On
May 2, 2017, Natcore announced that it had achieved an efficiency of 20.7% in
its latest demonstration of the solar cell.
To
protect the Company’s exclusive rights in such technologies, as of the date
hereof, Natcore had licensed or owns 31 granted and 34 pending patents.
Recent
Financings
In
January 2015, the Company completed a non-brokered private placement and issued
1,352,062 units at a price of CDN$0.43 per unit for gross proceeds of $471,479
(CDN$581,387). Each unit comprised one common share and one share purchase
warrant, with each warrant exercisable at a price of CDN$0.70 per share for a
period of three years from the date of closing. The Company also issued 4,250
finders’ warrants with a fair value of $885 in connection with this private
placement exercisable at a price of CDN$0.43 per share for a period of three
years from the date of closing.
In
April 2015, the Company completed a non-brokered private placement and issued
1,200,050 units at a price of CDN$0.70 per unit for gross proceeds of $672,028
(CDN$840,035). Each unit comprised one common share and one share purchase warrant,
with each warrant exercisable at a price of $0.70 per share for a period of
three years from the date of closing. The Company also issued 9,250 finders’
warrants in connection with this private placement exercisable at a price of
CDN$0.95 per share for a period of three years from the date of closing.
In
July 2015, the Company completed a non-brokered private placement and issued
1,822,000 units at a price of CDN$0.54 per unit for gross proceeds of $982,227
(CDN$1,275,400). Each unit comprised one common share and one purchase warrant,
with each warrant exercisable at a price of CDN$0.74 per share for a period of
three years from the date of closing. The Company also issued 73,500 finders’
warrants in connection with this private placement exercisable at a price of
CDN$0.74 per share for a period of three years from the date of closing.
On
July 15, 2015, the Company entered into an investment agreement, as amended on
August 21, 2015, for the provision of an up to $5 million investment facility
by Dutchess Opportunity Fund II. During the 36-month term of the agreement,
Dutchess will be required, at the option of Natcore, to purchase up to $5
million of Natcore common stock. Natcore will control the timing and amount of
any share sales to Dutchess and a minimum price of the common stock to be
issued. Under the agreement, Dutchess is required to purchase Natcore shares at
a discount of 5% from the market price of the shares on the OTCQB at the time
of each transaction. No commissions or compensation is to be paid by Natcore as
a result of signing the agreement. As of the date hereof, the Company has not
drawn upon the investment. Due to regulatory restraints resulting from the
Company’s Canadian registration, the Company has not, and does not intend to, utilize
this investment facility.
In
November 2015, the Company completed a non-brokered private placement and
issued 1,694,444 units at a price of CDN$0.36 per unit for gross proceeds of
$456,018 (CDN$610,000). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.55 per share for a
period of three years from the date of closing. The Company also issued 70,000
finders’ warrants in connection with this private placement exercisable at a
price of CDN$0.55 per share for a period of three years from the date of
closing.
In
December 2015, the Company completed a non-brokered private placement and
issued 1,681,189 units at a price of CDN$0.36 per unit for gross proceeds of
$437,096 (CDN$605,228). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.55 per share for a
period of three years from the date of closing. The Company also issued 26,600
finders’ warrants in connection with this private placement exercisable at a
price of CDN$0.55 per share for a period of three years from the date of
closing. In connection with the private placements completed during the year
ended December 31, 2015, the Company incurred share issued costs of $147,680
consisting of cash finders’ fees, exchange and regulatory fees and legal fees.
In
February 2016, the Company completed a non-brokered private placement and
issued 273,058 units at a price of CDN$0.36 per unit for gross proceeds of
$70,908 (CDN$98,301). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.55 per share for a
period of three years from the date of closing. The Company had received
subscriptions of $31,102 at December 31, 2015 that related to this private
placement. On issue the fair value of the warrants was determined to be $26,464
and included in derivative liability (Note 8).
In
March 2016, the Company completed a non-brokered private placement and issued
2,244,497 units at a price of CDN$0.36 per unit for gross proceeds of $622,166
(CDN$808,019). Each unit comprised one common share and one purchase warrant,
with each warrant exercisable at a price of CDN$0.55 per share for a period of
three years from the date of closing. On issue the fair value of the warrants
was determined to be $507,562 and included in derivative liability (Note 8).
The Company also issued 23,450 finders’ warrants with a fair value of $5,248 in
connection with this private placement exercisable at a price of CAD$0.55 per
share for a period of three years from the date of closing.
19
In
June 2016, the Company completed a non-brokered private placement and issued
1,000,000 units at a price of CDN$0.40 per unit for gross proceeds of $311,988
(CDN$400,000). Each unit comprised one common share and one purchase warrant,
with each warrant exercisable at a price of CDN$0.55 per share for a period of
three years from the date of closing. On issue the fair value of the warrants
was determined to be $133,402 and included in derivative liability (Note 8).
The Company also issued 70,000 finders’ warrants with a fair value of $9,338 in
connection with this private placement exercisable at a price of CAD$0.55 per
share for a period of three years from the date of closing.
In
July 2016, the Company completed a non-brokered private placement and issued
1,000,000 units at a price of CDN$0.40 per unit for gross proceeds of $303,630
(CDN$400,000). Each unit comprised one common share and one purchase warrant,
with each warrant exercisable at a price of CDN$0.55 per share for a period of
three years from the date of closing. On issue the fair value of the warrants
was determined to be $121,943 and included in derivative liability (Note 8).
The Company also issued 70,000 finders’ warrants with a fair value of $8,536 in
connection with this private placement exercisable at a price of CAD$0.55 per
share for a period of three years from the date of closing.
In
September 2016, the Company completed a non-brokered private placement and
issued 650,000 units at a price of CDN$0.36 per unit for gross proceeds of
$177,048 (CDN$234,000). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.55 per share for a
period of three years from the date of closing. On issue the fair value of the
warrants was determined to be $64,853 and included in derivative liability
(Note 8). The Company also issued 45,500 finders’ warrants with a fair value of
$4,540 in connection with this private placement exercisable at a price of
CAD$0.55 per share for a period of three years from the date of closing.
In
November 2016, the Company completed a non-brokered private placement and
issued 1,427,500 units at a price of CDN$0.23 per unit for gross proceeds of
$244,966 (CDN$328,325). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.30 per share for a
period of three years from the date of closing. On issue the fair value of the
warrants was determined to be $145,612 and included in derivative liability
(Note 8). The Company also issued 72,100 finders’ warrants with a fair value of
$7,801 in connection with this private placement exercisable at a price of
CAD$0.30 per share for a period of three years from the date of closing.
In
December 2016, the Company completed a non-brokered private placement and
issued 1,500,000 units at a price of CDN$0.21 per unit for gross proceeds of
$238,373 (CDN$315,000). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.30 per share for a
period of three years from the date of closing. On issue the fair value of the
warrants was determined to be $112,940 and included in derivative liability
(Note 8). The Company also issued 70,000 finders’ warrants with a fair value of
$5,569 in connection with this private placement exercisable at a price of
CAD$0.30 per share for a period of three years from the date of closing.
In
connection with the private placements completed during the year ended December
31, 2016, the Company incurred share issued costs of $235,830 consisting of
cash finders’ fees, exchange and regulatory fees and legal fees.
In
January 2017, the Company completed a non-brokered private placement and issued
1,021,800 units at a price of CDN$0.21 per unit for gross proceeds of $162,252
(CDN$214,578). Each unit comprised one common share and one purchase warrant,
with each warrant exercisable at a price of CDN$0.25 per share for a period of
three years from the date of closing.
In
January 2017, the Company received $39,635 (CDN$52,000) from the exercise of
130,000 options.
In
February 2017, the Company completed a non-brokered private placement and
issued 650,000 units at a price of CDN$0.34 per unit for gross proceeds of
$168,955 (CDN$221,000). Each unit comprised one common share and one purchase
warrant, with each warrant exercisable at a price of CDN$0.40 per share for a
period of three years from the date of closing. The Company also issued 45,500
finders warrants with an exercise price of CDN$0.40.
In
March 2017, the Company completed a non-brokered private placement and issued
900,000 units at a price of CDN$0.19 per unit for gross proceeds of $127,860
(CDN$171,000). Each unit comprised one common share and one purchase warrant,
each warrant exercisable at a price of CDN$0.25 per share for a period of three
years from the date of closing.
In
April 2017, the Company completed a non-brokered private placement and issued
1,030,000 units at a price of CDN$0.19 per unit for gross proceeds of $146,790
(CDN$195,700). Each unit comprised one common share and one purchase warrant,
each warrant exercisable at a price of CDN$0.25 for a period of three years
from the date of closing.
20
Registration
with SEC
On
June 2, 2015, the Company became a fully reporting company with the Securities
and Exchange Commission (the “SEC”) in the United States following the filing
of an SEC Form F-1 Registration Statement effective as of May 26, 2015.
On
July 22, 2015, the Company commenced trading on the OTCQB, an over the counter
marketplace organized for venture-stage or early-stage companies
On
May 26, 2016, Natcore reached its first anniversary as a fully reporting SEC
issuer and continues to be current with all required SEC filings. Upon the
occurrence of the anniversary, for the first time, Natcore shareholders were
entitled to avail themselves of Rule 144 of the Securities Act of 1933, as
amended to have their “Restricted” legend removed from their Natcore stock
certificate. On November 17, 2016, the SEC declared effective the Company’s
post-effective amendment deregistering the securities registered pursuant to
the May 26, 2016 registration statement.
On
June 22, 2016, the SEC declared effective the Company’s Form F-1 Registration
Statement relating to the registration of up to 5,000,000 newly issued shares
of the Company’s common stock; the resale of up to 2,661,111 common shares by
shareholders which shares were previously issued in private placement
transactions and/or part of executive compensation; and 400,000 shares of
common stock by LoPresti Law Group (“LLG”) to be paid to LLG in exchange for
the provision of legal services rendered.
Employees
As
of the date of this annual report, the Company has 13 full-time employees all
of which are located in the United States.
Significant Acquisitions or Developments
No
significant acquisitions or significant dispositions have been completed by
Natcore during the most recently completed financial year or are contemplated.
B.
Business Overview
Natcore
is a research and development company pioneering solar cells with improved
efficiency and reduced cost. Natcore’s intellectual property is currently
protected by 65 patents granted or pending. Natcore does not plan to
manufacture solar cells, but rather to license its technology to manufacturers
through partnerships that will ultimately yield licensing and royalty revenue.
Natcore’s
primary technology is Natcore Foil Cell™. The vast majority of solar cells
produced today limit cell efficiency to about 19%. This is due to the use of
front contact and thermally diffused emitters. Many front contact cells have a
grid of thin metal lines that block light and thus reduce efficiency. In
addition, standard solar cells are made using a thermally diffused emitter,
which requires very high process temperatures (>800C). The combination of
front contact and thermally diffused emitters limits current cell efficiency.
Recently,
a company reported 25.6% efficiency – the highest efficiency ever reached for a
silicon solar cell – using only back contact and a silicon heterojunction (SHJ)
emitter, eliminating the high-temperature diffusion steps. While this
achievement showed the value of these approaches, the cell was produced using a
complicated, high-cost process.
Natcore’s
process uses highly defined regions of heavily doped silicon to form a base
contact of the solar cell. Natcore then uses a powerful, focused laser beam to
melt small regions of the silicon surface, which allows a specially applied
dopant to penetrate the silicon matrix. Natcore has also discovered a method to
laser-form the dopant regions without disturbing the high-quality emitter
already present on the solar cell. This process is rapid, and thus can be
performed with low-capital equipment at atmospheric conditions.
In
addition, Natcore has developed technology which eliminates the need for
high-cost silver from mass-manufactured silicon solar cells. Currently, silver
is used in the metallization process as it is highly conductive and easy to
process. However, silver can represent 30% to 50% of the fabrication cost of a
solar cell. Natcore’s unique approach to metallization relies on a simple
multilayer structure, which uses inexpensive aluminum as its main conductor,
and thus results in lower production costs. This cell technology may also
result in cost savings when incorporated into other modules. Generally,
cell-to-module loss is 8%-10%. However, when Natcore’s cells have been
incorporated into the production of photovoltaic modules the cell-to-module
loss was 0%, resulting in cost savings.
21
Natcore
is, first and foremost, a research and development company. The Company
believes that its technology is recognized throughout the solar industry as
being among some of the most advanced in photovoltaics. In addition to the
Company’s technological advances, members of its Scientific Advisory Board have
extensive experience in designing and building turnkey solar cell and module
fabrication facilities. Natcore’s work on a line of black silicon products, in
conjunction with its patents (a total of 65, granted and pending), is essential
to building the next generation solar cell. As that technology has moved ever
closer to commercialization and Natcore has gained a higher profile in the
industry worldwide, it has received an increasing number of requests from solar
cell and panel manufacturers, as well as solar plant developers, who are
anxious to have access to Natcore’s technology and to acquire some form of
exclusive rights thereto. These cell and module manufacturers are willing to
give Natcore preferential treatment with regard to purchasing components and
equipment, in exchange for access to its technology and applications when they
become available. In addition, Natcore has received numerous requests from
companies and countries/regions to assist in developing their solar projects,
including building cell and/or panel manufacturing facilities, as well as solar
plants.
In
response to these requests, Natcore developed a “Best of Breed” Program through
which it serves as a business and technical consultant on the design and
construction of solar cell/solar panel fabrication facilities, and solar power
plants. Natcore has several Memoranda of Understanding and other agreements in
place in furtherance of these efforts, with more to follow. Current projects
are located in Australia, Belize and Vietnam. By leveraging its status and
industry relationships, Natcore can guide its Best of Breed customers in
procuring components and equipment of the highest quality and at highly
competitive prices. Natcore is not itself a manufacturer of any equipment or
components, and therefore it has no inherent biases or conflicts as to which
components to buy or which vendors to select or recommend. Thus, each project
can be optimized as to quality and cost.
The
Company continues to be in the research and development stage and its potential
products are not yet at the stage of commercial production. The Company
anticipates generation of initial revenues within the fiscal year 2017, but
plans to continue its research and development programs for the purposes of
developing additional applications for its technologies. The Company is
currently conducting its own research and development but does anticipate
subcontracting certain work with joint venture partners, as described below. The Company’s
long-term objective is to commercialize its technologies in order to generate
commercial revenues. In order for the Company to meet this long-term objective,
the following events must occur:
|
|
|
|
|
Event
|
Target Date
|
Cost
|
|
|
|
|
|
Research and development
for the Company’s technologies, including identifying additional applications
|
Ongoing
|
Not
known
|
|
Additional patent and
other intellectual property applications
|
Ongoing
|
Not
known
|
The short-term objectives of the Company over the
next twelve months are to improve the efficiencies of the Company’s
technologies and commence licensing of the Company’s technologies. In order to
the complete same, the Company anticipates spending between $300,000 and $500,000 outsourcing
certain work with joint developer partners, including use of equipment. At
this stage, it is not anticipated that the Company must expend further funds to
commence licensing, but may consider allocating funds towards marketing in the
future.
A
significant shift is underway in the world-wide silicon solar cell industry,
driven by the rising prices of silicon feedstock material. Cell producers are
now moving to produce thinner solar cells to reduce their requirements for
silicon feedstock. Technologies that reduce or eliminate high temperatures will
be required and will be in demand. Making this long-term shift will enable the
silicon solar cell industry to sustain its historic annual growth rates well
into the future.
New
developments in technology may negatively affect the development or sale of the
Company’s products or make the Company’s technologies obsolete. Natcore intends
to maintain its competitive position and prevent the impacts of obsolescence by
continuing to develop and perfect its technologies and find additional
commercial usages for its technologies.
Natcore
is not aware of any material market controls or regulations within the
technology sector which might affect the marketing of its technologies.
Natcore
is not aware of any material regulatory approvals necessary for its research
and development work, other than approval of appropriate patent applications in
the jurisdictions the Company intends to do business.
Production
and Services
Natcore
does not plan to manufacture solar cells. Instead, Natcore plans to license its
technologies to manufacturers, receive royalties from cells manufactured using
its technologies and from equipment and chemical sales. Customers will be
required to execute non-exclusive license agreements or exclusive license
agreements unique to specified jurisdictions. Royalty rights will entitle the
Company to benefit from residual income on each product that utilizes the
Company’s technology. In addition, Natcore intends to sub-contract the
manufacturing of the equipment necessary for the black silicon process and the
lasers. There will be a mark-up, to Natcore’s benefit, on each piece of
equipment. Finally, Natcore intends to produce recurring revenue by engaging
third-parties to mix and ship the patented chemical mixture for the various
applications.
22
Specialized
Skill and Knowledge
Certain
aspects of Natcore’s business, relating to the development and discovery
process, require specialized skills and knowledge, including chemical,
electrical and mechanical engineering. Increased activity in the technology and
research and development industry may make it more difficult to locate
competent employees and consultants in such fields, and may affect Natcore’s
ability to grow at the pace it desires. However, Natcore does not anticipate
any significant difficulties in locating appropriate personnel as the employees
and consultants it needs to conduct appropriate studies on its technologies are
available.
Competitive
Conditions
Given
the complex nature and cost of the systems now in use by the solar cell
industry, Natcore expects to offer value to its customers. Natcore’s black silicon
technology is expected to replace an expensive, energy and manpower intensive,
thermal vacuum process with a simple wet chemistry process that will make an
improved anti-reflection surface on silicon solar cells. In addition, the
Natcore Foil Cell™ will increase efficiency and power output without an
increase in manufacturing cost.
An
independent engineering study comparing Natcore’s technology to that now used
by the solar cell industry shows conclusively that solar cell manufacturing
costs can be reduced by up to 23.5%. The study included both capital and
lifecycle costs when making the comparison. Other studies completed by the
Company have shown that Natcore’s LPD technology can be tailored to solar cell
technologies other than silicon, and while costs savings have not been
quantified, preliminary results indicate they will result in at least single
digit percentage cost reductions.
The
Company expects to see growing demand for low-temperature, non-vacuum,
anti-reflective coating systems for the emerging solar cell market. The Company
is unaware of any competing room temperature anti-reflective coating technology
in development or commercial use. While current thermal and vacuum systems are
adequate, Natcore’s technology will enable cell producers to improve their
profit margins by offering lower cost and higher throughput rates. In addition,
while there are some companies that manufacture high-efficiency HIT cells,
those companies use a very complicated and costly process to produce such
cells. Typically, the production costs of such companies are twice as expensive
as the standard commercial cells currently available.
Independent
industry studies also confirm substantial global growth in the production of
monocrystalline silicon (“mono-silicon”) and the oversupply in the market. This
is particularly important since Natcore’s technologies are particularly suited
to maximize the efficiencies of mono-silicon, n-type solar cells. In
particular, industry studies project global mono-silicon demand will top out at
less than 10GW in 2015, but global mono-silicon wafer capacity has already
reached 14GW. This oversupply has led to a substantial price drop in the
mono-silicon wafer market. In 2016, wafer manufacturers have been expanding
their mono-silicon capacity as they are optimistic about the market prospects.
In sum, industry analysts project that the global mono-silicon capacity will
surpass 17GW in 2016, with the annual growth rate exceeding 20%. Nonetheless,
oversupply will persist in the mono-silicon wafer market next year unless
end-market demand increases substantially. Therefore, Natcore will be able to
maximize the efficiencies of mono-silicon, n-type solar cells at a lower cost.
Given
the increasing demand for solar cell technology, competition can be expected to
increase substantially.
The
Company believes that it is well positioned to provide its Best of Breed
Program in a competitive market. Natcore believes it has a significant
competitive advantage in offering its Best of Breed Program, components and
equipment, including specifically the ability to offer some level of
exclusivity to the Company’s technologies once commercially available. The
Company’s technology is recognized as being among the most advanced, giving the
Company an advantage in the consulting services market. In addition, such
technology would become part of the project as it is in process, and/or would
be incorporated as an upgrade to existing facilities on an ongoing basis.
Natcore’s main competition for revenues generated through its Best of Breed
Program may come from vertically integrated companies, especially if customers
prefer such an approach. However, no such company can offer the technology, and
limited exclusivity to that technology, that Natcore offers.
Accordingly,
there can be no assurances that the Company will compete successfully with
existing or new competitors, or that the competition will not have a material
adverse effect on the business, operating results or financial condition of the
Company. At the same time, this increased competition could also benefit
Natcore since manufacturers would be anxious to access a technology that would
give them cost or efficiency advantages.
23
Components
Over
the past several years, increased solar cell activity on a global scale has
made some services and materials, such as silicon, difficult to procure. It is
possible that delays or increased costs may be experienced in order to proceed
with Natcore’s proposed activities during the current period. Such delays could
significantly affect Natcore if the delay reduces the opportunity Natcore may
have had to develop a particular project had such tests been completed in a
timely manner before the fall of such prices. The balance of the raw materials
Natcore requires to carry on its business are available through normal supply
or business contracting channels in North America. Natcore has secured
personnel and/or consultants to conduct its currently contemplated programs.
Cycles
Natcore
does not expect its business to be cyclical or seasonal.
Economic
Dependence and Changes to Contracts
It
is not expected that Natcore’s business will be affected in the current
financial year by the renegotiation or termination of contracts or
sub-contracts.
Natcore’s
success will depend in part on its ability to protect its proprietary rights
and technologies. Natcore relies on a combination of patents, trademark laws,
trade secrets, confidentiality provisions and other contractual provisions to
protect its proprietary rights.
However,
not all of these measures may apply or may afford only limited protection.
Natcore’s failure to adequately protect its proprietary rights may adversely
affect Natcore.
Environmental
Protections
The
materials used in the Company’s processes have no extraordinary environmental
protection requirements. As a result, Natcore does not currently anticipate
that any environmental regulations or controls will materially affect the
Company or its processes under development.
Foreign
Operations
Natcore
currently conducts business and maintains its offices in the United States.
Natcore markets its technologies on a world-wide basis, subjecting the Company
to the risk that it may not be able to enforce its intellectual property rights
in certain jurisdictions. In jurisdictions in which there is a history of
intellectual property infringement, Natcore would seek to obtain a strategic
joint venture partner prior to accessing such markets to assist in the
protection of its technologies.
Lending
Natcore
does not currently hold any investments or owe any material liabilities.
Natcore
has not adopted any specific policies or restrictions regarding investments or
lending, but will ensure any investment or debt activities incurred are in the
best interests of Natcore and its shareholders. Natcore expects that in the
future in order to develop its technologies it will need to raise additional
capital through a combination of debt and equity.
Bankruptcy
and Similar Procedures
There
are no bankruptcies, receivership or similar proceedings against Natcore or any
of its subsidiaries, nor is Natcore aware of any such pending or threatened
proceedings. There has not been any voluntary bankruptcy, receivership or
similar proceedings by Natcore or its subsidiaries since its incorporation.
Reorganization
Since
the Company’s Qualifying Transaction, Natcore has not completed any
reorganization since its incorporation.
24
Social or
Environmental Policies
Natcore
has not adopted any specific social or environmental policies that are
fundamental to its operations (such as policies regarding its relationship with
the environment, with the communities in the vicinity of its facilities or
human rights policies). However, Natcore’s management, with the assistance of
its contractors and advisors, ensures its ongoing compliance with local
environmental laws in the jurisdictions in which it does business.
Natcore
believes that its operations comply in all material respects with applicable
laws and regulations concerning the environment. While it is impossible to
predict accurately the future costs associated with environmental compliance
and potential remediation activities, compliance with environmental laws is not
expected to require significant capital expenditures and has not had, and is
not expected to have, a material adverse effect on the Company’s earnings or
competitive position.
C.
Organizational Structure
The
consolidated financial statements include the accounts of the Company and its
controlled entities. Details of controlled entities are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
owned*
|
|
|
|
|
|
|
|
|
|
|
|
|
Jurisdiction
of Incorporation
|
|
|
December
31, 2016
|
|
|
December
31, 2015
|
|
|
December
31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natcore Technology, Inc.
|
|
United
States
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Newcyte, Incorporated
|
|
United
States
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Vanguard Solar, Inc.
|
|
United
States
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Natcore Asia Technology,
Limited
|
|
Hong
Kong
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________
*Percentage of voting
power is in proportion to ownership.
Natcore
Technology, Inc. is the entity holding a large portion of the Company’s
licensing and intellectual property rights and through which the Company
conducts the majority of its active operations.
NewCyte,
Inc., holds a portfolio of intellectual property including issued and pending
patents covering the coating of fullerenes (including carbon nanotubes) with
silica, dielectric and semiconducting films for a variety of potential
applications, including photon, chemical and biomolecule sensing.
Vanguard
Solar, Inc. holds intellectual property in the field of solar energy relating
to the development of a flexible, thin-film photovoltaic material believed to
be capable of silicon solar cell-like efficiency performance.
Natcore
Asia Technology Ltd. holds the Company’s fifty-five percent (55%) share of
Natcore Technology (Zhuzhou) Ltd., a joint venture formed with the Zhuzhou
Hi-Tech Industrial Development Zone, a government-supported zone in Hunan
province, and Chuangke Silicon Ltd., a polycrystalline silicon producer.
25
