Octillion advances photovoltaics research, working to develop windows capable of generating electricity from sunlight; analysts project 300% growth in demand for photovoltaics.
Vancouver, BC – March 19, 2007 – Octillion Corp. (Symbol: OCTL), a technology incubator focused on the identification, acquisition, and eventual commercialization of emerging technologies, is pleased to announce the appointment of Mr. Harmel S. Rayat, a long-term shareholder and current Director, to the position of President and Chief Executive Officer.
Mr. Rayat brings over 20 years of experience in the venture capital and corporate finance industry to Octillion Corp., and is credited with founding numerous companies based on novel, emerging technologies with broad commercial applications.
An established venture capitalist, Mr. Harmel S. Rayat’s wide investment portfolio ranges from commercial real estate to cutting-edge technology-centric companies, including a cell-based biotechnology venture in Boston, MA, developing the world’s first-of-its-kind artificial liver device, and a Princeton, NJ-based biopharmaceutical company developing an entirely new class of polyphenolic compounds for type-2 diabetes.
“I’ve been fortunate to leverage unique, high-impact technologies in order to launch companies on the leading edge of research and commercial development in their respective industries, and infuse these organizations with world-class management teams and significant funding,” stated Mr. Harmel S. Rayat, Octillion’s newly-appointed President and CEO.
“I’m very excited about the opportunity to now lead Octillion’s development, and am eager to help similarly build our commercial success!
“I’m particularly excited by the far-reaching potential of our Company’s photovoltaics process to convert solar energy coming through home and office windows into electricity,” concluded Mr. Rayat.
Octillion Corp’s ongoing research has recently led to important progress, using a novel, patent-protected process to create silicon nanoparticles. The Company’s present research and development work involves integrating films of silicon nanoparticles on glass surfaces in order to convert solar energy coming through home and office windows into electricity, without losing significant transparency or requiring major changes in manufacturing infrastructure. Last month, the Company successfully surpassed several significant milestones, including:
- Development of a protocol for reliable deposition of nanofilms of metal on a glass window substrate prototype;
- Development of an electro spray system that deposits thin films of fluorescent silicon nanoparticles which allows for nanofilms of controllable average thickness, and
- Demonstrating that the silicon nanoparticles retained their high efficiency of down conversion of UV light to the visible after being sprayed using luminescence spectroscopy, a procedure that does not compromise the optical characteristics of the nanoparticles, both in intensity and spectral distribution, a prerequisite for efficient photovoltaic conversion.
According to industry analysts, The Freedonia Group, demand for photovoltaic modules in the United States is expected to triple from 2005 levels to 531 megawatts by 2010, significant growth driven at least in part, by innovations, economies of scale and government subsidies.
The same analysts project that the 300% rise in demand for photovoltaics will grow the segment into a multi-billion dollar industry within the upcoming 36 months.
SolarWindow Technologies, Inc. is a developer of next generation, transparent electricity-generating SolarWindow™ coatings.
SolarWindow™ coatings generate electricity on see-through glass and flexible plastics with colored tints popular to skyscraper glass. Unlike conventional systems, SolarWindow™ can be applied to all four sides of tall towers, generating electricity using natural and artificial light conditions and even shaded areas. SolarWindow™ uses organic materials, which are dissolved into liquid, ideal for low-cost high-output manufacturing; and is the subject of a patent pending technology.
The company’s Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations that are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 360 degree building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide equivalents. Actual power, energy production and carbon dioxide equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.
For additional information, please call Ms. Briana L. Erickson toll free at 1-800-213-0689 or visit: www.solarwindow.com.
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