Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

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

Scientists join forces to reveal the mass and shape of single molecules April 27th, 2015

The 16th Trends in Nanotechnology International Conference (TNT 2015) unveils 25 Keynote Speakers: Call for abstracts open April 27th, 2015

Graphenea celebrates fifth anniversary April 27th, 2015

Sensor Designed in Iran Able to Remove Formaldehyde Gas from Environment April 27th, 2015

Thin films

Phonons, arise! Small electric voltage alters conductivity in key materials April 22nd, 2015

Better battery imaging paves way for renewable energy future April 20th, 2015

Cobalt film a clean-fuel find: Rice University discovery is efficient, robust at drawing hydrogen and oxygen from water April 15th, 2015

The microscopic topography of ink on paper: Researchers have analyzed the varying thickness of printed toner in unprecedented 3-D detail, yielding insights that could lead to higher quality, less expensive and more environmentally-friendly glossy and non-glossy papers April 14th, 2015

Govt.-Legislation/Regulation/Funding/Policy

Scientists join forces to reveal the mass and shape of single molecules April 27th, 2015

SEFCU, SUNY Poly CNSE Announce Winning Student-Led Teams in the 6th Annual $500,000 New York Business Plan Competition April 25th, 2015

Northwestern scientists develop first liquid nanolaser: Technology could lead to new way of doing 'lab on a chip' medical diagnostics April 25th, 2015

Electron spin brings order to high entropy alloys April 23rd, 2015

Announcements

Scientists join forces to reveal the mass and shape of single molecules April 27th, 2015

The 16th Trends in Nanotechnology International Conference (TNT 2015) unveils 25 Keynote Speakers: Call for abstracts open April 27th, 2015

Graphenea celebrates fifth anniversary April 27th, 2015

Sensor Designed in Iran Able to Remove Formaldehyde Gas from Environment April 27th, 2015

Military

Electron spin brings order to high entropy alloys April 23rd, 2015

Engineer improves rechargeable batteries with MoS2 nano 'sandwich' April 18th, 2015

Cobalt film a clean-fuel find: Rice University discovery is efficient, robust at drawing hydrogen and oxygen from water April 15th, 2015

MIT sensor detects spoiled meat: Tiny device could be incorporated into 'smart packaging' to improve food safety April 15th, 2015

Financial Reports

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Aspen Aerogels, Inc. Schedules Fourth Quarter and Fiscal 2014 Earnings Release and Conference Call for February 26, 2015 February 11th, 2015

Arrowhead to Report Fiscal 2015 First Quarter Financial Results February 2nd, 2015

Graphenea sales more than double in 2014 January 29th, 2015

Energy

Pseudoparticles travel through photoactive material: KIT scientists measure important process in the conversion of light energy -- publication in Nature Communications April 24th, 2015

Scientists Use Nanoscale Building Blocks and DNA 'Glue' to Shape 3D Superlattices: New approach to designing ordered composite materials for possible energy applications April 23rd, 2015

'Holey' graphene for energy storage: Charged holes in graphene increase energy storage capacity April 22nd, 2015

Expanding the reach of metallic glass April 22nd, 2015

Aerospace/Space

Nanoparticles Used to Improve Mechanical, Thermal Properties of Cellulose Fibers April 23rd, 2015

Engineer improves rechargeable batteries with MoS2 nano 'sandwich' April 18th, 2015

Graphenea embarks on a new era April 16th, 2015

Harvesting energy from electromagnetic waves: In the future, clean alternatives such as harvesting energy from electromagnetic waves may help ease the world's energy shortage April 15th, 2015

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

Scientists join forces to reveal the mass and shape of single molecules April 27th, 2015

Graphenea celebrates fifth anniversary April 27th, 2015

Feynman Prize Winners Announced! April 26th, 2015

QD Vision Wins 2015 Bronze Edison Award for Color IQ™ Quantum Dot Technology April 26th, 2015

Alliances/Partnerships/Distributorships

How can you see an atom? (video) April 10th, 2015

FibeRio and VF Corporation Form Strategic Partnership to Lead the Apparel and Footwear Markets in Nanofiber Technology April 8th, 2015

UK National Graphene Institute Selects Bruker as Official Partner: World-Leading Graphene Research Facility Purchases Multiple Bruker AFMs April 7th, 2015

NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015

Solar/Photovoltaic

Pseudoparticles travel through photoactive material: KIT scientists measure important process in the conversion of light energy -- publication in Nature Communications April 24th, 2015

Printing Silicon on Paper, with Lasers April 21st, 2015

Better battery imaging paves way for renewable energy future April 20th, 2015

The microscopic topography of ink on paper: Researchers have analyzed the varying thickness of printed toner in unprecedented 3-D detail, yielding insights that could lead to higher quality, less expensive and more environmentally-friendly glossy and non-glossy papers April 14th, 2015

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