Friday, April 29, 2011

Magnolia Solar to Benefit From U.S. Department of Energy Award

Magnolia Solar



Albany Company to Be Key Partner at New U.S. Photovoltaic Manufacturing Consortium at UAlbany NanoCollege

Magnolia Solar Corporation announced today that it will be a key partner in the U.S. Photovoltaic Manufacturing Consortium, a major new initiative that will be funded from a $57.5 million grant by the U.S. Department of Energy.

The consortium will be located at the College of Nanoscale Science and Engineering at the University at Albany, and will greatly enhance Magnolia Solar's work developing and commercializing revolutionary new thin film solar cell technologies.

The PVMC is a partnership led by CNSE and SEMATECH, with over 80 companies, universities, and high-tech laboratories committed to joining the alliance that will provide a major boost to the United States' photovoltaic manufacturing industry. The consortium is designed to develop new photovoltaic manufacturing technologies, streamline their introduction into the global marketplace, and help the United States gain a greater market share of this growing industry.

Funding for the consortium came from the the Department of Energy (DOE) SunShot Initiative, which aims to reduce the total costs of photovoltaic solar energy systems by about 75 percent so that solar energy becomes cost-competitive with other forms of energy by the end of the decade. Achieving this goal -- equivalent to approximately $1 per watt or roughly 6 cents per kilowatt-hour for utility systems -- would allow solar energy systems to be broadly deployed across the country.

With financial commitments totaling $400 million from state and corporate entities, along with funding from the DOE, the consortium will hit the ground running, providing an immediate boost to this critical manufacturing sector.

CNSE Vice President for Clean Energy Programs Dr. Pradeep Haldar said, "We are delighted to be selected to lead this exciting initiative, and we applaud the leadership and support of New York's federal delegation, led by Senior Senator Chuck Schumer along with Congressmen Paul Tonko and Chris Gibson, in helping to secure this investment by the Department of Energy. This program builds on investments made by New York State and the pioneering model established by CNSE, and infuses critical capital to position New York and the U.S. as world leaders in 21st century photovoltaic technologies. We look forward to working with Magnolia Solar as a key partner in our new PV Manufacturing Center."

Dr. Ashok K. Sood, President and CEO of Magnolia Solar, said, "We are so pleased to be part of this important PVMC team led by the College of Nanoscale Science and Engineering, and are committed to growing in New York's Capital Region. We are leveraging the world-class technological and intellectual infrastructure at CNSE's Albany NanoTech Complex for our product development. We believe that the PVMC Program will accelerate the development of high-efficiency thin-film solar cells. Photovoltaic technology is the only truly scalable renewable energy technology. Our close collaborations with CNSE, our excellent relations with NYSERDA, and ongoing work with nearby universities allow us to capitalize on our innovations and help us expand our business."

Dr. Sood further stated, "Our vision is to create technologies that make renewable energy affordable and available to many of the over two billion people in the world who are without electric power today. The scalable and distributed solar power solutions that we are currently working on will provide a path to realize this vision."

"This is a great opportunity for Magnolia Solar. NYSERDA is proud to be working with the company and is an active part of the consortium, having provided seed funding of $5 million," said Francis J. Murray Jr., President and CEO of the New York State Energy Research and Development Authority (NYSERDA). "As New York State continues to move toward a clean-energy future, it will be technology like the high-efficiency solar photovoltaic systems being developed by Magnolia Solar that will play a significant part of the mix."

About Magnolia Solar Corporation: Based in Woburn, MA and Albany, NY, Magnolia Solar (OTC.BB:MGLT- News) (Magnolia Solar) was founded in 2008 to develop and commercialize revolutionary new thin film solar cell technologies that employ nanostructured materials and designs. Both higher current and voltage outputs are expected from thin film solar cells that combine Magnolia's exclusive material structures with advanced optical coatings. Magnolia's technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates a unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency, thereby reducing the cost per watt. Magnolia Solar technology targets electrical power generation applications, ranging from commercial uses including power for electrical grids, to distributed power applications such as residential lighting and specialized military applications.

For more information, please visit, or visit us on Facebook, Twitter, YouTube, or LinkedIn.

Forward-Looking Statements: This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

Magnolia Solar, Inc. is developing solar module technology that captures the broadest spectrum of the sun´s energy and has the potential to be one of the lowest cost per watt in the world. Our technology will accelerate movement of the solar power to grid parity. This section provides current and historical SEC filings since going public in December of 2009

Magnolia Solar, Inc. strives to develop and produce low cost, high efficiency, thin film solar cell modules. Our goal is to make strong impact towards green technology.

Magnolia Advantage

Magnolia´s thin film solar cells offer - substantially lower cost than crystalline solar cells, use less expensive materials, significant gains in efficiency vs. other thin film cells and modules by application of proprietary nano/micro technologies; and, has the potential for lowest cost/watt solar technology.

At Magnolia Solar, Inc. our main priority is to provide customers and business partners with unparalleled R & D, product development, manufacturing strategy and new generation products in solar cell industry. Our solar cell solutions address three primary goals:

  • Efficiency - Magnolia employs multiple approaches using nano/micro materials processes and a proprietary composite design to a broader spectrum of light energy.
  • Cost - Unlike high cost multi-layer triple junction solar cell design, Magnolia technology uses a proprietary inexpensive materials and process to reduce cost per unit power.
  • Manufacturing - Our solutions are developed to enable scalable manufacturing strategy at lower cost per unit.
Magnolia Corporate

Our leadership, business model and technology defines our success. We strive to assemble a diverse and talented group of associates to drive our business in a thriving solar cell industry. Magnolia leadership is committed to green revolution. Our approach focuses on overall efficiency to deliver renewable, economical, scalable and environmentally safe technology. Magnolia Solar management is guided by the Company's core values of care, integrity, teamwork, commitment and excellence.

Magnolia Solar has a well defined strategic approach that includes:

  • Seasoned executive management and technical team
  • Extensive industrial experience with advanced degrees
  • Key technology development funded by US federal government agencies such as DARPA, DoD, and NASA
  • R & D base in Micro and Nano technology for solar cell
  • A robust network of technology partners

Magnolia Solar is a Delaware Corporation incorporated in January 2008. The Company was formed with a vision to realize and participate in the green energy revolution of America. The founders of Magnolia Solar understand the success, security and bright future of our nation relies in the energy independence. To fulfill the promise of green technology, Magnolia Solar has assembled a world-class management team to implement its product and business strategies. The Company's R & D team has demonstrated experience in conducting state-of-the-art research to determine technology trends and then develop products to meet that demand, significantly ahead of the competition. The founder and CEO have substantial experience in successfully introducing new technology in a robust market. The Company is working to protect its intellectual property and adding key technical personnel to validate and commercialize new generation of solar cell technologies.

Magnolia Solar's mission is to commercialize its nanotechnology-based, high efficiency, thin film technology that can be deposited on glass and other flexible structures. This technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates very unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency thereby reducing the cost per watt. The Company's goal is to increase its solar cell efficiency from the present thin film solar cells of 8%-10% to those rivaling crystalline silicon based solar cells at substantially lower cost.

Magnolia Solar has experienced Management team with expertise in Optical, Electronic and Solar Cell Technologies for Space and Terrestrial Applications. The President and CEO of Magnolia is an industry veteran with over 25 years of experience of Product Development and Management with Fortune 500 Companies such as Tyco, Honeywell, Loral, Lockheed-Martin and BAE Systems.

Our Values

Magnolia Solar management is guided by the Company's core values of care, integrity, teamwork, commitment and excellence.

Care - We care for the benefit and security of everyone associated with our business operations, we keep an open and transparent chain of communication with employees, customers, partners and suppliers. We empower our people by cultivating a positive environment through support, rewards and recognition. We take time to ensure support and growth of our community and protect the environment.

Integrity - Our business operation and staff integrity is very important to us. We take pride in our services to customers by providing honest, trustworthy and professional advice and value added products, while keeping the overall cost and carbon foot-print manageable.

Teamwork - We believe in teamwork. Achieving energy independence is a cooperative teamwork between our employees, partners and suppliers; and above all we treat our customers as part of our team to synergistically offer most value for the price.

Commitment - The possibility of achieving energy independence depends on one thing - commitment. Magnolia Solar is committed to deliver the promise of green technology through innovation in new generation solar cells and other future energy devices first for our nation and finally for the world. We realize that we have a role to play in the green revolution and we are fully committed to play that role towards the energy reclamation for the long-term.

Excellence - To be more competitive and successful we believe in excellence. We take pride in our work and our staff. We strive to find ways for excellence by defining better protocols, standards of operation, safety, quality and constantly creating a learning environment that adheres to our core values and best business practices.

We Believe in:
  • Clean energy technology and self-reliance
  • Responsibility to offer better life for the future generation
  • Protecting our natural resources
  • Technology is the pathway to energy independence
  • Mother nature offers ample energy to harvest from
  • Solar energy is one of the best sources for energy
  • Progress, peace and security of our nation and the world

Management Team

Magnolia Solar has a very dynamic management and advisory board members with significant experience in a wide range of areas including executive management of small and large enterprises, research and development and academia.

A. K. SoodDr. Ashok K. Sood, President & CEO

Dr. Ashok Sood is President, Chief Executive Officer and a Director of Magnolia Solar Corporation.. He is a 35-year industry veteran with experience that includes developing and managing solar cells, optical, and optoelectronics technology products for several major corporations, including Lockheed-Martin, BAE Systems, Loral, Honeywell, and Tyco International. Dr. Sood was instrumental in development and managed optical and optoelectronics technology for these companies as a TechnologyManager in the optoelectronics group and worked to develop ribbon silicon solar cells, CdTe, CdS and HgCdTe, GaN/AlGaN, ZnO semiconductor devices. Many of the technologies and products developed have become large product lines at these companies.

Dr Sood was involved in design and development of solar cells at Mobil-Tyco Solar Energy Corporation now under the management of RWE-Schott Solar. He contributed to design and development of Silicon Ribbon solar cells and was instrumental in design improvements to enhance the solar cell efficiency of EFG ribbon solar cells. Dr Sood was also Senior Engineer at Tyco Laboratories, Inc., (Now Tyco International) where he built and set up optical and electronic measurement facilities for silicon p-n junction solar cells and developed processes for building high efficiency solar cells for space applications. This work led to a joint venture with Kyoto Ceramics in Japan.

Dr. Sood has also led the development of optoelectronics and imaging devices for various defense applications, including EO, IR and UV imaging, secure communications, and self-protection applications. Dr. Sood has led the efforts resulting in DARPA/DoD sponsorship of several Magnolia projects. He has also led various industry and University teams bridging centers of excellence for material sciences across the United States. Dr. Sood received his Ph.D. and M.S. in Engineering from the University of Pennsylvania and has an M.S. and a B.S. in Physics (Honors) from Delhi University in India.

Y. R. PuriDr. Yash R. Puri, Executive VP & CFO

Dr. Yash R. Puri is Executive Vice President, Chief Financial Officer and a Director of the Magnolia Optical. He has many years of photovoltaic technology and applications experience both in the private sector and in the academia. Previously Dr. Puri was VP of Finance for GT Equipment Technologies, Inc., (presently known as GT Solar, Inc., a an equipment manufacturer serving the semiconductor and the photovoltaic industries. He helped this high technology startup, formed in 1994, to grow to revenue of about $20 million. The company won rewards and considerable recognition; it was a New England finalist in the Ernst & Young Entrepreneur of the Year award.

Dr. Puri is also a Professor of Finance at the University of Massachusetts and has been Chairman of the Management and Finance Department, and acting Associate Dean. In these positions, he successfully managed several externally funded projects and gained experience in technology and growth management. Dr. Puri holds a B.S. in Physics, a M.S. in Solid State Physics, and a M.B.A. from the University of Delhi. He also holds a M.B.A. in Finance and a D.B.A. in International Business from Indiana University, Bloomington.

E. J. EgertonMr. E. James Egerton, Executive VP

Mr. Egerton is executive vice president for product development at Magnolia Solar. Mr. Egerton has over thirty years of experience in development of microelectronics, optoelectronics and nanotechnology specifically in silicon, GaAs, HgCdTe, ZnO devices and processes. Mr. Egerton has the experience and the expertise in taking R+D technologies and transitioning it to manufacturing and reducing product costs. He has developed both electronic and optical devices and associated fabrication process while improving yield and lower cost for several technologies.

He has a broad range of experience including IBM, Draper Lab, Honeywell, Loral, Nantero and Lockheed Martin. Mr. Egerton holds a bachelor degree in physics from the Evergreen State College, a Masters in Government and Management from Harvard University and an Advanced Diploma in Entrepreneurship from the University of Cambridge. He also attended Stanford University studying electronic device design and processing and sustainable energy conversion and storage. Mr. Egerton is co-inventor on 4 patents and five pending patents. He has authored and co-authored twenty two publications in technologies that can be applied to photovoltaic solar cells.

R. E. WelserDr. Roger E. Welser, CTO

Dr. Roger E. Welser is the Chief Technology Officer at Magnolia Solar, Inc, where he is responsible for leading the development of next-generation solar cells employing advanced nanostructured materials and coatings. Prior to joining Magnolia in August of 2009, Dr. Welser served as Director of Technology and New Product Development at Kopin Corporation, a leading manufacturer of III-V device materials and innovator in the area of nanosemiconductor materials. At Kopin, Dr. Welser conceived, developed, and deployed a next generation III-V transistor structure for power amplifiers in mobile phone products. Dr. Welser has also pioneered the development of quantum structured and other advanced solar cell designs, and was a Fellow of the NASA Graduate Student Researcher's Program. Dr. Welser received his Ph.D. in Applied Physics from Yale University in 1995 and an undergraduate degree with honors in Physics from Swarthmore College in 1989.

Company Address
Magnolia Solar Corporation
54 Cummings Park
Suite 316
Woburn, MA 01801
United States - Map
Phone: 781-497-2900
Fax: 781-735-0575


James S. Painter III
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