2008-10-13 12:28:02 -
www.biosolar.com - Avalanche Strategic Communications Press Contact: Denyse Dabrowski, 201-488-0049 denyse@avalanchepr.com or BioSolar, Inc. Investor Relations Contact: Tom Becker, 877-904-3733 ir@biosolar.com BioSolar, Inc. (OTCBB:BSRC), the developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of solar cells, says it anticipates unprecedented growth and benefits for
the solar industry thanks to the recent passage of Federal legislation. H.R. 1424, the Emergency Economic Stabilization Act of 2008, provides an eight-year extension of solar energy tax incentives, thereby assuring industry stability.
The Solar Electric Power Association expects the renewable energy bill will create more than 440,000 jobs and generate at least $325 billion in private investment. It is also expected that solar will grow despite the economic downturn, as most U.S. states are mandating increased use of renewable energy.
"By passing this important piece of legislation, Congress is encouraging the growth of renewable energy and the technology companies across the country, like BioSolar, that support it," said Dr. David Lee, CEO of BioSolar. "We are excited about this turning point and the positive impact it will have not only on our company and the industry, but the environment as well."
Dr. Lee reports that BioSolar is making a steady progress toward full scale production readiness and the company has recently announced innovative milestones in its manufacturing technology and processes. As reported recently in the San Fernando Valley Business Journal, BioSolar has applied for a patent for "a new material configuration and manufacturing technique to produce a version of the solar cells that can potentially deliver a 50% reduction in cost."
The manufacture of photovoltaic cells has expanded dramatically in recent years. Photovoltaic production has also been doubling every two years, increasing by an average of 48% each year since 2002, making it the world's fastest-growing energy technology. BioSolar, whose breakthrough technology dramatically reduces the cost of these solar cells by replacing traditional and expensive petroleum-based components with bio-based materials derived from renewable plant sources, sent waves throughout the industry this summer when it announced at the SPIE Optics+Photonics conference that its technology was derived from cotton and castor beans.
"We expect this breakthrough product to be rapidly accepted as the standard for the backsheet component of both traditional and certain thin-film photovoltaic modules," said Dr. Lee. "Recent legislation, coupled with volatile petroleum pricing, uniquely position BioSolar at the forefront in the development of truly sustainable and cost-effective solar technology."
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce bio-based materials from renewable plant sources that will reduce the cost per watt of solar cells. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. To learn more about BioSolar, please visit our website at
www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
¶ Company Prepares for Move Towards Full-Scale Production
