Wednesday December 7, 2011 Quote Website News Chart
Magnolia Solar is a Delaware Corporation incorporated in January 2008. The Company was formed with a vision to realize and participate in the green energy revolution of America.

The founders of Magnolia Solar understand the success, security and bright future of our nation relies in the energy independence.

The Company is working to protect its intellectual property and adding key technical personnel to validate and commercialize
new generation of solar cell technologies.

Creating Green Energy For A

Greener Planet!

 


News For MGLT

Magnolia Solar Receives $750,000 Phase II Award from US Air Force Research Laboratory

WOBURN, MA and ALBANY, NY -- Magnolia Solar Corporation (OTCBB: MGLT) ("Magnolia") announced that its wholly owned subsidiary, Magnolia Solar, Inc., recently received a $750,000 Phase II award from the United States Air Force Research Laboratory as part of the Small Business Innovative Research (SBIR) program. The award will fund a two-year project to develop flexible, lightweight, ultra-high efficiency multi-junction solar cells for space power applications.

This award follows a Phase I program that demonstrated that Magnolia's approach to simultaneously increase the current and voltage output of photovoltaic devices for space power applications. The Phase II award is to optimize the device and apply advanced anti-reflective coatings to build ultra-high efficiency flexible solar power solutions for defense applications. Magnolia is building a patent portfolio around its proprietary technologies for this award and other work with government funding from the New York State Energy Research and Development Authority and the National Aeronautical Space Administration. Recently Magnolia announced demonstration of several significant milestones and this award provides a pathway to support its ultimate goal of developing low-cost, high-efficiency, thin-film solar cells for commercial and defense requirements.

Dr. Ashok K. Sood, President and CEO of Magnolia Solar Corporation, stated, "Photovoltaic devices can provide a mobile source of electrical power for a variety of military applications in space and terrestrial environments. Many of these applications can directly benefit from enhancements in the efficiency of the photovoltaic devices. In particular, flexible, lightweight, high-efficiency solar cells are needed to maximize the power-generating capability of space, ground-based, and air-based defense applications. The patent-pending technology developed during this program is expected to have immediate market opportunities for defense applications. We look forward to continuing our partnerships with MicroLink Devices and Rensselaer Polytechnic Institute during this Phase II program."

Dr. Roger E. Welser, Magnolia's Chief Technical Officer, observed, "Current approaches to increase the efficiency of multi-junction structures typically used for space power generation are reaching practical limitations due to fundamental constraints in conventional multi-junction device design. By combining wide and narrow bandgap material within each p-n junction, quantum-structured solar cells can overcome these constraints and increase the current and the voltage output of each subcell within a multi-junction solar cell. The Phase I effort leveraged the epitaxial liftoff process developed at MicroLink Devices in Niles, IL, and has demonstrated the validity of Magnolia's extended heterojunction photovoltaic device concept. Ultimately our approach provides a pathway for obtaining thin, flexible, multi-junction solar cells with efficiency approaching 40%."
Company Profile - MGLT

Magnolia Solar is a Delaware Corporation incorporated in January 2008. The Company was formed with a vision to realize and participate in the green energy revolution of America. The founders of Magnolia Solar understand the success, security and bright future of our nation relies in the energy independence. To fulfill the promise of green technology, Magnolia Solar has assembled a world-class management team to implement its product and business strategies. The Company's R & D team has demonstrated experience in conducting state-of-the-art research to determine technology trends and then develop products to meet that demand, significantly ahead of the competition. The founder and CEO have substantial experience in successfully introducing new technology in a robust market. The Company is working to protect its intellectual property and adding key technical personnel to validate and commercialize new generation of solar cell technologies.

Magnolia Solar's mission is to commercialize its nanotechnology-based, high efficiency, thin film technology that can be deposited on glass and other flexible structures. This technology has the ability to capture a larger part of the solar spectrum to produce high efficiency solar cells, and incorporates very unique nanostructure-based antireflection coating technology to further increase the solar cell's efficiency thereby reducing the cost per watt. The Company's goal is to increase its solar cell efficiency from the present thin film solar cells of 8%-10% to those rivaling crystalline silicon based solar cells at substantially lower cost.

Magnolia Solar has experienced Management team with expertise in Optical, Electronic and Solar Cell Technologies for Space and Terrestrial Applications. The President and CEO of Magnolia is an industry veteran with over 25 years of experience of Product Development and Management with Fortune 500 Companies such as Tyco, Honeywell, Loral, Lockheed-Martin and BAE Systems.

Significant Third Quarter Accomplishments for MGLT
  • Filed an additional patent application that adds to Magnolia's intellectual property portfolio on high-efficiency thin-film solar cell designs, processes and high-performance nanostructured antireflection coatings to improve solar cell performance.
  • Demonstrated and discussed high-voltage InGaAs quantum well waveguide solar cells at the 2011 Solar Energy and Technology conference incorporating a unique structure capable of improving the performance of photovoltaic modules, a significant component in achieving high efficiency.
  • Reported on recent development initiatives for NASA at the 22nd Space Photovoltaic Research and Technology conference; Magnolia's unique thin-film design can potentially deliver high efficiency over a wide range of atmospheric conditions.
  • Summarized groundbreaking results with a novel cell design that exceeds traditional limits on solar cell performance at the 220th Electrochemical Society Meeting and Electrochemical Energy Summit. Presentation discussed the potential technological significance of Magnolia's anti-reflective coating and value potential of patents on the technology.
  • Spotlighted progress of nanostructure-based thin-film solar cells and nanostructured antireflection coatings at the Advanced Energy 2011 Conference. Showed how Magnolia's light-trapping techniques increased voltage performance and how its AR coating achieved very high transmission rates -- two ingredients necessary for the operation of ultra-high efficiency solar cells throughout the day. Magnolia has filed patents for these technologies.
  • Presented progress on Magnolia's nanostructure-based thin-film solar cells, as well as recent groundbreaking results on its nanostructured antireflection coatings, at the 4th Annual NanoRenewable Energy Summit 2011. We believe the significance of the technology will lead to ultra-high efficiency solar cells for defense and commercial markets.
    Recent News from MGLT

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    Magnolia Solar Presents at the 4th Annual NanoRenewable Energy Summit 2011 Conference in Colorado
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    Magnolia Solar to Present at the Advanced Energy 2011 Conference in Buffalo, NY
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    Magnolia Solar Demonstrates Novel Cell Design That Exceeds Traditional Limits on Solar Cell Performance
    .
    Magnolia Solar Summarizes Program Results at NASA SPRAT Conference

    MGLT Is A Technology Stock With A Bright Future!

  • FORWARD LOOKING STATEMENTS
    These news releases include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Magnolia Solar Corporation's current expectations about its future results, performance, prospects and opportunities. Magnolia Solar Corporation has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Magnolia Solar Corporation and are subject to a number of risks, uncertainties and other factors that could cause Magnolia Solar Corporation's actual results, performance, prospects or opportunities in the remainder of 2011 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Magnolia Solar Corporation's current 10K or as may be described from time to time in Magnolia Solar Corporation's subsequent SEC filings; and such factors as incorporated by reference.

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