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Magnolia Solar gets US Air Force funding for high-efficiency solar cells

(SeeNews) - Oct 10, 2012 - US Magnolia Solar Corp (OTC:MGLT) said Tuesday it had obtained a USD-750,000 (EUR 584,000) Phase II grant from the US Air Force to develop flexible, ultra-high efficiency, thin-film solar cells for space applications.

The grant, which is part of the Small Business Technology Transfer (STTR) programme, was received by the company’s Magnolia Solar Inc subsidiary.

This contract will be an addition to the work on high-efficiency solar cells that Magnolia Solar has been developing under a contract with the US Air Force from November 2011.

The US Air Force funding will be used for the development of nano-structured solar cells that could potentially deliver ultra-high efficiencies of up to 50% in single-junction devices.

(USD 1 = EUR 0.778)

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