Natcore Technology Inc.

Natcore Technology Inc.

September 28, 2010 08:00 ET

Natcore Unveils First Commercial Application: New Subsidiary, NanoShade Solar, to Market Solar Energy Collectors in 1Q11

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) - Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) today introduced NanoShades, solar energy collectors that can be mounted on vertical surfaces of new and existing buildings.

Each NanoShade™ comprises a set of angled slats or flat strips fixed at regular intervals in an aluminum frame. The 6"-wide slats are aluminum extrusions to which solar cells are affixed. The slats are positioned at the optimum angle to maximize solar exposure at the building's latitude. The silicon-based solar cells can be fashioned in a variety of shapes and sizes.

Initially these systems will employ conventional solar cell technology. They will incorporate advanced solar cells made possible by Natcore's proprietary Liquid Phase Deposition technology when they become available.

NanoShades showcase the Company's ability to integrate solar panels onto a variety of shapes and architectural surfaces. Although they can be sized to fit any configuration, a typical NanoShade unit will be about eight feet high and five feet wide. Current designs call for nine slats within each frame.

A proof-of-concept system has been tested at Rice University in Houston, Texas, where it has been collecting data since April 2010 under the supervision of Prof. Andrew R. Barron and Dr. Dennis Flood, two of Natcore's founders. Preliminary engineering and design work for a commercial system has been accomplished, and vendors have been sourced. Two patent applications relating to these systems have been filed, and NanoShade is now constructing a prototype system for independent testing and bonding requirements in preparation for initial production.

To examine efficiencies at a more northern latitude, NanoShade will conduct research at the University of New Haven (UNH) in West Haven, CT, during the current academic year. Researchers there will also examine reliability, weatherability and endurance of the units. Ali Montazer, professor and Associate Dean of Engineering at UNH, will oversee the testing.

NanoShade expects that its devices will help builders qualify for LEED (Leadership in Energy & Environmental Design) certification. Developed by the U.S. Green Building Council (USGBC), LEED is intended to provide building owners and operators a concise framework for identifying and implementing practical and measurable green building design, construction, operations and maintenance solutions.

To produce NanoShades, Natcore has formed NanoShade Solar, a wholly owned subsidiary incorporated in Delaware and headquartered in Red Bank, NJ. "We decided to create a new company to market NanoShades because we don't want to distract from Natcore's primary business-the development of super-efficient solar cells with twice the output of conventional ones," says Chuck Provini, Natcore's president and CEO. Provini will initially hold the same jobs with the new subsidiary, but design, production and marketing functions are being overseen by consultants with experience in architecture and construction.

NanoShade has already been asked to bid on new projects. Says Provini, "To show just how 'green' we are, we're actually using recycled solar cells for some of our initial units. We've been approached by various companies to do this, since they want to be at the front of the line when our super-efficient solar cell technology is developed."

NanoShade Solar expects to start accepting orders and shipping NanoShades in the first quarter of 2011.

About Natcore Technology Inc.

Natcore Technology is the exclusive licensee, from Rice University, of a thin-film growth technology enabling room-temperature growth of various silicon oxides on silicon wafers in a liquid phase deposition (LPD) process. Although the implications of this discovery for semiconductors and fiber optics are significant and wide-ranging, the technology has immediate and compelling applications in the solar sector. Specifically, Natcore's LPD process could enable silicon solar cell manufacturers to significantly reduce manufacturing costs and increase throughput, and has the potential to allow, for the first time, mass manufacturing of super-efficient (30%+) tandem solar cells with double the power output of today's most efficient devices. Having been independently tested and verified by one of the world's most respected science and technology laboratories, Natcore's technology is now in the process of being commercialized.

Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

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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