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Company's Patented Product for Increasing Solar Energy System Efficiency is Now Being Specified on Solar Systems after Twelve Months of Successful Field Trials
Industrial Nanotech, Inc. (Pink Sheets:INTK - News), an emerging global leader in nanotechnology, announced today that the Company's "Nansulate Solar" is currently being specified on both solar panels and the pipes and tanks of solar hot water systems to increase efficiency and lower operating costs.
"Field trials of Nansulate Solar began a year ago in March of 2008 by Universal Energy Group, Inc., located in Stockton, California," stated Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech. "After twelve months of data collection, the product proved to successfully increase the efficiency and lower the operating cost of solar systems when used on the solar panels of solar energy systems and on numerous components of solar hot water systems. Universal Energy Group is now including Nansulate Solar as the standard in their solar installations and selling to other solar energy companies. Additional information about this product can be found at www.nansulatesolar.com."
Kevin Lagorio, CEO and Founder of Universal Energy Group, Inc., explains, "Nansulate is so important for solar thermal installations. It is not only its great ability to insulate tanks and piping, but its overall ability to work in the high tech solar thermal installations, where the new flat plate panels are combined with more expensive evacuated tube panels, which saves the customer money by lowering the overall cost of the system, but still boosts wintertime performance."
Solar energy, currently produces less than 1 percent of the world's energy. Lowering the price is a driving force for the industry as it ramps up production. Solar power's ability to compete with conventional energy sources - called grid parity - will open new markets and allow it to survive without subsidy. As worldwide energy demand continues to rise, the overall solar equipment market is expected to grow to more than US$3 billion in 2010. Analysts predict world demand for solar this year to be roughly 4.2 gigawatts, according to iSuppli, a research firm that tracks solar trends. Manufacturers across the globe plan to pump out nearly three times that, or 11.1 gigawatts. In Hawaii, the first state requiring the energy-saving systems in homes, all new homes will be required to have solar water heaters installed starting in 2010 under a law approved by the Legislature.
Stuart Burchill, CEO/CTO of Industrial Nanotech states, "Our expansion into the solar energy market represents a critical component of our strategic initiative, implemented in Q3 2008, to target markets and industries that are expected to thrive despite the current economic turmoil and protect our five year record of triple digit revenue growth in 2009. The commencement of our recently announced project with the US Army is another example of that strategy which, to date, is proving to be successful."
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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