To Our Valued Shareholders,
We’re pleased to share updates this week on our technology development progress and our plans to complete and submit a proposal in response to a recent Funding Opportunity Announcement (FOA) from the U.S. Department of Energy (DOE).
On the technology development front, our focus has moved toward efforts to complete the assembly of our evaporation chamber, integrating each of the sources for copper, indium, gallium, and selenide. Our solar cell deposition process development has progressed within planned expectations and we are anxious to begin working with full size pseudo-square glass and stainless steel substrates in our evaporator. Our technology plan has focused on the use of evaporation as a proven deposition technology to deliver high cell efficiencies and we look forward to sharing additional progress results as soon as possible. These efforts are part of our overall work plan and crucial to the completion of a total process capable of producing commercially viable CIGS solar cells for use in solar modules and other consumer goods.
Earlier this month we announced that we had identified and planned to file a grant application under a recently announced Funding Opportunity Announcement (FOA) from the U.S. Department of Energy (DOE). We felt that XsunX’s research and development efforts were closely aligned with the FOA’s overall scope: “to identify and accelerate the development of cross-cutting and unique products or processes that are expected to have a disruptive impact on the photovoltaics (PV) industry.” We are working to complete and file this grant application later this week.
In preparing for this FOA, we have contracted with IBIS Associates to assess, evaluate and benchmark our innovative CIGS approach in terms of industry baselines, financial viability, technical cost modeling and overall annual financial impact on the PV market in general and specifically as a thin-film replacement for crystalline silicon solar cells. Their preliminary results are very encouraging and will be featured as a cornerstone of the proposal. According to Mr. Ted Hannibal, General Partner, “IBIS Associates, Inc. is very optimistic about the potential impact XsunX’s technology will have on the PV Industry. Our preliminary analysis indicates that they have what portends to be a compelling economic advantage over the incumbent multi-crystalline technology should their development efforts prove successful. We look forward to working with the team on this exciting technology development and commercialization effort.”
Thank you for your continued support of our company. As we make progress, we look forward to reporting back to you. As always, if you have any questions in the meantime, please contact our Investor Relations desk at [email protected] or (888) 797-4527.
Joseph Grimes, President & COO
SafeU.S. Harbor Statement: Matters discussed in this shareholder news letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this shareholder news letter, 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 actions subsequently; and other factors detailed in reports filed by the Company.