Science & Technology
Tue, January 13, 2009Mon, January 12, 2009Sun, January 11, 2009Fri, January 9, 2009Thu, January 8, 2009BioSolar Readies for 2009 Industry Growth; Discusses Revolutionary Technology for Solar Panel Industry on Radio Show
Published in Science and Technology on Monday, January 12th 2009 at 3:26 GMT, Last Modified on 2009-01-12 03:27:44 by Market Wire
SANTA CLARITA, Calif.--([ BUSINESS WIRE ])--BioSolar, Inc. (OTCBB:BSRC), developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of photovoltaic solar modules, was featured on the December 31, 2008 broadcast of [ Grok's Science Radio Show ] and Podcast, discussing the potential of the company's cost-saving and environmentally-friendly BioBacksheet™ photovoltaic solar module component.
The BioBacksheet™, a protective covering for photovoltaic solar cells made from renewable plant sources rather than the expensive petroleum-based film currently in use, "replaces petroleum-based components in the solar module with bio-based components," said Dr. David Lee, CEO of BioSolar, on the show.
"I predict in five years the solar industry will be looking at a similar cost of solar, versus conventionally produced electricity. Solar manufactures have improved their design by increasing efficiency and by reducing costs of a per watt solar cells," added Lee "We are approaching cost parity pretty quickly.
"New Energy Finance analysis, based on the historic cost experience curve, suggests that current silicon-based solar module prices of $4/Watt could drop to $2.60/Watt by the end of 2009, a reduction of 35 percent."
"The current economic situation has created a market opportunity for companies like BioSolar. If we can supply BioBacksheet™ at competitive prices against current products through a cost reduction on raw materials, we can cement our position at the forefront of providing advanced bio-based alternatives to the expensive petroleum-based backsheets currently in use," said Lee.
Expected to cost less than traditional petroleum-based backsheets, BioSolar's technology has the potential to significantly reduce the final cost per watt of solar electricity by allowing manufacturers to lower the cost of their finished product without being impacted by the unstable cost of petroleum.
"The use of petro-based chemicals in the manufacturing process of green energy presents a fundamental contradiction and even with a challenging global economy, photovoltaic technology will remain strong as we ramp up to meet consumer and commercial demand," said Dr. Lee. "BioSolar is poised for a period of unprecedented growth in today's market, which Deutsche Bank had predicted will grow 20 percent in 2009. In California alone, where BioSolar is headquartered, solar power generated electricity skyrocketed in 2008 as rebate applications reached record levels in the second half of the year. We are seeing interest in solar power and our proprietary processes continue to increase."
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce bio-based materials from renewable plant sources that will reduce the cost per watt of solar cells. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. To learn more about BioSolar, please visit our website at [ http://www.biosolar.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. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
