Wednesday, June 30, 2010

Magnolia Solar, Inc Receives SBIR Award To Develop Thin Film Solar Cells for Military Applications

Magnolia Solar Corporation (MGLT) (Woburn, MA) a developer of high-performance, thin-film photovoltaic modules used in defense and commercial applications, announced on June 15 that its wholly owned subsidiary, Magnolia Solar, Inc., has recently received a Phase I SBIR/STTR award from the United States Air Force. This award is to develop advanced thin-film solar cells for use in defense applications requiring ultra-high efficiency performance.

Dr. Ashok K. Sood, President and CEO of Magnolia Solar Corporation, commented, "We are delighted to receive this important program from the Air Force. This funding will help Magnolia to continue to develop our core technologies for nanostructure-based thin film solar cells which are applicable 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 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 terrestrial applications for defense and commercial markets.

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