Sunovia Energy Technologies, Inc. (NASD OTC Bulletin Board: SUNV) and EPIR Technologies, Inc. have swapped 10% equity ownership of the companies in a deal to solidify their partnership going into a contract with the National Aeronautics and Space Administration (NASA).
The two companies announced an agreement for the development of advanced high-efficiency, ultra-lightweight solar cells to power NASA spacecraft.
Sunovia and EPIR also announced an exclusive partnership in the development of solar photovoltaic (PV) and semiconductor technologies. The companies say they are working on a unique solar PV technology they believe will produce an energy conversion efficiency approaching 30%.
Sunovia and EPIR say they are developing high-efficiency solar PV technologies and advanced encapsulates based on II-VI materials that eliminate the need for many of the glass encapsulates that are prevalent in today’s market. In addition, the companies are working on a transparent and electrically conductive encapsulate that they say could eventually eliminate the requirement for contacts on the solar cell.
Further, the companies have completed an agreement that provides each company with a 10 percent equity ownership in the other.
Terms of the exclusive partnership include an equal share of ownership in any and all developed intellectual properties (patents, copyrights, unique processes, etc.), and Sunovia received the exclusive marketing rights to any and all products, existing and future. This includes solar PV, infrared, biosensors, LEDs and other advanced products and technologies.
Bob Fugerer, Sunovia’s president, said, "Our partnership with EPIR has truly enhanced our R&D efforts and I am confident that our shareholders will understand the value of this incredible organization, and its founder Dr. Sivananthan, as we move forward. The contract with NASA is a great testimony to the technology capabilities and proven track record of success for which EPIR is well known in the industry."
About Sunovia Energy Technologies, Inc.
Sunovia is a renewable energy and energy conservation company based in Sarasota, Fla. The company is the owner of the proprietary SolartizementTM and EvoLuciaTM technologies, and is working to commercialize next-generation photovoltaic solar cells and encapsulates for markets including, but not limited to, residential utility, commercial utility, general lighting, advertising, governmental and space.
About EPIR Technologies, Inc.
EPIR Technologies Inc. was founded in 1998 by Dr. Siva Sivananthan, director of the Microphysics Laboratory (MPL) of the University of Illinois at Chicago (UIC). EPIR has pioneered the development of II-VI IR materials for the U.S. military and provides research support for the defense industry in Mercury Cadmium Telluride (MCT) infrared imaging technology. EPIR has demonstrated several product concepts that are being developed as commercial products. They include high-efficiency solar cells and modules for space and terrestrial applications, and advanced high-sensitivity, real-time biochem sensors and decontamination systems for HVAC systems for the military, homeland security and many nongovernmental installations, such as in hospitals. For more information, visit www.epir.com
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