SOURCE: BioSolar, Inc.

October 24, 2007 09:05 ET

Component Suppliers Shine Brightly Amid Profit Pressure in Solar Power Industry

BioSolar Anticipates Benefit From Recent Announcements by Major Photovoltaic Manufacturers

SANTA CLARITA, CA--(Marketwire - October 24, 2007) - BioSolar™, Inc. (OTCBB: BSRC), developer of a breakthrough technology to produce bioplastic materials from renewable plant sources that will reduce the cost of solar cells, had upbeat comments regarding recent news that the industry's major manufacturers of solar cells are projecting lowered profit margins on completed solar cells. As noted in the Associated Press' Sector Snap: Solar Power Industry, Friday, October 19, 2007, this squeeze on the companies' profits is being triggered by a tightness in supply of polysilicon (the key component in photovoltaic solar cells), coupled with surging demand for the finished photovoltaic cells. This creates a growth opportunity for companies like BioSolar that can provide the photovoltaic cell manufacturers with a substantial cost cutting solution.

The combination of decreasing supply and increasing demand, while creating a profit squeeze for the manufacturers of completed solar cells, creates an urgent and sizable sales opportunity for those suppliers of the other components in a solar cell that allow the manufacturers to decrease the cost of the various components that make up the completed photovoltaic cell. Adding further pricing pressure to the manufacturers, the price of crude oil reached an all time high, topping $90 per barrel during Friday's trading.

"BioSolar has developed a bio-based plastic material for the backsheet component of the solar cell that represents a huge cost saving -- indications are that it's as much 50% savings over the current pricing of petroleum based plastics currently being used," said Dr. David Lee, BioSolar's CEO. "We are seeing this combination of factors in the industry drive the cell manufacturers to be much more creative as they seek out other ways of reducing the overall cost of the finished product."

"Current and ongoing tests and discussions with our existing strategic partners in the industry are proceeding as anticipated," said BioSolar's CTO, Dr. Stan Levy. "Based on recent discussions with newly interested parties, we are anticipating rapid market penetration as our bio-based backsheet product gains Underwriter's Laboratory™ approval and our prototype life cycle testing completes its course and we move into commercial sales mode."

About BioSolar, Inc.

BioSolar, Inc. is developing a breakthrough technology to produce bioplastic 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 plastics. To learn more about BioSolar, please visit our website at http://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.

Contact Information

  • Contact:
    BioSolar, Inc.
    Investor Relations
    (877) 904-3733
    Email Contact