PowerFilm, Inc PowerFilm Announces Military Contracts (1842Q)
August 28 2014 - 2:02AM
UK Regulatory
TIDMPFLM
RNS Number : 1842Q
PowerFilm, Inc
28 August 2014
PowerFilm, Inc.
PowerFilm Announces Military Contracts
27 August 2014, LONDON, UK and AMES, IOWA - PowerFilm(R) , Inc.
(AIM: PFLM), ("PowerFilm" or "the Company"), the developer and
manufacturer of thin flexible solar panels, today announces
military contracts with the US Army and United States Marine Corps
(USMC).
USMC Contract
The United States Marine Corps (USMC) has selected PowerFilm for
a contract to develop improved thin film solar products for their
equipment testing programs for their SPACES and GREENS
programs.
This contract provides $634,000 of research funding over a
period of 12 months and will result in the delivery of a set of
improved thin film photovoltaics arrays for field testing by the
USMC. Two types of array are being developed under this contract: a
new generation of the PowerFilm 60 Watt foldable panel which is
extremely light weight for portability and a larger 240 Watt
foldable panel. The latter will be used as base power and therefore
needs to have adaptable mounting options.
Frank Jeffrey, Co-Founder and CEO commented, "We are pleased to
be working with the US Marine Corps to develop next-generation
solar products for them."
Army Contract
PowerFilm announces it has been awarded a $3.0 million contract
from the US Army for developing high performance photovoltaic (PV)
arrays which combine multiple solar technologies. Approximately
half of the $3.0 million will be going to PowerFilm, and the
balance to sub-contractors.
This program will evaluate approaches for use of high
performance PV technologies to make more power dense foldable
arrays for specialized military applications. The program will
evaluate Gallium Arsenide (GaAs) PV cells, high performance
Heterojunction with Intrinsic Thin layer (HIT) PV cells along with
more traditional crystalline Silicon (Si) PV cells.
Under the contract, subject to meeting certain development
obligations, Powerfilm will receive approximately $3.0 million in
funding over two years. In order to bring in the requisite
expertise in these diverse areas, the Company has partnered with
Micro-Link, a high-tech GaAs semiconductor manufacturing company
with a unique GaAs fabrication process and Arizona State University
which has expertise in HIT cells. PowerFilm will provide expertise
in mounting, interconnect, lamination, and general module design.
It is expected that these arrays will have higher output per square
foot than any other technologies, but to date these technologies
have not been more widely available on account of the high cost of
the materials.
"This innovative US Army program combines several solar
technologies in valuable new ways,"commented Frank Jeffrey,
Co-Founder and CEO.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606
Frank Jeffrey
Mike Coon
Oriel Securities Ltd., Nominated Adviser +44 20 7710 7600
Giles Balleny
Juliet Thompson
A copy of this announcement will be available on the PowerFilm
website at http://www.powerfilmsolar.com. The common shares of
PowerFilm, Inc. are traded on the AIM Market of the London Stock
Exchange and are not registered under the US Securities Act 1933,
as amended. Such shares may not be offered or sold to residents of
the United States or to persons acting on their behalf, or to other
persons who are "United States Persons" within the meaning of
Regulation S as promulgated under the Securities Act of 1933,
unless such shares have been registered under the Securities Act or
there is an available exemption from registration.
Forward-looking Statements
This release includes forward-looking statements which are based
on certain assumptions and reflect management's current
expectations as contemplated under the Safe Harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Some of these factors
include: uncertainty as to whether our strategies, partnerships and
business plans will yield the expected benefits; general global
economic conditions; general industry and market conditions and
growth rates; increasing competition; the ability to identify,
develop and achieve commercial success for new products, services
and technologies; changes in technology; changes in laws and
regulations, including government incentive programs; intellectual
property rights; our ability to secure and maintain strategic
relationships, including key supply relationships; the availability
and cost of capital; the availability of, and our ability to
retain, key personnel; and the failure of the Company to
effectively integrate acquisitions. Additional factors are
discussed in our public disclosure materials from time to time. We
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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