UK Partner to Secure Financing for First Domestic Venture Arising from Natcore's "Best of Breed" Program
ROCHESTER, N.Y., July 18, 2017 /CNW/ -- Natcore
Technology Inc. (TSX-V: NXT; OTCQB: NTCXF ) has signed a Memorandum of Understanding with PSECC Solar Farms
Ltd., a climate change mitigation company and developer of solar farms, under which PSECC would engage Natcore to develop solar
projects within the United States.
Natcore would provide PSECC with access to Natcore's technology, including some level of exclusivity once that technology
becomes commercially available. PSECC would facilitate the U.S. projects by, among other things, providing financial assistance
that would include 80% of the funding of the projects at a low interest rate (currently at 4.5%). Such financial assistance would
be provided by a large European bank (and possibly others) with which PSECC has a strong relationship. The remaining 20% funding
is likely to be obtained from other USA sources or European Institutions.
Initially the companies' joint efforts will be concentrated in U.S. states that have feed-in tariffs that are mandated by law
or regulation, or that have strong precedents: California, Florida, Hawaii, Maine, Oregon, Rhode Island, Vermont and
Washington.
A feed-in tariff is an economic policy created to promote active investment in and production of renewable energy sources.
Feed-in tariffs typically make use of long-term agreements and pricing tied to costs of production for renewable energy
producers.
Natcore scientists have recently achieved an efficiency of 20.7% in their latest demonstration solar cell. That efficiency,
which is a relative 20% higher than most commercially available solar cells, was achieved on the Natcore Foil Cell™, an
all-back-contact cell that combines a revolutionary laser process with a novel metallization strategy, thus enabling
high-efficiency cell architectures at low cost. Importantly, it also eliminates the need for silver, one of the highest-cost
components of a conventional solar cell.
This project arose from Natcore's Best-of-Breed consulting service, under which the company provides unbiased business and
technical advice to potential new solar cell and solar panel manufacturers and to established solar manufacturers wishing to
upgrade their facilities.
Since Natcore is not itself a manufacturer, it is able to buy components or employ vendors without bias. Thus, Natcore will
have the freedom to provide optimum products with appropriate warranties and efficiencies.
This is the fourth project to be assigned to Natcore as a result of its Best-of-Breed program. The company is already working
on projects in Belize, Australia and Vietnam.
"We've been looking for American partners to help us plant our technology here on our own soil," says Natcore President and
CEO Chuck Provini. "We have knocked on many doors in this county, but it appears that no one
is home in the U. S. when it comes to solar, regardless of the administration. We find it ironic that we've had to go to
Europe to make it happen."
"PSECC has solar and energy projects around the world, but we feel that the United States is
an underserviced and untapped market," says Alan Brewer, CEO and Director of PSECC (www.pseccsolarfarms.com). "We feel strongly that Natcore
is the right company to help us expand that market. Clean energy is important, not just to countries but to the
planet."
Headquartered in Chichester, West Sussex, England, PSECC has
expertise in site identification, design, finance and engineering; procurement and construction (EPC) services related to solar
farms and projects; and in providing solutions for the development of solar farms, solar PV energy policy, energy strategy and
integrated waste management business solutions. The company is currently developing solar farms in Konza, Kenya; Mombasa, Kenya; and Simbrofo, Ghana.
About Natcore Technology
Natcore Technology is focused on using its proprietary nanotechnology discoveries to enable a variety of compelling
applications in the solar industry. Specifically, the company is advancing applications in laser processing, black silicon and
quantum-dot solar cells to significantly lower the costs and improve the power output of solar cells. With 65 patents (30 granted
and 35 pending), Natcore is on the leading edge of solar research. www.NatcoreSolar.com
Statements herein other than purely historical factual information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance
with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact: Chuck Provini
585-286-9180
Info@NatcoreSolar.com
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SOURCE Natcore Technology Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2017/18/c4167.html