|By Marketwired .||
|August 27, 2013 03:04 AM EDT||
SANTA BARBARA, CA -- (Marketwired) -- 08/27/13 -- Solar3D, Inc. (OTCQB: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, today announced that it is seeking to enter additional segments of the solar industry through acquisition.
"Solar is the fastest growing business in the world and will be for years to come," said Jim Nelson, CEO of Solar3D. "Solar costs are dropping, driving ever increasing demand. Solar3D has management strength and access to capital resources that may allow us to build our solar business along multiple paths and still maintain focus on the big prize -- the commercialization of the Solar3D Cell."
The initial 2012 prototype design was calculated to produce just over 25% efficiency, the highest of any silicon solar cell. Even more important was an originally unanticipated feature -- wide-angle light collection -- allowing for the generation of electricity throughout more times of the days and seasons. This feature increases the length of time during which light can be effectively converted to electricity, relative to current technology. Current technology is most effective for a few hours in the middle of the day. The company's technology team is currently building its 3rd generation prototype, which will be less expensive to manufacture and result in more powerful performance.
"Our technical team is highly focused on commercializing our breakthrough solar cell -- we believe that it will be game changing," continued Nelson. "That development will drive our organic growth. But given the attractive growth prospects in our industry, there are a number of exciting opportunities to acquire promising technologies being developed in areas such as energy storage and inversion."
Nelson concluded, "The opportunities created by the continued rapid growth of the solar industry is not just limited to technology. We think that the classic operating businesses in the industry, including international manufacturing and domestic installation enterprises, also represent attractive acquisition targets. Our focus will be on quality businesses with proven management. We intend to make this a key mission of our business."
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell will be dramatically more efficient, resulting in a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.