UK Partner to Secure Financing for First Domestic Venture
Arising from Natcore's "Best of Breed" Program
ROCHESTER, N.Y., July 18, 2017 /CNW/ -- Natcore Technology
Inc. (TSX-V: NXT; OTCQB: NTCXF) has signed a
Memorandum of Understanding with PSECC Solar Farms Ltd., a climate
change mitigation company and developer of solar farms, under which
PSECC would engage Natcore to develop solar projects within
the United States.
Natcore would provide PSECC with access to Natcore's technology,
including some level of exclusivity once that technology becomes
commercially available. PSECC would facilitate the U.S. projects
by, among other things, providing financial assistance that would
include 80% of the funding of the projects at a low interest rate
(currently at 4.5%). Such financial assistance would be provided by
a large European bank (and possibly others) with which PSECC has a
strong relationship. The remaining 20% funding is likely to be
obtained from other USA sources or
European Institutions.
Initially the companies' joint efforts will be concentrated in
U.S. states that have feed-in tariffs that are mandated by law or
regulation, or that have strong precedents: California, Florida, Hawaii, Maine, Oregon, Rhode
Island, Vermont and
Washington.
A feed-in tariff is an economic policy created to promote active
investment in and production of renewable energy sources. Feed-in
tariffs typically make use of long-term agreements and pricing tied
to costs of production for renewable energy producers.
Natcore scientists have recently achieved an efficiency of 20.7%
in their latest demonstration solar cell. That efficiency, which is
a relative 20% higher than most commercially available solar cells,
was achieved on the Natcore Foil Cell™, an all-back-contact cell
that combines a revolutionary laser process with a novel
metallization strategy, thus enabling high-efficiency cell
architectures at low cost. Importantly, it also eliminates the need
for silver, one of the highest-cost components of a conventional
solar cell.
This project arose from Natcore's Best-of-Breed consulting
service, under which the company provides unbiased business and
technical advice to potential new solar cell and solar panel
manufacturers and to established solar manufacturers wishing to
upgrade their facilities.
Since Natcore is not itself a manufacturer, it is able to buy
components or employ vendors without bias. Thus, Natcore will have
the freedom to provide optimum products with appropriate warranties
and efficiencies.
This is the fourth project to be assigned to Natcore as a result
of its Best-of-Breed program. The company is already working on
projects in Belize, Australia and Vietnam.
"We've been looking for American partners to help us plant our
technology here on our own soil," says Natcore President and CEO
Chuck Provini. "We have knocked
on many doors in this county, but it appears that no one is home in
the U. S. when it comes to solar, regardless of the administration.
We find it ironic that we've had to go to Europe to make it happen."
"PSECC has solar and energy projects around the world, but we
feel that the United States is an
underserviced and untapped market," says Alan Brewer, CEO and Director of PSECC
(www.pseccsolarfarms.com). "We feel strongly that Natcore is
the right company to help us expand that market. Clean energy
is important, not just to countries but to the planet."
Headquartered in Chichester,
West Sussex, England, PSECC has
expertise in site identification, design, finance and engineering;
procurement and construction (EPC) services related to solar farms
and projects; and in providing solutions for the development of
solar farms, solar PV energy policy, energy strategy and integrated
waste management business solutions. The company is currently
developing solar farms in Konza, Kenya; Mombasa, Kenya; and Simbrofo, Ghana.
About Natcore Technology
Natcore Technology is focused
on using its proprietary nanotechnology discoveries to enable a
variety of compelling applications in the solar industry.
Specifically, the company is advancing applications in laser
processing, black silicon and quantum-dot solar cells to
significantly lower the costs and improve the power output of solar
cells. With 65 patents (30 granted and 35 pending), Natcore is on
the leading edge of solar research. www.NatcoreSolar.com
Statements herein other than purely historical factual
information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash
flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the
technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on such statements. Except in accordance with
applicable securities laws, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact: Chuck Provini
585-286-9180
Info@NatcoreSolar.com
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SOURCE Natcore Technology Inc.