ROCHESTER, N.Y., Aug. 16, 2016 /CNW/ -- Natcore Technology
Inc. (TSX-V: NXT; OTCQB: NTCXF) has signed a
Memorandum of Understanding with a European developer of
international renewable energy projects and a Vietnamese consortium
under which the organizations would form a separate company to
develop a 200 MW solar energy project in Vietnam.
The projected cost of the project is approximately US$300 million, which includes all the costs of
engineering/procurement/construction (EPC), land acquisitions,
development fees and other expenses.
The 200MW project would be completed in several phases, the
first of which will be about 10 MW. Each phase will be located at a
site mutually agreed upon in selected provinces of Vietnam. By completing the project in
tranches, the parties will be able to generate revenue before the
entire project is completed. The project would include a laboratory
facility and, potentially, a solar panel manufacturing
facility.
Under the terms of the agreement, Natcore would:
- Design, develop, implement and bring the solar plants to the
turnkey phase;
- Serve as supplier of the project;
- Select suppliers, PV plants and engineering, procurement,
construction (EPC) company;
- Serve as project manager.
Natcore will be compensated on a "cost-plus" basis and with
licensing fees for its technology as it is provided.
This project arose from a consulting service established by
Natcore to provide unbiased business and technical advice to
potential new solar cell and solar panel manufacturers and to
established solar manufacturers wishing to upgrade their
facilities.
As part of their service, Natcore will recommend a "best of
breed" selection of manufacturing equipment to its clients, and
will offer limited exclusivity to incorporate new technology
developed by Natcore into the client facilities when such
technology becomes available for commercial production.
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 second project to be assigned to Natcore as a result
of its Best-of-Breed program. On March
22, the company announced that it would oversee development
of a 10 MW PV array in Belize.
"Our 'Best of Breed' initiative is a direct result of our being
approached repeatedly by groups requesting our solar cells for
their power projects, even though our technology has not yet
reached the market," says Natcore President and CEO Chuck Provini. "It has taken on a life of
its own. So we anticipate that it will continue to grow and fund
development of our paradigm-shifting laser-processed solar cell
technology."
"Since we announced the Belize
project, we've also been approached by companies who want us to use
their components, such as solar cells, solar panels, inverters,
frames, tracking systems, etc." added Provini. "We think this
Vietnam announcement will generate
more calls of that nature. We'll gladly take those calls, since we
promise our clients that we'll scour the marketplace to find the
optimum elements for their solar facilities."
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.
