Project Originates From Natcore's "Best of Breed"
Program
ROCHESTER, N.Y., March 22, 2016 /CNW/ -- Natcore
Technology Inc. (TSX-V: NXT; OTCQB: NTCXF) has been engaged to
oversee development of a 10MW photovoltaic solar array in
Belize.
Natcore will oversee development of the project in conjunction
with Catalyst565, Inc., a globally oriented and regionally
diversified energy development company headquartered in
New York City.
The 90-acre solar power installation will be located in
Placencia, a small town and a significant tourism destination
located in Belize. Catalyst565
will capitalize pre-development expenses and will bring together
the key partners needed for this project, with Natcore serving as
the technology partner and advisor.
The project came to Natcore via its "Best of Breed" program,
through which the company functions as a consultant on the design
and construction of solar cell/solar panel fabrication facilities
and solar farms. Natcore will be compensated on a "cost-plus" basis
and will have unencumbered equity in the project.
While this solar power project will provide important commercial
revenue to Natcore, it will not distract from the company's primary
mission of bringing paradigm-shifting solar technology to the
industry. Natcore's R&D program continues to advance, and the
latest results will be reported soon.
For the Belize power plant,
Natcore will guide Catalyst565 in procuring components of the
highest quality at the best prices available, taking advantage of
Natcore's preferential status in the solar industry. Natcore will
also select and oversee the EPC (engineering, procurement and
construction) firm for the project.
Since Natcore is not itself a manufacturer, it is able to buy
components or employ vendors without bias. Thus, Natcore will have
the freedom to provide optimum products with appropriate warranties
and efficiencies.
"We developed 'Best of Breed' in response to requests from
entities that wanted access to our advances in solar technology,"
says Chuck Provini, Natcore
president and CEO. "The Belize
project has some site-specific requirements that will enable us to
flex our muscles." For example, in 2001 Hurricane Iris hit the
region with 145 mph winds, causing major damage to most buildings
in Placencia. Because of that history, Natcore is planning a
hurricane-proof array for this installation.
Catalyst565 is centered on developing renewable energy by
converting municipal waste, plastics and used tires into fuel oil
and diesel fuel and directly into electricity. Catalyst565
currently is developing projects in the US Virgin Islands,
Canada, Germany and the
Netherlands.
"We're always looking for new energy technologies, but we've
found it best to be a technology-agnostic company," says
Brent Borland, Managing Director of
Catalyst565. "That is, we have a non-committal attitude toward a
given technology until we've given it a thorough vetting. Natcore
was selected because of the acknowledged expertise of its solar
scientists and engineers."
About Natcore Technology
Natcore Technology is focused
on using its proprietary nanotechnology discoveries to enable a
variety of compelling applications in the solar industry.
Specifically, the company is advancing applications in laser
processing, black silicon and quantum-dot solar cells to
significantly lower the costs and improve the power output of solar
cells. With 63 patents (27 granted and 36 pending) Natcore is on
the leading edge of solar research. www.NatcoreSolar.com
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 Natcore'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, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy the securities in any
jurisdiction. Neither the United States Securities and
Exchange Commission ("SEC"), the TSX Venture Exchange, nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) opines as to, nor accepts
responsibility for, the adequacy or accuracy of this
release.
Contact:
Chuck Provini
(585) 286-9180
Info@NatcoreSolar.com
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visit:http://www.prnewswire.com/news-releases/natcore-technology-engaged-to-develop-10mw-solar-facility-300239443.html
SOURCE Natcore Technology Inc.
