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Magnolia Solar Corporation Announces Second U.S. Air Force Award to Develop Ultra High Efficiency Quantum Dot Solar Cells

WOBURN, MA--(Aug 4, 2010) - Magnolia Solar Corporation (OTC: MGLT) ("Magnolia Solar"), a developer of high-performance, thin-film photovoltaic modules for defense and commercial applications, announced today that its wholly owned subsidiary Magnolia Solar Inc. recently received a second Phase I SBIR / STTR Program from the United States Air Force. This award is to develop high efficiency, thin-film quantum dot solar cells for defense applications.

The use of quantum dots in thin-film cells has the potential to produce very high efficiency single junction solar cells. Current technologies typically use multiple junctions (e.g. triple-junction solar cells) to produce high efficiency solar cells for defense applications. The Magnolia approach being developed under this award will allow significantly lower costs for the next generation thin film solar cells with ultra high efficiency.

Dr. Ashok K. Sood, President and CEO of Magnolia Solar Corporation commented, "This second program from the Air Force adds important core capabilities to our solar cell development effort. This technology will complement the solar cell development work underway at Magnolia under previous funding from NYSERDA, the US Air Force, and other sources. We are continuing on a path to develop our core technologies for nanostructure/quantum dot based high efficiency thin film solar cells which have applications in both defense and commercial markets.”

About Magnolia Solar Corporation:

Magnolia Solar Corporation, through its wholly-owned subsidiary, Magnolia Solar, Inc. is commercializing its nanotechnology-based, high-efficiency, thin-film technologies that can be deposited on a variety of different substrates. This technology has the ability to capture a larger part of the solar spectrum (Ultraviolet, Visible and infrared) to produce high efficiency solar cells, and incorporates a unique nanostructure-based antireflection coating technology to further increase solar cell performance. Magnolia Solar’s long term goal is to becoming a highly competitive, low cost provider of thin-film photovoltaic modules for defense and commercial markets.

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http://international.pv-tech.org/news/zhong_lin_wang_joins_m…

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Jan 12, 2012 8:00 AM

Magnolia Solar Issues Letter to Shareholders

Company Completes Several Milestones in 2011 Demonstrating Ultra-High Efficiency Thin-Film Solar Technology
WOBURN, MA and ALBANY, NY (Jan 12, 2012) - Magnolia Solar Corporation (OTCBB: MGLT) ("Magnolia Solar") announces that it has issued a letter to shareholders reviewing milestones that the company achieved during 2011. Magnolia Solar demonstrated several breakthroughs during the year, including a range of advances superior to traditional solar cell technology. The highlights of these achievements are listed below, and the shareholder letter can be read in its entirety at www.magnoliasolar.com .

2011 Achievements Highlighted in the Shareholder Letter are:
The demonstration, via a New York State Energy Research and Development Authority (NYSERDA)-funded program, of the prevention of energy loss when sunlight falling on the solar cell is reflected off the top surface. Magnolia's patented nanostructured antireflection coating can eliminate almost all reflection losses, which helps to improve the cell's efficiency and power output throughout the day.
The demonstration of a waveguide approach to scatter light inside the solar cell. This technique helps increase the current produced by thin-film cells. These cells have very short light-travel paths. By scattering the light inside the cell, Magnolia's technology enables the majority of the photons to be absorbed, which leads to greater current.
Completion of a NASA-funded program to design and prototype thin, flexible, single-junction solar cells that match the peak efficiencies of existing multi-junction solar cells. This solar cell technology provides the path to ultra-high efficiency cells under a wide range of atmospheric conditions. The cost of these cells is expected to decrease substantially due to their single-junction structure, since multi-junction solar cells are expensive to produce.
Completion of two U.S. Air Force Phase I contracts that demonstrated the feasibility of solar cells on flexible surfaces, and a novel solar cell device enabling photovoltaic devices that can reach new levels of performance for power output.
Dr. Ashok Sood, CEO of Magnolia Solar, commented in the letter: "These demonstrations are important milestones toward developing our ultra-high efficiency, thin-film solar cell technology. We have filed approximately a dozen patent applications to protect the designs and production techniques for these solar cells as intellectual property. We also completed the appointment of a technical advisory board consisting of world-renowned technical experts in the field."

Dr. Sood continued: "The technologies we have demonstrated have the potential to allow us to achieve high-efficiency solar cells that meet or exceed the efficiency of conventional silicon-based solar cells at the costs associated with a thin-film manufacturer. We believe that we have the potential to achieve one of the lowest cost/watt profiles in the solar photovoltaic industry. As we build on our patent portfolio, we expect to seek to establish joint ventures with larger players in the solar industry and license our technology to industry partners in an effort to enhance their solar cell efficiency while we continue to develop additional new solar cell technologies."