XsunX, developer of the patent-pending solar cell manufacturing process CIGSolar, announced its technology development and marketing operations are being expanded to a new facility in Irvine, Calif. The company received equity financing through Ironridge Global IV, Ltd., an institutional investor that finances small cap public companies in the energy market.
XsunX has been working toward the assembly completion of its CIGSolar TFPV cell manufacturing system, as well as establishing a marketing facility to create a hands-on demonstration environment for customers. Offered in exchange for unregistered shares of common stock, the Ironridge investment helped enable XsunX to settle around $500,000 in accounts payable that were chiefly associated with the assembly of the CIGSolar thermal evaporation technology. XsunX’s liabilities were substantially reduced by the transaction, and the company is now able to expedite the completion of its baseline CIGSolar co-evaporation system and establish a facility for marketing and demonstrating its technology.
XsunX is working to accelerate progress toward hosting the company’s first customer demonstrations. In recent years, the solar industry has undergone significant changes – chiefly driven through substantial pricing reductions to silicon that have put some companies out of business and left others to operate on extremely thin margins. In offering a solution to this problem, XsunX has focused its efforts based on a belief that high-performance CIGS solar cells can provide additional price reductions and restore operating margins.
Samples of XsunX’s technology were certified delivering 15.91% average efficiency in tests conducted by the National Renewable Energy Laboratory. The company’s technology utilizes multi-small area thermal co-evaporation for rapid deposition of final-sized cells for improved control of the complex management of the CIGS layer deposition process.
Unlike other CIGS manufacturing technology, XsunX’s method begins and ends with the use of individual, thin stainless steel substrates that are sized to match silicon cells – allowing them to be used in place of silicon cells in existing module assembly lines. The CIGSolar process not only provides for a smaller, more precise deposition environment but also helps prevent performance losses experienced when cells are either cut from rolls of manufactured CIGS material or mismatched electrically in monolithic assemblies.
XsunX is engaged in the development of a new manufacturing process to produce low-cost, high-efficiency thin-film Copper Indium Gallium (di) Selenide (CIGS) thin-film solar cells. The company’s patent-pending system and processing technology, called CIGSolar, targets mass production of individual thin-film CIGS solar cells that match silicon solar cell dimensions and can be offered as a non-toxic, high-efficiency, lowest-cost alternative to silicon solar cell use. XsunX is offering licenses for the use of the CIGSolar process technology and intends to generate revenue through licensing fees and manufacturing royalties.
For more information, visit the company’s Web site at www.xsunx.com
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