DayStar Technologies, Inc. (Nasdaq: DSTI), a newly publicly traded solar PV company, has been awarded a $1,000,000 competitive grant by the New York State Energy Research and Development Authority (NYSERDA).
Payment of the award will be in phases as DayStar meets facility scale-up to meet production milestones to commercially produce solar cells. The first $600,000 is based on production capacity milestones and the final $400,000 is based on product sales. Peter Smith, President of NYSERDA, stated, “After evaluating a series of candidates vying for this competitive grant, which specifically relates to manufacturing of renewable energy technologies, we are pleased to make this award to DayStar Technologies in consideration of its exciting plans to mass manufacture its innovative and promising, solar cell product here in the State of New York.”
The award comes on the heels of recently approved legislation in New York mandating that by the year 2013 at least 25 percent of the electricity sold to consumers in New York State will be generated from renewable resources such as solar, wind and geothermal powered solutions. Referred to as the Renewable Portfolio Standard (RPS) Program, this landmark renewable energy policy was officially adopted by the New York State Public Service Commission (PSC) on September 24.
Said Dr. John Tuttle, DayStar Chairman and CEO, “This grant will permit DayStar to accelerate our developmental efforts and move rapidly towards achieving our high volume manufacturing objectives.”
DayStar Technologies, Inc. has developed a thin-film, copper-indium-gallium-selenide solar cell, known as a CIGS solar cell, for the direct conversion of sunlight into electricity. Headquartered in upstate New York, the Company is developing a high-volume manufacturing process that it believes could result in solar electricity power production at commercially viable rates.
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