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Plextronics Awarded Funding By the U.S. Department of Energy's Solar America Initiative

Posted on: Thursday, 21 June 2007, 12:00 CDT

PITTSBURGH, June 21 /PRNewswire/ -- Plextronics, Inc. announced today that it has been awarded funding by the U.S. Department of Energy's Solar America Initiative (SAI). The award comes from the SAI's Photovoltaic Technology Incubator, a program created to make solar photovoltaic technologies competitive with existing technologies by 2015.

Plextronics' project will focus on commercializing thin film organic photovoltaic (OPV) technology to enable low-cost solar modules. Subject to negotiating an acceptable statement of work with the Department of Energy (DOE), Plextronics expects to receive up to $3 million over the course of the 18-month project.

According to Andrew Hannah, president and CEO of Plextronics, this award is an exciting opportunity for the company. "Commercializing OPV technology is a big step toward making sustainable, green energy synonymous with easily available, more affordable energy," Hannah said.

Troy Hammond, vice president of products for Plextronics, agreed. "We are delighted to expand our collaboration with the Department of Energy to develop low-cost solar technology. Organic solar cells can be the lowest cost per square meter, opening up new product markets, including flexible products, to meet the increasing demand for electricity. We plan to realize this vision with the support of the Solar America Initiative," Hammond said.

The DOE's announcement on the Solar Energy Research awards yesterday also identified the thirteen 2007 Solar America Cities, one of which was Pittsburgh, PA.

"We're particularly proud to be developing this technology in Pittsburgh, and are grateful for the support we have received from the Commonwealth of Pennsylvania and the Pennsylvania Energy Development Authority (PEDA)," Hannah said.

About SAI

The Solar America Initiative (SAI) is part of President Bush's Advanced Energy Initiative. Its goal is to make solar energy cost-competitive with conventional forms of electricity by 2015. Adding solar energy to our nation's energy mix will increase our nation's energy security by providing the United States with decentralized sources of clean power for the electric grid, reducing carbon emissions and boosting our economy by promoting a U.S.-based solar industry.

About Plextronics, Inc.

Plextronics, Inc. is a world leader in developing active layer technology for printed electronic devices -- OLED displays and lighting, polymer solar cells and plastic circuitry. Active layer technology is the printed conductors and semiconductors that drive device performance.

Plextronics has unsurpassed control of polymer design and ink formulation, as well as an intimate understanding of device physics and its impact on device performance. This knowledge is applied to the creation of Plexcore(TM) technology, which is specifically designed for each application to maximize device efficiency and operating lifetime in a cost-effective manner.

Plextronics' recent honors include: 2007 Red Herring Top 100 Company, 2006 Wall Street Journal Technology Innovation Awards Runner-Up, 2006 NREL Clean Energy Entrepreneur of the Year, the 2006 Organic Semiconductor Industry Awards Start-Up of the Year, and a Top 50 Nanotechnology Start-Up by Lux Research.

For more information about Plextronics, visit http://www.plextronics.com/.

Plextronics, Inc.

CONTACT: Lori K. Lecker of Plextronics, Inc., +1-412-562-3929,lori.lecker@bipc.com

Web site: http://www.plextronics.com/

Source: PRNewswire

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