SANTA BARBARA, CA--(Marketwire - Dec 4, 2012) - Solar3D, Inc. (
"The U.S. is in a global battle for dominance of solar energy, the fastest growing market in the world," said Jim Nelson, CEO of Solar3D. "We cannot compete head to head with China by manufacturing similar products and hope to win, because they have a much stronger strategic position in manufacturing. However, we agree with Energy Secretary Stephen Chu's assertion that the key to global competitiveness is our ability to innovate. We believe that it is innovative products, like the Solar3D cell, that will secure our long term position in the U.S. solar industry, which will one day be the most lucrative market in the world."
Solar3D recently announced that it has completed a working, proof-of-concept prototype of its innovative solar cell and that the preliminary performance exceeded management expectations. In initial tests, the Solar3D Cell outperformed a basic solar cell by producing 250% of the power of the basic cell. With high power output and low manufacturing costs, it is anticipated that the gross margins of the new product will substantially exceed those of the current generation of solar cells.
"The industry has been in turmoil for the last few years," said Jim Nelson, CEO of Solar3D. "With the strong government subsidies and margin sacrifice by Chinese solar manufacturers, profits and profitability of the industry have plunged, battering stock prices, and putting some promising companies out of business. American manufacturers are trying to play catch up against a determined, well-funded competitor. The key is to throw the resources of the American industrial machine behind promising new and innovative products that have the potential to make a quantum leap ahead of the current solar technology. The Solar3D Cell can help lead that effort -- and our timing couldn't be more ideal."
The Solar3D Cell has two advanced features that deliver dramatic improvement relative to current solar cells. First, it is substantially more efficient in producing electricity due to its nanoscale 3D light trapping features. Second, a wide-angle light collection feature on the cell surface allows the cell to collect light at more times throughout the day, month and year, an attribute unique in the solar industry.
Nelson concluded, "Conventional, 2D solar cell technology has reached its limits and a major breakthrough is required to lower the cost of solar energy. We believe that breakthrough is in 3D light trapping and conversion, and our prototype has successfully demonstrated this possibility. Our next major step will be to produce a manufacturing prototype and execute a pilot production run in 2013. That will lead us to a manufacturing partner and anticipated entry into the marketplace by the end of 2013."
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell will be dramatically more efficient, resulting in a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.