Quantum Solar Power Corp. Working Device to Be Submitted for NREL Certification in Early 2012
Groundbreaking approach to a next generation solar photovoltaic device.
VANCOUVER, BC, Dec 14, 2011 (MARKETWIRE via COMTEX)
Quantum Solar Power Corp. (Quantum) QSPW -6.38% , www.quantumsp.com , is pleased to announce that they have achieved a milestone in the development of their groundbreaking solar technology. Quantum's first photovoltaic (PV) prototype suitable for performance characteristics testing will be submitted to the National Renewable Energy Laboratory (NREL) in early 2012 for certification.
Dr. Andras Pattantyus-Abraham and his team of 13 scientists at Quantum's laboratory in Burnaby, British Columbia have been working for over two years toward a testable prototype of their groundbreaking approach to a next generation solar photovoltaic device. The NGD technology uses a novel approach combining a barrier oxide layer with a patent-pending absorber layer, replacing the traditional semiconductor layer used in crystalline silicon and thin-film photovoltaics. Quantum's approach eliminates rare elements used in thin-film PV at a cost that is projected to be significantly less expensive than current PV technology. Dr. Pattantyus-Abraham, Chief Technology Officer of Quantum, said, "We think we have discovered an approach to solar PV design that is years ahead of the nearest research. We are optimistic that, once commercialized, we'll be able to make a significant impact with our device on the role of solar energy as a true replacement to fossil fuel generated electricity."
The National Renewable Energy Laboratory in Golden, Colorado is a premier independent laboratory that engages in testing the performance of commercial, developmental, and research photovoltaic devices. NREL is one of only two laboratories in the world that has International Organization for Standardization (ISO) 17025 accredited cell calibration. NREL's role in verifying device performance for the PV industry will serve as an important next step in Quantum's research and development program. Steven Pleging, CEO and President of Quantum, said, "This is a very important step in our product development. With NREL verification of an NGD prototype, we will obtain industry recognized data allowing us to begin our third phase of research and development: developing a commercial product. We believe our PV device will be a significant achievement in making solar energy competitive with any other source of electrical energy."
About Quantum Solar Power Corp. Quantum Solar Power Corp. is developing a next generation photovoltaic device (NGD). Quantum's NGD is a patent-pending PV design that employs a completely new approach to solar power conversion. NGD has the potential to remove the less effective silicon semiconductor-based technologies and more exotic rare-element based thin-film technologies used in photovoltaics today. We believe Quantum's technology has the potential to match the efficiency of crystalline silicon PV at the cost of thin-film PV. The anticipated technology is free of any rare element dependencies found in other current solar technologies, using only abundant and inexpensive materials. If successful, Quantum has the potential to create solar cells at significantly less cost per watt ($/Wp) than current technologies. Quantum maintains offices in Vancouver, Canada and Duesseldorf, Germany and can be found on the web at: www.quantumsp.com or www.quantumsp.de (Germany).
Forward-Looking Statements This news release contains forward-looking statements regarding future events and Quantum's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of U.S. securities laws. These statements include statements about Quantum's planned technological development plan and are based on material factors and assumptions including Quantum's management's current expectations, estimates, forecasts, and projections about the industry in which Quantum operates and the beliefs and assumptions of Quantum's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In particular, there is no assurance that the company device will receive NREL certification and there is no assurance that Quantum will be able to successfully complete development of its photovoltaic technology or that the technology will provide Quantum with the ability to create solar cells at significantly less cost per watt than current technologies. In addition, any statements that refer to projections of Quantum's future financial performance, Quantum's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Quantum's technological development plan may not be successful, and those risks identified in Quantum's Quarterly Report on Form 10-Q for the fiscal year ended September 30, 2011. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Quantum undertakes no obligation to revise or update any forward-looking statements for any reason.