G24 Innovations Announces Large-Scale UK Production Of Groundbreaking Next-Generation Solar Cells
Cardiff, Wales, United Kingdom October 17, 2006

G24 Innovations Ltd (G24i), the manufacturer of a new, next-generation photovoltaic technology based on dye-sensitised solar cells announces that it has located a factory for large-scale production in Cardiff, Wales.

When it becomes fully operational in early 2007, the 187,000 sq ft plant set over 23 acres will be the first in the world to produce dye-sensitised solar cells (DSSC) on a commercial scale. G24i's factory also aims to be the first facility ever to produce its renewable energy products relying exclusively on solar, wind, geothermal and other green sources to meet its own energy needs.

G24i has entered into a licensing agreement with Konarka Technologies, Inc (Konarka) of Lowell, Massachusetts, a leading developer of DSSC technology, and Ecole Polytechnique Fédérale de Lausanne (EPFL), a leading Swiss educational and research institution, to produce these advanced, thin-filmed photovoltaics in Europe for distribution worldwide. Originally developed by Professor Michael Graetzel and his team at EPFL in 1988, DSSC technology has been significantly enhanced by the highly skilled scientific team at Konarka and by continuous further research work at EPFL.

In an effort to develop the highest quality production facility, G24i is also working with Solarcoating Machinery GmbH. Production capacity is expected to reach up to 200 Megawatts at the Welsh facility by the end of 2008, with the first 30MW of capacity phased in over the next 4 months. For early prototypes, a 5MW pilot coating machine will be operational by the end of October 2006.

DSSC uses a wider range of the light spectrum than conventional solar cells, giving it the ability to generate power from all visible light sources, not just sunlight, even at relatively low levels of light intensity. This next-generation photovoltaic material produces electricity through a process that is roughly analogous to photosynthesis in plants. DSSC modules are manufactured by printing a thin layer of titanium dioxide onto a layer of film and then, through the use of nanotechnology, further manipulating the film's atoms and molecules that generate electricity when exposed to light. The final product does not use silicon nor does it involve heavy metals. It is uniquely flexible, durable and one-fiftieth of the weight of traditional glass silicon-based solar cells. It can be produced in a variety of colours, allowing it to be integrated into virtually any material or surface, including indoor and outdoor applications.

The processes employed by G24i to achieve new levels of efficiency, functionality and performance involve ‘Roll-to-Roll' equipment similar to that used in the manufacture of textiles and photographic films. This dramatically reduces the production costs of the DSSC technology and substantially increases the volume of production.

G24i's initial target markets for its DSSC product will include mobile phone chargers, particularly in the developing world. There is an enormous undeveloped global market for lightweight flexible solar cells that can be used to power portable electronics and other electrical devices, which the traditional heavy silicon-based solar panel has been unable to address. G24i will also supply power for other mobile consumer products such as MP3 players, computer laptops and handheld game consoles. Other immediate markets include smart textiles, and emergency and homeland security applications.

Portable electronics are not the only market for the unique, low-cost next-generation technology. There is also an opportunity to create new building-integrated products that can provide for a part of a building's energy requirements and further reduce carbon emissions.

The traditional photovoltaic industry is growing at 35% per annum and is expected to continue to expand for many years to come. A global shortage of silicon, required in the production of the current generation of photovoltaic cells, is expected to last until 2010 and has led to rising production costs of traditional solar cells. Because G24i's next generation solar technology is not silicon-based and because it can be manufactured at far lower costs, the potential size of the market for DSSC is huge.

Paul Turney, Chief Executive of G24i said, "With the tremendous global explosion in the use of mobile electronic devices, there is a huge untapped market for G24i's ground breaking technology. Our products also provide individuals with the opportunity to personally contribute to mitigating climate change."

G24 Innovations Limited G24i is a UK company that manufactures fourth generation solar cells based on a new photovoltaic technology with unique qualities. Its production facility is located at Cardiff, Wales and will be operational in early 2007 with an initial 30 MW capacity with plans for expansion up to 200MW by the end of 2008. G24i's principal shareholders are Renewable Capital L.P., a Delaware Limited partnership, Solarcoating Machinery GmbH, Konarka Technologies, Inc and Ecole Polytechnique Fédérale de Lausanne (EPFL). Renewable Capital signed a licensing and joint development agreement with Konarka and, as planned, the agreement was then transferred to G24 Innovations.

Konarka Technologies, Inc., located in Lowell, Massachusetts, has a broad portfolio of patents, technology licenses, including a license for the Graetzel Cell from Ecole Polytechnique Fédérale de Lausanne (EPFL), and an accomplished technical team, including two Nobel Laureates, to develop, among other things, a new generation of photovoltaics. Investors in Konarka include 3i Group, Chevron, Eastman, Good Energies, Inc. and Massachusetts Green Energy Fund, among others. Konarka has business operations, R&D and manufacturing located in the United States, Germany, Austria and Switzerland.

Ecole Polytechnique Fédérale de Lausanne (EPFL) is one of the two Swiss Federal Institutes of Technology. Located on the shores of Lake Geneva, EPFL has three missions: education, research and technology transfer at the highest international level. Professor Michael Graetzel's laboratory where he developed the dye-sensitised solar cell is just one of the more than 250 laboratories and research groups on campus and EPFL is one of Europe's most innovative and productive technology institutes.

Dr. Professor Graetzel has received numerous awards and honorary lectureships for his work, including a European Grand Prix for Innovation Award in 2000, the 2001 Faraday medal of the British Royal Society of Chemistry, and the Dutch Havinga award. He has co-authored over 500 publications, two books and more than 20 patents.

Renewable Capital, L.P., A Delaware Limited Partnership Renewable Capital is an investment and incubator firm and the majority shareholder in and innovative force behind G24i. With offices in London, Renewable Capital focuses on all forms of green energy and is keenly interested in promoting policies that reduce greenhouse gases. It holds active investments in GoinGreen, the electric car company in London, Orb Energy, a rural solar electric firm with offices in Bangalore, India and Singapore, Mistral Windfarms, with generation in the north of England, as well as other investments.

Solarcoating Machinery GmbH Located in Dormagen, Germany, Solarcoating Machinery is a spin-off from the world-renowned machinery building company Coatema Coating Machinery GmbH, which has, for more than 30 years, been at the forefront of manufacturing laminating and coating equipment for textiles, films and papers. Solarcoating Machinery offers a variety of laminating machinery applications for CIS, CIGS, and DSSC (as developed by G24 Innovations), as well as packaging and encapsulation processes for aSi flexible roll to roll thin film.

Photovoltaics A solar power technology that uses solar photovoltaic arrays or solar cells to provide electricity. The traditional solar cell, whether glass or thin film, is silicon based and subject to the expected shortage of silicon until 2010, which has led to rising production costs for such traditional cells. Dye-sensitised solar cells (DSSC) invented at EPFL are not silicon based and are able to be produced at far lower costs. DSSC uses a wider range of light spectrum than conventional silicon-based solar cells and therefore can generate power from all visable light sources, not just sunlight, even at relatively low levels of light intensity.

Source: G24 Innovations