IRVINE, CA -- (Marketwire) -- 11/15/12 -- XsunX, Inc. (OTCQB: XSNX), the developer of CIGSolar®, a patent-pending solar cell manufacturing process offering a capital-efficient, low-cost alternative to the use of silicon solar cells, today announced it had recently completed the assembly of its baseline CIGSolar® TFPV solar cell evaporation system. The Company is now fast tracking start-up, testing, and calibration of its new CIGSolar® technology for customer demonstrations.
"With the successful completion of the system assembly, interested customers have been contacting us to schedule system demonstrations of the CIGSolar® system," said Tom Djokovich, CEO of XsunX, Inc. "We are as excited and eager as they are, so we are working with these customers to address their questions and schedule on-site meetings while preparing our CIGSolar® evaporator for deposition demonstrations. Many of the potential customers are interested in the smaller footprint and cost-competiveness of our scalable system to service regional demand and employment goals."
Worldwide demand for solar products continues to grow with new installations on track to reach about 30 gigawatts in 2012 -- that's the equivalent of adding about twenty-seven 1.1GW nuclear reactors. So while it is easy to see that solar power production continues to grow in impact and importance, the solar industry itself has been experiencing limitations to furthering cost reductions. Additionally, the rapid pricing erosions over the last two years have left manufacturers with either negative operating margins or they have been forced out of business. The industry's need, and the focus of CIGSolar® TFPV cell evaporation technology, is to provide manufacturers a path to further cost reductions and an opportunity to restore operating margins.
The Company's technology, of which samples were certified delivering 15.91% average efficiency in testing conducted by the National Renewable Energy Laboratory (NREL), utilizes multi-small area thermal co-evaporation for rapid deposition of final-sized cells to better control the complex management of the CIGS layer deposition process.
The Company's method, unlike other CIGS manufacturing technology, begins and ends using individual thin stainless steel substrates matched in size to silicon cells for use as an alternative to silicon cells for existing module assembly lines. In addition to providing for a smaller and more precise deposition environment, the CIGSolar® process also helps to avoid performance losses experienced when cells are either cut from rolls of manufactured CIGS material or mismatched electrically in monolithic assemblies.
XsunX, Inc. is developing a new manufacturing process to produce low cost, high efficiency thin-film Copper Indium Gallium (di) Selenide (CIGS) thin film solar cells. The patent pending deposition system and processing technology, which XsunX calls CIGSolar®, focuses on the mass production of individual thin-film CIGS solar cells that match silicon solar cell dimensions and can be offered as a non-toxic, high-efficiency and lowest-cost alternative to the use of silicon solar cells. The company is offering licenses for the use of the CIGSolar® process technology, and plans to generate revenue through licensing fees and manufacturing royalties for the use of the CIGSolar® technology.
For more information please call XsunX at 888-797-4527, or visit the company's website at www.xsunx.com.
Safe Harbor Statement
Matters discussed in this press release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "may," "will," "should," "believes," "expect," "intend," "anticipate," "plan," "estimate" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject to risks and uncertainties that are described in our most recent annual report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements whether as a result of the receipt of new information, future events, or otherwise.
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