China Nuvo Solar Energy, Inc. (OTCBB: CNUV) is contracting Pioneer Materials, Inc. to build, equip, operate and manage a facility in Chengdu, Sichuan, China.
The facility will develop prototypes of solar products and equipment using photovoltaic technology licensed by China Nuvo. The technology is patented under the title: “Photovoltaic cell with integral light transmitting waveguide in a ceramic sleeve”.
China Nuvo will pay PMI monthly for one year with six-month renewal periods to provide the facilities as well as technical, engineering, development, testing and manufacturing employees, and support staff.
In addition, PMI is eligible to receive up to 4,000,000 shares of China Nuvo’s common stock upon completion of milestone accomplishments outlined in the agreement. 500,000 shares of which were issued upon signing of the contract.
About Pioneer Materials, Inc.
Founded in 1998, PMI is a supplier of advanced materials for thin-film photovoltaics processing and is building innovative products for the optical recording marketplace. Headquartered in Torrance, California, the company has manufacturing operations in China and Taiwan.
About China Nuvo Solar Technology
China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology and is developing a pilot manufacturing facility in Chengdu, Sichuan, China.
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