Natcore Technology Inc.

Natcore Technology Inc.

October 07, 2010 09:01 ET

Natcore Forms Hong Kong Subsidiary to Oversee Solar Joint Venture

Natcore Zhuzhou Hires General Manager, Vets Scientific Staff

RED BANK, NEW JERSEY--(Marketwire - Oct. 7, 2010) - Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) has formed a wholly owned subsidiary, Natcore Asia Technology Ltd, to hold its 55% share of Natcore Technology (Zhuzhou) Ltd., a joint venture formed in June with the Zhuzhou Hi-Tech Industrial Development Zone, a government-supported zone in Hunan province, and Chuangke Silicon Ltd., a polycrystalline silicon producer. Based in Hong Kong, Natcore Asia Technology is a wholly owned subsidiary of Natcore Technology, Inc.

Mark Chen has been hired as General Manager of Natcore Technology (Zhuzhou). Mr. Chen has extensive experience in the photovoltaic field, specifically in the area of thin-film growth. He previously worked for Joysing, a major equipment manufacturing company in Zhuzhou City. He is a founder of the Hunan Solar Power Association and has written several articles on photovoltaic topics.

Natcore Technology has also narrowed its search for a CFO for Natcore Technology (Zhuzhou) and for several scientists and lab technicians, and will make further announcements when these candidates have been interviewed by Chief Technical Officer Dennis Flood.

Chuck Provini, president and CEO of Natcore Technology, has been approved as the Legal Representative and Chairman of the Zhuzhou entity, thereby allowing him to represent Natcore worldwide. Brien Lundin, Chairman of Natcore Technology, and board member John Calhoun will also be board members of Natcore Technology (Zhuzhou).

Mr. Chen will be part of a transition team visiting Natcore's facilities at Ohio State University as well as the Barron Group facilities at Rice University in order to begin the introduction of the Liquid Phase Deposition process to Natcore's Zhuzhou factory. There will also be a Chinese delegation visiting the same facilities. This delegation, which will represent the Chinese government and Natcore's joint venture partners will also be guests at the New Orleans Investment Conference from October 27-30, where Natcore Technology will be an exhibitor and presenter.

The Zhuzou manufacturing facility will be completed by Chuangke Silicon within 30 days at no cost to Natcore Technology or to Chuangke Silicon. The 15,000 sq. ft. building will carry a monthly rent of US$3,000. The initial orders for chemicals and equipment have been made and will be in place upon the return to China of Mr. Chan and his transition team.

At the heart of the Natcore Zhuzhou joint venture is Natcore Technology's patented Liquid Phase Deposition (LPD) technology, licensed from Rice University where it was developed. LPD grows an anti-reflective (AR) film on a substrate in a room-temperature chemical bath, potentially making solar cells significantly cheaper and cleaner to produce. Existing technology uses a high-temperature vacuum furnace to grow the coating, requiring much more energy, and much more silicon to achieve the thickness needed to withstand the firing. Natcore's LPD is particularly conducive to putting the AR coating on silicon solar cells.

Global production of silicon solar cells exceeded 5.5 gigawatts in 2009, or 90% of the total worldwide production of all solar cell types, and is expected to continue growing at annual double-digit rates for the foreseeable future. China is on track to produce more than half the world's solar panels this year, with 80 percent of the content of each solar panel also to be made in China. This ranks them top in the world for photovoltaic production. More than 95 percent of them will be exported to developed nations like the United States and Germany.

On behalf of the Board of Directors,

"Charles Provini"
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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