Industrial Nanotech Enters Solar Energy Market after Completing Successful Field Trials
March 02 2009 - 7:00AM
Business Wire
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global
leader in nanotechnology, announced today that the Company�s
�Nansulate Solar� is currently being specified on both solar panels
and the pipes and tanks of solar hot water systems to increase
efficiency and lower operating costs.
�Field trials of Nansulate Solar began a year ago in March of
2008 by Universal Energy Group, Inc., located in Stockton,
California,� stated Francesca Crolley, VP of Operations and
Marketing for Industrial Nanotech. �After twelve months of data
collection, the product proved to successfully increase the
efficiency and lower the operating cost of solar systems when used
on the solar panels of solar energy systems and on numerous
components of solar hot water systems. Universal Energy Group is
now including Nansulate Solar as the standard in their solar
installations and selling to other solar energy companies.
Additional information about this product can be found at
www.nansulatesolar.com.�
Kevin Lagorio, CEO and Founder of Universal Energy Group, Inc.,
explains, �Nansulate is so important for solar thermal
installations. It is not only its great ability to insulate tanks
and piping, but its overall ability to work in the high tech solar
thermal installations, where the new flat plate panels are combined
with more expensive evacuated tube panels, which saves the customer
money by lowering the overall cost of the system, but still boosts
wintertime performance.�
Solar energy, currently produces less than 1 percent of the
world's energy. Lowering the price is a driving force for the
industry as it ramps up production. Solar power�s ability to
compete with conventional energy sources � called grid parity �
will open new markets and allow it to survive without subsidy. As
worldwide energy demand continues to rise, the overall solar
equipment market is expected to grow to more than US$3 billion in
2010. Analysts predict world demand for solar this year to be
roughly 4.2 gigawatts, according to iSuppli, a research firm that
tracks solar trends. Manufacturers across the globe plan to pump
out nearly three times that, or 11.1 gigawatts. In Hawaii, the
first state requiring the energy-saving systems in homes, all new
homes will be required to have solar water heaters installed
starting in 2010 under a law approved by the Legislature.
Stuart Burchill, CEO/CTO of Industrial Nanotech states, �Our
expansion into the solar energy market represents a critical
component of our strategic initiative, implemented in Q3 2008, to
target markets and industries that are expected to thrive despite
the current economic turmoil and protect our five year record of
triple digit revenue growth in 2009. The commencement of our
recently announced project with the US Army is another example of
that strategy which, to date, is proving to be successful.�
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty
coatings containing a nanotechnology based material and which are
well-documented to provide the combined performance qualities of
thermal insulation, corrosion prevention, resistance to mold
growth, fire resistance, chemical resistance, and lead
encapsulation in an environmentally safe, water-based, coating
formulation. The Nansulate(R) Product Line includes industrial,
residential, agricultural and solar thermal insulation coatings.
Additional information about the Company and its products can be
found at their websites, (www.industrial-nanotech.com) and
(www.nansulate.com).
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience
solutions and research leader. The Company develops and
commercializes new and innovative applications for
nanotechnology.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release includes forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties including, but not limited to, the impact of
competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic and business conditions,
and the ability to attract and retain skilled personnel. The
Company is not obligated to revise or update any forward-looking
statements in order to reflect events or circumstances that may
arise after the date of this release.
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