RED BANK, N.J., July 7, 2014 /PRNewswire/ -- Having signed a
Memorandum of Understanding in September
2013, Natcore Technology Inc. (TSX-V: NXT; NTCXF.PK)
and the Australian group Denzo Pty Limited have begun planning for
Natcore Australia, a joint venture that would produce solar cells
and solar panels in Australia, with Australia as the headquarters for this
activity.
The joint venture would move initially with currently
available technologies. Future technologies would be deployed
as they become available. Natcore Australia would have exclusive
access to Natcore's intellectual property portfolio in Australia. Financing for the venture would
come from government and private sources.
The parties have begun to explore land, facility and labor
costs; domestic and export sales potential; and availability of
government assistance at local, state and federal levels.
Denzo has narrowed the future site for the facility to one of
two locations: the city of Orange, NSW, which is about 250 km west
of Sydney; and Wellcamp West
Brisbane Airport in Toowoomba, Queensland, which is 127 km west of
Brisbane. Wellcamp West Brisbane
Airport is the first privately built major public airport in
Australia. The company that is
building the airport is also building a large business park.
Natcore has submitted factory layouts for a 30 MW/year – 100
MW/year solar cell production facility and is preparing equipment
recommendations on a "best of breed" basis, i.e., they are putting
forward items that would be selected from manufacturers in
Germany, China and elsewhere around the world. Each
piece of equipment would be the best in its category according to
criteria agreed upon with Denzo (e.g., most efficient, cleanest
operating, lowest cost). Natcore would not receive a commission or
mark-up on the equipment.
"We would have no biases or no conflicts of interest in making
appropriate decisions," says Natcore President and CEO Chuck Provini.
"We sought out Natcore after careful due diligence on solar
technologies throughout the world," says Ken Mathews, Managing Director of Denzo. "We've
already attracted potential industry partners, and Denzo is
confident of success using the Natcore technology."
"In addition to being a free-standing company in which Natcore
will be a partner, the joint venture will also be our customer,"
says Provini. "Natcore Australia will be a licensee of Natcore
Technology. They'll pay royalties for our technology, and they'll
buy our chemicals."
Denzo was started in Australia
in 1965 as a private company with auto service stations and retail
tire outlets. In 1982, the company was converted to Denzo Pty
Limited, as Trustee for the Mathews No. 1 Family Trust. The company
is headquartered in Terrigal, NSW.
Denzo Pty Limited has operated in Australia, Singapore, Thailand, Indonesia, China, South
Korea and the United
States. The company has been involved in alternative fuels
(LNG, solar), import (cars, yachts) and export, manufacturing (gas
meters, automotive plastics), and retail sales.
Denzo has recently signed a Terms Sheet to take over a listed
public company on the Australian Stock Market, as an option.
Statements herein 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.
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.
Contact: Chuck Provini
732-576-8800
Info@natcoresolar.com
www.natcoresolar.com
SOURCE Natcore Technology Inc.