Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Magnolia Solar Corporation Files 2011 Annual Report: Magnolia Made Significant Progress in 2011 and Plans to Start Commercialization Program in 2012

Abstract:
Magnolia Solar Corporation (OTCBB: MGLT) ("Magnolia Solar," "Magnolia") announced today it filed its annual report with the Securities and Exchange Commission on Thursday, March 29, 2012.

Magnolia Solar Corporation Files 2011 Annual Report: Magnolia Made Significant Progress in 2011 and Plans to Start Commercialization Program in 2012

Woburn, MA and Albany, NY | Posted on March 30th, 2012

Magnolia Solar is a development stage company focused on next generation nanostructure-based thin film solar cells that can be deposited on glass and other flexible substrates for defense and commercial applications. Magnolia's research and development effort is located at the Albany Nanotech Center of the College of Nanoscale Science and Engineering (CNSE) in Albany. Magnolia is also part of the Photovoltaic Manufacturing Consortium (PVMC) funded by the U.S. Department of Energy under the Sun Shot program. In addition, State of New York and the New York State Energy Research and Development Agency (NYSERDA) have invested approximately $100 million to build a new facility for the PVMC next generation Copper Indium Selenide (CIGS) based manufacturing process development.

During 2012 Magnolia plans to use CNSE's PVMC and Solar Energy Development Center in Halfmoon, New York, a 100 kilowatt prototyping facility, to test and develop manufacturing process. Magnolia believes that the use of this facility to develop, refine, evaluate, and finalize its technology program provides a very cost-effective approach to commercialization.

Magnolia has filed several patents to protect its intellectual property and is adding key technical personnel to validate and commercialize these solar cell technologies. Magnolia's goal is to increase the efficiency from the present thin film solar cell efficiency of about 11% to those rivaling efficiencies of crystalline photovoltaic cells in a commercial environment at a cost of significantly less than current costs; potentially reaching $0.50 per watt.

Magnolia has received the following awards to advance the development of its technology:

Magnolia Solar received its first purchase order for $1 million award from the New York State Energy Research and Development Authority ("NYSERDA") for the development of advanced thin-film solar cells using its technology, in partnership with the College of Nanoscale Science and Engineering ("CNSE") at the University of Albany. This work successfully transitioned from the first phase to the next phase and the work on this contract is ongoing at present;

Magnolia was awarded a contract from the National Aeronautical and Space Administration (NASA) for the development of a quantum-well waveguide technology for solar cell. The work on the NASA contract has been completed. The amount of the award was $99,999;

Magnolia was awarded a Phase I contract from the U.S. Air Force to study the development of flexible, lightweight, ultra-high efficiency solar cells. The Phase I contract was for $99,999. Following the work for this contract which demonstrated Magnolia Solar's approach to simultaneously increase the current and voltage output of photovoltaic devices for space power applications, the U.S. Air Force has extended the contract to Phase II of the SBIR to demonstrate the technology. The amount of the Phase II award is $750,000 and the work on this contract is currently underway;

Magnolia Solar received a second Phase I award from the U.S. Air Force to develop ultra-high efficiency, single junction quantum dot solar cells that can potentially match the efficiency of multiple junction solar cells at significantly lower costs. The contract amount was $99,999. The work on this contract has been completed;

Magnolia received an innovative product development contract from NYSERDA. The baseline program award is $250,000. The goal of this contract is to improve the performance of thin film solar cells by incorporating advanced light trapping techniques and nanostructured optical coatings. Work on this contract is currently underway.

Dr. Ashok Sood, President and CEO, stated, "In 2011 we made significant advances in the development of our technology. We have demonstrated that our technology can increase both voltage and current to increase the efficiency of thin-film solar cells to levels that have not been achieved in commercial production to date. We have also successfully demonstrated that our nanostructure based antireflective coating technology can achieve near perfect transmittance to potentially eliminate sun light reflection, thereby increasing photon absorption and solar cell efficiency. Our focus in 2012 is to work with our partners in the Albany, New York area to scale up and develop commercial processes for some of these technologies."

Magnolia Solar reported that it had revenue of $675,971 for the fiscal year 2011, which produced a gross profit of $297,910. The indirect and administrative labor, professional fees, depreciation and amortization, and general and administrative expenses were $1,337,399. Magnolia Solar reported a net loss of $2,239,631 or $0.09 per share, which included non-operating expenses relating to interest expenses and amortization of the original issue discount on a note associated with the reverse merger.

####

About Magnolia Solar Corporation
Based in Woburn, MA and Albany, NY, Magnolia Solar was founded in 2008 to develop and commercialize revolutionary new thin film solar cell technologies that employ nanostructured materials and designs. Both higher current and voltage outputs are expected from thin film solar cells that combine Magnolia's exclusive material structures with advanced optical coatings. Magnolia's patent-pending technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates a unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency, thereby reducing the cost per watt. Magnolia Solar technology targets electrical power generation applications, such as power for electrical grids and distributed power applications ranging from commercial and residential lighting to specialized military applications.

For more information, please visit www.MagnoliaSolar.com, or visit us on Facebook, Twitter, You Tube, or LinkedIn.

Forward-Looking Statements:

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

For more information, please click here

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Iranian Researchers Synthesize Stable Ceramic Nanopowders at Room Temperature September 20th, 2014

Arrowhead to Present at BioCentury's NewsMakers in the Biotech Industry Conference September 19th, 2014

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Toward optical chips: A promising light source for optoelectronic chips can be tuned to different frequencies September 19th, 2014

Thin films

Beneq launches nFOG™ wet coating technology September 3rd, 2014

Picosun joins forces with IMEC for novel, industrial ALD applications August 25th, 2014

An Inkjet-Printed Field-Effect Transistor for Label-Free Biosensing August 11th, 2014

Advanced thin-film technique could deliver long-lasting medication: Nanoscale, biodegradable drug-delivery method could provide a year or more of steady doses August 6th, 2014

Govt.-Legislation/Regulation/Funding/Policy

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Big Results Require Big Ambitions: Three young UCSB faculty receive CAREER awards from the National Science Foundation September 18th, 2014

Scientists refine formula for nanotube types: Rice University theorists determine factors that give tubes their chiral angles September 17th, 2014

New non-invasive technique could revolutionize the imaging of metastatic cancer September 17th, 2014

Announcements

Iranian Scientists Separate Zinc Ion at Low Concentrations September 20th, 2014

Arrowhead to Present at BioCentury's NewsMakers in the Biotech Industry Conference September 19th, 2014

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Toward optical chips: A promising light source for optoelectronic chips can be tuned to different frequencies September 19th, 2014

Military

Scientists refine formula for nanotube types: Rice University theorists determine factors that give tubes their chiral angles September 17th, 2014

Nanoribbon film keeps glass ice-free: Rice University lab refines deicing film that allows radio frequencies to pass September 16th, 2014

'Squid skin' metamaterials project yields vivid color display: Rice lab creates RGB color display technology with aluminum nanorods September 15th, 2014

Fonon at Cutting-Edge of 3D Military Printing: Live-Combat Scenarios Could See a Decisive Advantage with 3D Printing September 15th, 2014

Financial Reports

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Arrowhead Reports Fiscal 2014 Third Quarter Financial Results and Provides Update on ARC-520 August 12th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

Harris & Harris Group Reports Financial Statements as of June 30, 2014 August 10th, 2014

Energy

Iranian Researchers Synthesize Stable Ceramic Nanopowders at Room Temperature September 20th, 2014

IEEE International Electron Devices Meeting To Celebrate 60th Anniversary as The Leading Technical Conference for Advanced Semiconductor Devices September 18th, 2014

Rice rolls 'neat' nanotube fibers: Rice University researchers' acid-free approach leads to strong conductive carbon threads September 15th, 2014

Simple, Cost-Effective Method Proposed for Synthesizing Zinc Oxide Nanopigments September 15th, 2014

Aerospace/Space

Iranian Researchers Synthesize Stable Ceramic Nanopowders at Room Temperature September 20th, 2014

Next-Gen Luxury RV From Global Caravan Technologies Will Offer MagicView Roof and Windshield Using SPD-SmartGlass Technology From Research Frontiers: Recreational Vehicle Manufacturer Global Caravan Technologies (GCT) Features 28 Square Feet of MagicView™ SPD-SmartGlass September 17th, 2014

Simple, Cost-Effective Method Proposed for Synthesizing Zinc Oxide Nanopigments September 15th, 2014

Iranian Nano Scientists Create Flame-Resistant Polymers September 13th, 2014

Grants/Awards/Scholarships/Gifts/Contests/Honors/Records

SouthWest NanoTechnologies (SWeNT) Receives NIST Small Business Innovation Research (SBIR) Phase 1 Award to Produce Greater than 99% Semiconducting Single-Wall Carbon Nanotubes September 19th, 2014

Big Results Require Big Ambitions: Three young UCSB faculty receive CAREER awards from the National Science Foundation September 18th, 2014

Effective Nanotechnology Innovations to Receive Mustafa Prize September 16th, 2014

‘Small’ transformation yields big changes September 16th, 2014

Alliances/Partnerships/Distributorships

IEEE International Electron Devices Meeting To Celebrate 60th Anniversary as The Leading Technical Conference for Advanced Semiconductor Devices September 18th, 2014

Biosensors Get a Boost from Graphene Partnership: $5 Million Investment Supports Dozens of Jobs and Development of 300mm Fabrication Process and Wafer Transfer Facility September 18th, 2014

Toward making lithium-sulfur batteries a commercial reality for a bigger energy punch September 17th, 2014

NEI Corporation and PneumatiCoat Technologies Sign Agreement to Jointly Develop and Market New Materials for Lithium-ion Batteries September 12th, 2014

Solar/Photovoltaic

Simple, Cost-Effective Method Proposed for Synthesizing Zinc Oxide Nanopigments September 15th, 2014

Indium/Copper Sulfide Compound Semi-Conductor Synthesized through New Method September 8th, 2014

Material development on the nanoscale: Doped graphene nanoribbons with potential September 8th, 2014

Layered graphene sandwich for next generation electronics September 8th, 2014

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE