XsunX to Complete CIGSolar(TM) Deposition System Assembly This Month
October 02 2012 - 3:01AM
Marketwired
XsunX, Inc. (OTCQB: XSNX) (OTCBB: XSNX), the developer of
CIGSolar™, a patent-pending solar cell manufacturing process
offering a capital-efficient, low-cost alternative to the use of
silicon solar cells, today announced it is on target to complete
the assembly of its CIGSolar™ TFPV cell evaporation system in
October. The company has implemented a fast track completion
schedule to expedite its technology demonstration and marketing
efforts.
In July, XsunX had announced receiving equity financing through
Ironridge Energy Co., an institutional investor financing small cap
public companies in the energy sector, enabling the Company to
focus on assembling and configuring a demonstration of the
CIGSolar™ TFPV cell evaporation system while also establishing
technology marketing operations in its new facility in Irvine, CA.
John C. Kirkland, Managing Director of Ironridge Global commented,
"We are pleased to have had the opportunity to help facilitate the
development of XsunX's unique TFPV cell evaporation system. The
CIGSolar™ system offers the potential to improve operating
efficiencies for the TFPV industry, and thereby assist in reducing
our dependence on fossil fuels."
"The last few months have been a busy and exciting time for
XsunX. We have been anxious to launch the start-up, testing, and
calibration of our patent pending CIGSolar™ technology so that we
can begin customer demonstrations as quickly as possible," said Tom
Djokovich, CEO of XsunX, Inc. "The industry's obvious need and the
focus of our CIGSolar™ TFPV cell evaporation technology, is to
provide cost reductions and an opportunity to restore operating
margins for manufacturers. How to achieve these goals has been an
elusive challenge for the industry, but we believe that CIGSolar's™
new approach is the right solution to this challenge."
The Company's method, unlike other CIGS manufacturing
technology, uses individual thin stainless steel substrates sized
to match silicon cells to be used as an alternative to silicon
cells in existing or new solar module assembly lines. Another
significant improvement is the use of a multi-small area thermal
co-evaporation technology to better control the complex management
of the CIGS layer deposition process. This feature provides a more
precise deposition environment, and together these improvements
help to avoid performance losses experienced when cells are either
cut from rolls of CIGS material or mismatched electrically in
monolithic large area deposition assemblies.
"Some of our loyal customers have been working with us each step
of the project, including monitoring our progress and assessing
each of our milestones. They are very excited about the system's
potential as we approach our start-up and preparation for
demonstrations," said Joseph Grimes, COO of XsunX, Inc.
About XsunX
XsunX, Inc. is developing a new manufacturing process to produce
low cost, high efficiency thin-film Copper Indium Gallium (di)
Selenide (CIGS) thin film solar cells. The patent pending
deposition system and processing technology, which XsunX calls
CIGSolar™, focuses on the mass production of individual thin-film
CIGS solar cells that match silicon solar cell dimensions and can
be offered as a non-toxic, high-efficiency and lowest-cost
alternative to the use of silicon solar cells. The company is
offering licenses for the use of the CIGSolar™ process technology,
and plans to generate revenue through licensing fees and
manufacturing royalties for the use of the CIGSolar™
technology.
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. Such forward-looking statements involve known
and unknown risks, uncertainties and other unknown factors that
could cause the Company's actual operating results to be materially
different from any historical results or from any future results
expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe these risks and
uncertainties, readers are urged to consider statements that
contain terms such as "may," "will," "should," "believes,"
"expect," "intend," "anticipate," "plan," "estimate" to be
uncertain and forward-looking. The forward-looking statements
contained herein are also subject to risks and uncertainties that
are described in our most recent annual report on Form 10-K under
the heading "Risk Factors" and our subsequent filings with the
Securities and Exchange Commission. We do not undertake any
obligation to update publicly any forward-looking statements
whether as a result of the receipt of new information, future
events, or otherwise.
For more information please call XsunX 888-797-4527
www.xsunx.com
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