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NanoFlex Power Corporation
November 20, 2014
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NanoFlex Power Corporation Extends Research Agreement with the University of Southern California and the University of Michigan

 

SCOTTSDALE, AZ, Nov. 20, 2014 – NanoFlex Power Corporation, a leading developer of advanced photovoltaic technologies and intellectual property, today announced that it has signed an extension to its agreement with the University of Southern California (“USC”) and its subcontractor, the University of Michigan, to continue their research and development of thin film photovoltaic cells, including both gallium arsenide (“GaAs”) and organic photovoltaics (“OPV”) technologies.

This agreement extends the research partnership between NanoFlex Power and USC and the University of Michigan into 2021. Under the agreements, NanoFlex Power will provide funding for its research partners to optimize the power conversion efficiency of both GaAs and OPV cells, demonstrate low-cost production processes, and improve operating lifetimes. As with prior agreements, all intellectual property derived from the research program will be licensed exclusively to NanoFlex Power.

Robert Fasnacht, President and Chief Operating Officer of NanoFlex Power, stated, “We are pleased to continue our longstanding collaborative relationships with USC and the University of Michigan. Their research efforts have resulted in over 750 issued or pending patents worldwide. With this new agreement, we ensure that they will be our primary research partners for the critical development and commercialization phases for both our GaAs and OPV technologies.”

Dr. Mark Thompson, Professor of Chemistry, Materials Science and Chemical Engineering at USC, stated, “This long-term commitment from NanoFlex Power will accelerate our development of thin film photovoltaic materials and technologies. This extension will enable us to rapidly advance our efforts in achieving technical and performance goals for power conversion efficiency, reliability, form factor, and cost.”

Dr. Stephen Forrest, the Paul G. Goebel Professor of Engineering in the Departments of Electrical Engineering and Physics at the University of Michigan, added, “We are at a critical point in the development of OPV and GaAs technologies. Our partnership with NanoFlex will position us to achieve key steps critical for the commercialization and market acceptance of these technologies.”

About NanoFlex Power Corporation

NanoFlex Power Corporation is a leading developer of advanced photovoltaic technologies and intellectual property. Founded in 1994, the Company currently has exclusive license rights to more than 750 issued and pending patents worldwide. These proprietary technologies encompass materials, architectures, and fabrication processes for organic and inorganic flexible, thin-film photovoltaic technologies. The Company’s inorganic technologies enable low-cost production of high-performance Gallium Arsenide (GaAs) solar cells. Its organic photovoltaic (OPV) technology aims to redefine the solar market, enabling mobile, semi-transparent, lightweight, flexible, and inexpensive solar power applications. Based in Scottsdale, Arizona, NanoFlex Power has sponsored research agreements with the University of Southern California and the University of Michigan. For more information, visit www.nanoflexpower.com.

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 on such forward-looking statements because the matters they describe are subject to known 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.

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