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.
About SolarWindow Technologies, Inc.
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.
To receive future press releases via email, please visit:
https://www.solarwindow.com/join-our-email-list/
Follow us on Twitter @solartechwindow, or follow us on Facebook.
To view the full HTML text of this release, please visit:
https://www.solarwindow.com/media/news-events/
For answers to frequently asked questions, please visit our FAQs page:
https://www.solarwindow.com/investors/faqs/
Social Media Disclaimer
Investors and others should note that we announce material financial information to our investors using SEC filings and press releases. We use our website and social media to communicate with our subscribers, shareholders and the public about the company, SolarWindowTM technology development, and other corporate matters that are in the public domain. At this time, the company will not post information on social media that could be deemed to be material information unless that information was distributed to public distribution channels first. We encourage investors, the media, and others interested in the company to review the information we post on the company’s website and the social media channels listed below:
• Facebook
• Twitter
* This list may be updated from time to time.
Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company's products, technical problems with the company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.