The following is a statement by John A. Conklin, CEO &
President, New Energy Technologies, Inc.:
Dr. Scott Hammond, Principal Scientist,
works on SolarWindow (TM) development. (Credit: New Energy
Technologies, Inc.)
Dear Valued Shareholders,
When I joined New Energy Technologies, Inc. in 2010, my number
one objective was to transition the company from pure research and
development to product commercialization, increasing the value of
your investment at every step.
You’ll be pleased to know that thanks to two years of
significant breakthroughs it’s now time to develop our technologies
into viable products with real commercial potential.
SolarWindow™ and MotionPower™ are our two lead energy
technologies. Both are progressing according to schedule, with
encouraging developments and positive results – some of which I’ll
share with you in this letter.
Let me share more of the excitement with you, highlighting the
crucial milestones we’ve achieved on our road toward
commercialization.
Our SolarWindow™ is showing particularly strong progress. This
exciting technology promises to turn otherwise passive windows in
homes and commercial towers into see-through power generators,
while producing potential energy savings of multiple-fold over
conventional solar installations on rooftops. At a time when energy
security has become a vital concern for America, we believe there
is ample opportunity for the products we are developing.
SolarWindow™ is Unveiled
In September of 2010, after years of development, we unveiled
our SolarWindow™ technology to the world. The event was
standing-room-only, and was attended by global and national news
services, including NBC, CNBC, and CNN, as well as interested
companies and investors. Our proprietary technology was
demonstrated when our Researchers and I electrified the lights of a
model house and successfully turned the rotors on a model
helicopter using no external power source other than our
SolarWindow™.
That was a turning point, the moment when a blue-sky idea, a
concept, becomes reality. Proof that this futuristic technology
works. We actually created electricity from nearly invisible
ultra-small solar cells that are applied to surfaces as a
transparent coating, something that would have been unheard-of a
few short years ago.
Our SolarWindow™ technology is uniquely valuable. It is
protected by 11 pending patents and two development agreements, and
the SEC has granted confidential treatment for sensitive portions
that are key to our competitive advantage. These are trade secrets
that will potentially give us both superior technology and
first-to-market advantage.
We’ve also received positive endorsement from the scientific and
industry communities, as well as the press. Our SolarWindow™
breakthroughs have been positively reviewed in Scientific American,
CNBC, Time Magazine, the MIT Technology Review, and even in an
article from the Argonne National Laboratory, one of the world’s
top research centers.
The Argonne article is about innovative photovoltaic projects in
pre-market development, saying “with the speed PV is moving at
today, some, or all, of these technologies may break into the
commercial sector faster than even the scientists working on them
imagine.” Though a number of PV innovators are mentioned, only four
projects, from Honeywell, Georgia Tech, Colorado State University,
and New Energy Technologies, are featured.
“New Energy Technologies, Inc.,” they say, “is working on a very
exciting technology called SolarWindow™ that is a coating that
generates electricity from both natural (sun) and artificial (light
bulbs) light.”
You’ll also be happy to know we have accomplished all this on a
shoestring budget, thanks to our partnerships with the University
of Florida and the National Renewable Energy Laboratory and, of
course, invaluable guidance and counsel from our esteemed Board of
Directors and Board of Advisors.
World’s Leading Scientists Jump On Board
After its unveiling, the enthusiasm for SolarWindow™ and New
Energy Technologies grew. Especially within the scientific and
power-gen communities, there is keen interest that has led, in
several cases, to enthusiastic new participants in our drive to
commercialize the technology. Indeed, the illustrious members of
our Board of Directors - and Board of Advisors are - testaments to
the potential of our technologies.
We’re pleased that Dr. Christopher Harris joined our Board of
Advisors, bringing us a broad range of expertise. He holds a PhD in
nuclear physics, and is both a registered U.S. patent officer and
certified licensing professional. His counsel and guidance will be
invaluable as we work to commercialize our technologies. Dr. Harris
leads licensing activities as Director of Licensing at Vanderbilt
University, and until 2011 he served as Associate Director for
Licensing at the National Renewable Energy Laboratory (NREL); the
same agency that is assisting New Energy Technologies with
SolarWindow™ product development and commercialization.
Our abilities are also strengthened and broadened by the
addition of Patrick Sargent to the Board of Advisors. Mr. Sargent
was the Director of Solar Market Intelligence & Government
Relations for Asahi Glass Company, one of the world’s largest glass
makers. As you know, New Energy Technologies will welcome
collaboration with a strong glass manufacturer as we enter the
commercial market. Mr. Sargent will help build the bridge between
technology and the manufacturing/distribution community.
We are proud to also have the support of Dr. Z. Valy Vardeny,
one of the world’s foremost experimental physicists and a leader in
OPV device polymers. Dr. Vardeny has led research into the
photophysical properties of conducting polymers for two decades. It
is impossible to calculate the advantage of Dr. Vardeny’s input and
support, especially in view of our quest to develop see-through
electricity generating liquid coatings – an area of his direct
expertise.
Finally, our SolarWindow™ technology has a dedicated
award-winning scientist who is leading the drive to
commercialization. Dr. Scott Hammond joined our team as Principal
Scientist after working as a research fellow at NREL since 2008.
Importantly, Dr. Hammond has been involved with design and
synthesis of organic small molecules and polymers for organic
photovoltaics, roll-to-roll and slot-die coating, and device
fabrication. There are very few experts in this field, and
significantly few who are experienced with both the science and
have experience gained from working at some of the world’s most
respected renewable energy laboratories.
In addition to these notable scientists, we were also pleased to
announce in February the appointment of Mr. J. Patrick Thompson as
Vice President of Business & Technology Development. Mr.
Thompson is an accomplished industry executive and glass
manufacturing-process engineer who brings particular expertise in
solar, plastics and film, glass, and solar-glass segments – all
important areas of commercial interest and technology development
for New Energy’s SolarWindow™.
We are lucky to have Dr. Hammond and Mr. Thompson, and pleased
that both they and all our other illustrious team members joined
us.
Many Milestones Achieved
Since the first unveiling of our SolarWindow™ in September 2010,
a course of vital achievements has brought us ever nearer to
commercialization. Among them:
Highly Positive Power Savings
Calculations, Validated
In December 2010, our power production
modeling calculations were validated by Steven Hegedus, Ph.D., a
renowned scientist and authority in photovoltaics. His lab
confirmed our important estimate that a 40-story glass building
fitted with SolarWindow™ could see from $40,000 to $70,000 in
savings per year. In comparison, common rooftop modules only
produce $20,000 in savings. Dr. Hegedus was so impressed with the
science of SolarWindow™ and the potential of our company, in fact,
that he subsequently joined our Board of Advisors.
Higher Efficiency and Lower Production
Costs
In January 2011 we achieved a breakthrough
that will be essential to commercialization of SolarWindow™. The
discovery of relatively inexpensive compounds that enhance the flow
of electricity-generating electrons could result in both higher
efficiency and lower production costs.
SolarWindow™ Technology is Scaled
Up
In February 2011 we achieved the
all-important goal of prototype scale-up with a one foot square
module, proving that our proprietary organic photovoltaic cells
behaved as expected in large arrays. This achievement paved the way
for our next milestone.
Power Output is Tripled
In March 2011 we were successful at tripling
the cell density per area. The more solar cells that can be fitted
onto a surface, the greater the power output will be.
Savings From SolarWindow™
In April 2011 we released electricity output
estimates, shown below. The SolarWindow™ is capable of achieving a
substantial savings based on our advanced modeling estimates.
Also Performs on Flexible Surfaces
In August we reached another important
milestone, proving that our proprietary “spray-on” solar coating
can generate electricity when applied to flexible plastic. This
opened up our commercialization potential to applications beyond
glass.
Superior Transparency and Color
What’s more, that coating achieved improved
transparency and color, both important to consumer acceptance of
the SolarWindow™.
Superior Durability
By October 2011 we conducted early stress
testing of our proprietary spray application method that proved
superior durability against harsh mechanical bending. In contrast,
conventional spin-coating methods in the lab resulted in immediate
breakdown. Importantly, our method does not require the
conventional temperature and pressure sensitive manufacturing
methods that add to conventional PV system current high cost.
Faster to Manufacture
We then set to work on increasing the speed
of fabricating a solar-coated module while scaling up the size of
SolarWindow™ prototypes with a new solution coating technique,
which we successfully achieved in December 2011.
Largest OPV in NREL’s History
In February 2012, with the help of a team of
scientists at NREL, we were able to fabricate the largest-area
organic photovoltaic (OPV) module ever produced in NREL’s 35-year
history. At 170 square centimeters, it is 14 times larger than any
previous OPV created at NREL.
Virtually Invisible Wires
A month later we announced the successful
development of a proprietary wiring system that is virtually
invisible, yet able to conduct and transport electricity on the
SolarWindow™ array.
Increased Electricity Production
In June 2012, we developed a proprietary
technique that should increase the amount of electricity produced,
provide lower manufacturing costs and greater durability.
Highlighted at Major Industry
Event
This November we were even selected to
present our SolarWindow™ technology to the esteemed Energy
Harvesting & Storage USA, the world’s largest annual conference
and exhibition covering the very latest commercial opportunities,
markets and the systems that need energy harvesting to power
sensors.
One unexpected and exciting development is the growing interest
in our breakthroughs from large companies that want to partner with
us. These are companies that already have compatible deployment
technologies and market distribution channels. By partnering with a
large glass maker, for instance, the SolarWindow™ could be
integrated into that company’s manufacturing process, thus giving
us wide product distribution and speed-to-market, in addition to
eliminating the costs of having our own manufacturing plants.
Likewise, a partnership with a glass distribution company could
give us even broader reach.
There are many other co-venture opportunities being explored as
well. We are fielding interest from chemical specialty companies
that could – at discounted or no cost – help us continuously
improve the SolarWindow™ product, improving transparency, color,
and even power output. Likewise, a joint venture with a
specialty-plastics company could allow for quicker deployment of
plastic films able to electrify windows when they're applied to
glass like the tinted window films available at today's building
supply stores.
As you can see, we’ve worked hard and have been particularly
successful during the past 24 months. But we’re not done yet. The
year ahead holds much promise, and you can look forward to a closer
and closer time when we take SolarWindow™ to market.
Of course, we will continuously strive to improve the
SolarWindow™ coating’s color, transparency, power, efficiency, and
cost.
Our second major energy technology in development is
MotionPower™, and we have achieved great advancements here too. Let
me share those highlights with you.
MotionPower™ - The Power in Motion
The concept of harvesting energy from passing vehicles dates
back at least to the Industrial Revolution. All vehicles in motion
possess kinetic energy, which refers to the energy of motion, and
is best described as the energy an object possesses due to its
motion, such as the energy observed when a ball is thrown or kicked
or when a cyclist no longer needs to pedal a bike in order to
continue forward motion.
Traffic studies show more than 250 million vehicles are
registered in America, and an estimated 6 billion miles are driven
on our nation’s roads every day.
Our roadway-based MotionPower™ technologies harness vehicle
energy (‘kinetic’ energy) and convert it to sustainable
electricity. The Company’s innovative technology has been
demonstrated and tested at drive-thru venues located at a Burger
King, NY Metropolitan Area; Holiday Inn Express, Baltimore, MD;
Four Seasons Hotel, Washington, DC; and the Roanoke Civic Center,
City of Roanoke, VA.
As shown, our MotionPower™ technology has successfully
progressed through the arduous process early discovery,
engineering, design, and prototyping. Our next steps will be to
fine-tune energy capture and its conversion to electricity in our
ongoing drive towards commercialization. Our MotionPower™
technology is protected by 45 new patent filings.
Looking back two years earlier, we had fewer than a dozen
patents in all. Only a few weeks ago, we successfully completed the
2012 build-out of our intellectual property portfolio, made up of
56 United States and International Patent filings. This portfolio
promises to play a key role as we begin to pursue industry and
research partnerships in the upcoming year.
We see an unprecedented amount of opportunity for us in 2013.
Yes, there’s still a lot of hard work to be done, like important
steps to further scale-up and manufacture-ready our SolarWindow™
for commercial production. But, the critical early-discovery phase
is behind us.
Along the way, we’ve achieved many important technical
milestones which have already garnered the attention of industrial
and commercial leaders from around the world. Now, with the
reassuring escalation of patent protections, I have every
confidence that you can look forward to an exciting near-term
future as we work to engage research, industrial, and commercial
partnerships in 2013.
You have my personal commitment; and the commitment of our Board
members, employees, and scientists that every day we will continue
working very hard to increase shareholder value, be technology
innovative, and improve the prospect that SolarWindow™ will be in
our energy future; MotionPower™ will continue rolling through
R&D. This is the commitment we’re focused on, and we are
relentless about innovating to avoid being status quo.
Best Regards,
John Conklin
President & CEO
New Energy Technologies, Inc.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20121221005343/en/
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