IRVINE, CA -- (Marketwire) -- 01/16/13 -- 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 begun processing CIS films with its recently completed CIGSolar® TFPV solar cell evaporation system. The Company has been testing and calibrating the deposition source technology in its new evaporation system so that it could transition to processing CIGS films.
"Recently we initiated the last phase necessary for preparing our CIGSolar® TFPV solar cell evaporation system for customer demonstrations with the initiation of CIS (Copper Indium and Selenium) film processing," said Tom Djokovich, CEO of XsunX. "This represents a major step forward and allows us to then transition to CIGS (Copper Indium Gallium and Selenium) films and the completion of the system's readiness for demonstrations," added Mr. Djokovich.
The Company's technology utilizes multi-small area thermal co-evaporation technology to deposit the CIGS solar absorber onto thin stainless steel substrates. The stainless steel substrate can be sized to match silicon solar cells for use as a low cost alternative to silicon solar cells. In addition, the flexible aspect of the stainless steel substrate could also be used in applications where flexibility is required such as building-integrated PV (BIPV) applications.
According to analysts, markets for BIPV installations are predicted to grow by $5 billion U.S. over the next two years. The flexibility of CIGSolar® cells could offer BIPV manufacturers the potential to use cells manufactured using the CIGSolar® process in their products, opening up new market opportunities for XsunX. With the closure of some thin film manufacturers and scaling back of production with others, the Company has begun to receive inquiries related to BIPV applications for CIGSolar® cells.
"There was a lot of buzz over CIGS PV that began to develop in 2009 and grew into 2010," stated Mr. Djokovich. "But with the rapid decline in silicon pricing, many companies focused on producing products to compete with silicon module assemblers have either closed or sold out. XsunX took a different approach with CIGSolar®. Rather than develop a product that attempts to compete with assemblers of silicon solar modules, which is a business path that has seen the demise of numerous thin film companies such as Solyndra, XsunX's CIGSolar® is designed to offer pre-existing silicon module assemblers a lower cost replacement to silicon. Our business objective is to leverage the many GW of existing assembly capacity in the market -- not compete with it. Now it appears that the flexibility of our stainless steel substrates may also offer an alternative cell for BIPV assemblers as well. At this time, we are pleased to find interest in our CIGSolar® technology coming from multiple areas in the solar market," concluded Mr. Djokovich.
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 coupled with proprietary 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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