Natcore Technology Inc. (TSX-V: NXT; OTC Pink Sheets: NTCXF) has received approval of the TSX Venture Exchange for the acquisition of Vanguard Solar Inc. in an all-stock deal.
Natcore said it will remain focued on its core business plan encompassing the development of anti-reflective film
growth equipment and tandem solar cells.
But the company also plans to advance the solar technologies being developed by Vanguard, in particular the development of a flexible, thin-film photovoltaic material that the company says is capable of silicon solar cell-like efficiency performance at potentially one-tenth the manufacturing cost and one-twentieth the capital investment.
The Vanguard Solar technology involves a proprietary chemical bath
process similar to Natcore’s liquid phase deposition (LPD) technology,
although Vanguard had grown II-VI compound semiconductor thin films on
carbon nanotubes at room temperature and ambient pressure, while Natcore
has thus far concentrated on growing silicon dioxide films on silicon
substrates.
Natcore said the first-generation products from Vanguard’s method could produce
15%-16% efficiencies at module costs of 60 cents to 70 cents per watt.
Second-generation technology could achieve 20% efficiencies at even
lower costs per watt.
Chuck Provini, Natcore’s president and CEO, said the technology could be put to use in now-dormant photographic film coating facilities, reducing capital investments needed for manufacturing. The investment for production facilities is
projected as low as $10 million to $15 million per 100-megawatt to
150-megawatt production capability, as compared with current costs of as
much as $250 million for standard solar-cell production facilities.
Vanguard’s production equipment would be designed for insertion into
existing roll-to-roll film-coating lines of the sort that have been
displaced by the emergence of digital photography.
First, the company must complete larger-scale proof-of-concept development. Vanguard has achieved proof-of-concept in small-area devices and is
ready to move to a validation stage, during which the company will
demonstrate larger-area working devices at the targeted efficiencies noted above.
Provini said they will continue development of the technology
in-house and through possible joint ventures.
Vanguard has two pending patents covering its solar
cell development, as well as a broad range of photodetectors and optical
sensors. Among the applications for the latter are manufacturing
process monitoring and controls, homeland security surveillance and
biomedical sensors for diagnostics and testing.
As consideration for the purchase of Vanguard, Natcore is issuing Vanguard shareholders a total of 375,236 common shares. Natcore is also issuing 120,075 common shares to a firm performing services for Vanguard to pay legal fees incurred by Vanguard, and 20,000 common shares to a firm providing services to Natcore in relation to the Vanguard acquisition. The securities of Natcore issued pursuant to these transactions are subject to a hold period expiring on September 20, 2010.
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