia's patented solar photovoltaic (PV) technology to market.
The initial purchase order is for a study of feasibility for applying Magnolia's thin-film solar PV technology to an existing installation on a commercial property.
"When we merged with Magnolia back in March, the investment thesis was that we could leverage our extensive commercial relationships in the U.S. to continue their commercialization efforts and more efficiently drive market penetration for Magnolia's thin-film technology," said Randy May, Chairman and CEO of Ecoark. "Additionally, with the significant drop in solar installation costs, and the increasing prevalence of solar installations, the opportunity to penetrate the market with Magnolia's technology is something we can capitalize on today."
"We are very excited to be teaming with Magnolia and the Ecoark team," said Dr. Sunit Tyagi, Chairman of InSolare. "Ecoark's access to the commercial market in the U.S., combined with Magnolia's patented, thin-film solar technology, opens the door to significant opportunity for us to drive revenue and profitability outside our footprint in India."
Magnolia Solar is engaged in the development and commercialization of its nanotechnology-based, high-efficiency, thin-film semiconductor technology deposited on a variety of substrates, including glass and flexible structures, incorporating a unique nanostructure-based antireflection coating technology, further increasing the solar cell's performance.
InSolare, based in Bangalore, India, is a system integrator and solar energy Engineering-Procurement-Construction (EPC) provider. Its mission is to create and integrate competitive solar energy technology to delight its customers by bringing the best in class, optimal, end to end solar energy solution. InSolare has served several Fortune 500 companies in the U.S.
The two companies collectively are well positioned to compete in the U.S. and India markets based on their extensive expertise in research and development, Solar PV EPC solutions from site & land survey, detailed design (electrical and structural) to commissioning, and maintenance of PV Systems for reliable power generation.
About Ecoark Holdings Inc.
Based in Rogers, AR and founded in 2011, Ecoark Holdings, Inc. is a growth-oriented company based in the retail and logistics hub of Northwest Arkansas. Ecoark's portfolio of technology solutions increase operational visibility and improve organizational transparency for a wide range of corporate clients.
Ecoark's technologies fight waste in Operations, Logistics, and Supply Chains across the evolving global economy. Ecoark's portfolio of companies and technologies work to integrate people, processes, and data in order to overcome ingrained operational hurdles and create new revenue streams.
Ecoark's vision is to expose the cycles of waste that reduce efficiency and cost effectiveness across the business landscape. Ecoark's strategically acquired subsidiaries have anticipated and responded to key economic factors impacting every business today.
Ecoark addresses these vital economic factors through four active subsidiaries, Intelleflex, Eco3d, Pioneer Products, and Magnolia Solar.
For more information, please visit www.ecoark.com.
Forward Looking Statement:
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern; adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.