NanoFlex Signs its First Commercial License Agreement with
SolAero Technologies, a Global Leader in High Efficiency Solar
Scottsdale, AZ, (Tuesday, February 7, 2017) – NanoFlex Power Corporation (“NanoFlex”)
(OTCQB:OPVS), a developer of advanced solar technologies, today announced it has entered
into a license agreement with SolAero Technologies Corporation, a global leader in high
performance photovoltaics for space and terrestrial applications. For the last two years,
NanoFlex and SolAero have partnered to validate NanoFlex’s patented, non-destructive
epitaxial lift-off (“ND-ELO”) process and related technologies in SolAero's ultra-high efficiency
ND-ELO technology has the potential to reduce compound semiconductor production costs by
more than 40 percent by enabling reuse of the expensive wafer substrate. This breakthrough
process technology was invented at the University of Michigan by Professor Stephen Forrest’s
research team and has been further developed by NanoFlex. NanoFlex has the exclusive
worldwide rights to license, sublicense, and bring its own products to market using this ND-ELO
technology. In addition to reduced cost, NanoFlex’s ND-ELO process enables very high
performance solar cells in lightweight and flexible thin film form factors, providing reduced
weight and improved design flexibility for demanding applications. These applications include
not only satellites, but unmanned aerial vehicles, mobile military power, and other high
performance aerospace and defense solutions. As well, ND-ELO offers exciting potential for
commercial solar applications where thin film, high performance solar solutions fit unique
requirements on buildings or in solar farms where real estate availability is limited.
Under the terms of the non-exclusive agreement, NanoFlex and SolAero will jointly
commercialize NanoFlex’s technology as part of SolAero’s products. NanoFlex received up-front
development funding from SolAero and will receive a running royalty associated with space
solar cells fabricated using the licensed technology.
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“We are pleased to enter into this important strategic relationship with SolAero, a
leader in the satellite power market and a company we have long admired. The significance of
the license agreement with SolAero cannot be underestimated as it validates our breakthrough
ND-ELO technology and sets us on a path toward commercialization with an industry leader.
We believe this breakthrough will enable solar cells with efficiencies exceeding 30 percent at
commercially competitive costs in demanding applications - both space and terrestrial,” said
NanoFlex Chief Executive Officer Dean Ledger.
“We have worked with NanoFlex for the last two years to validate this important manufacturing
process technology. With the successful validation of wafer recycling technology, we look
toward to the commercialization of ND-ELO as a key aspect of SolAero's advanced solar cell
manufacturing. The thin film form factor enabled by ND-ELO will expand applications for
SolAero’s products in space and open up new opportunities in aviation and as part of terrestrial
solutions,” said SolAero Chief Executive Officer Brad Clevenger.
About NanoFlex Power Corporation
NanoFlex Power Corporation is engaged in the research, development, and commercialization
of advanced photovoltaic technologies that enable thin-film products with industry-leading
efficiencies, light weight, flexibility and lowest total system cost. NanoFlex’s sponsored research
programs at USC, Michigan and Princeton University have produced an extensive patent
portfolio covering flexible, thin-film photovoltaic technologies. Pursuant to its sponsored
research agreements, NanoFlex has obtained the exclusive worldwide license and right to use
and sublicense any and all intellectual property resulting from the Company’s sponsored
research programs. For more information, visit www.nanoflexpower.com.
About NanoFlex Power Corporation
SolAero Technologies Corp. is a leading global provider of solar power and structural solutions
to satellite and spacecraft OEMs. SolAero’s products have enabled more than 300 successful
programs over the past 20 years. For more information about SolAero, visit
Caution Regarding Forward Looking Statements
Certain statements in this news release are forward-looking, including (without limitation)
expectations or guidance respecting commercialization. Undue reliance should not be placed
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and unknown risks, uncertainties and other unpredictable factors, many of which are beyond
the Company's control. The Company's actual results, performance and trends could differ
materially from those indicated or implied by such statements as a result of various factors,
including (without limitation) its continuing research and development efforts and acceptance
of new technologies in the marketplace and other factors, as well as by factors applicable to
most companies such as general economic, competitive and other business and civil conditions.
Information regarding certain of those and other risk factors and cautionary statements that
could affect future results, performance or trends are discussed in the Company's most recent
annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the
Securities and Exchange Commission from time to time. All of the Company's forward-looking
statements are expressly qualified by all such risk factors and other cautionary statements.