TEMPE, Ariz and SAN JOSE, Calif., June 11, 2012 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq:FSLR) and Intermolecular, Inc. (Nasdaq:IMI) today announced a collaboration and licensing agreement aimed at accelerating the efficiency roadmap for First Solar's cadmium-telluride (CdTe) photovoltaic (PV) technology. First Solar is the world's largest thin film PV solar module manufacturer and the leader in thin film PV utility-scale solar power plants.
Under a newly signed collaborative development program, First Solar will leverage Intermolecular's High Productivity Combinatorial (HPC) platform in the development of its advanced, CdTe-based, thin film PV manufacturing technology. The program addresses new opportunities in certain critical materials and processes that may significantly influence the conversion efficiency of CdTe technology. Technical work is to be performed jointly at Intermolecular's San Jose, Calif., facility and in First Solar's research and development labs.
"We are excited to engage in this ongoing collaboration with Intermolecular," said Raffi Garabedian, First Solar Chief Technology Officer. "Further improving our world-record CdTe conversion efficiencies remains a strong lever to reduce the cost of solar energy. We evaluated Intermolecular's HPC platform and technical team in a trial collaboration, and this experience confirmed the suitability of the platform for our purposes."
First Solar set a new world record for CdTe PV solar module efficiency in January 2012, achieving 14.4 percent total area efficiency. In July 2011, the company set a world record for CdTe PV cell efficiency at 17.3 percent. Both records were confirmed by the U.S. Department of Energy's National Renewable Energy Lab (NREL).
Craig Hunter, Intermolecular's senior vice president of Global Sales & Marketing, commented, "Leveraging our HPC platform to accelerate the PV roadmap is central to our mission at Intermolecular. Today's announcement with First Solar – a market leader in PV and the undisputed champion in thin film PV – represents tremendous validation of that proposition, particularly given the extensive technical due diligence the First Solar team conducted prior to entering into this agreement."
Intermolecular's mission is to improve R&D efficiency in the semiconductor and clean-energy industries through collaborations that use its HPC platform, which allows R&D experimentation to be performed at speeds up to 100 times faster than traditional methods.
About Intermolecular, Inc.
Intermolecular® has pioneered a proprietary approach to accelerate research and development, innovation, and time-to-market for the semiconductor and clean-energy industries. The approach consists of its proprietary High Productivity Combinatorial (HPCTM) platform, coupled with its multi-disciplinary team. Through paid collaborative development programs (CDPs) with its customers, Intermolecular develops proprietary technology and intellectual property for its customers focused on advanced materials, processes, integration and device architectures. Founded in 2004, Intermolecular is based in San Jose, California. "Intermolecular" and the Intermolecular logo are registered trademarks; and "HPC" is a trademark of Intermolecular, Inc.; all rights reserved. Learn more at www.intermolecular.com.
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For Intermolecular investors
Statements made in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to (i) the ability of the company's HPC platform to greatly accelerate research and development for its customers generally, and for First Solar in particular; and (ii) the anticipated validating impact of signing the First Solar agreement on the company's ability to acquire new customers. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to (i) the risk that projects may fail to produce measurable success or value to the company's customers due to loss of key personnel, failure of suppliers to deliver necessary materials in a timely manner, the inability to protect intellectual property rights or other reasons; (ii) the company's ability to acquire new customers; and (ii) other risks detailed from time to time under the heading "Risk Factors" in the Company's report on Form 10-K for fiscal year 2011, and its subsequent reports on Form 10-Q for fiscal year 2012.
Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic solar systems that use its advanced thin-film modules. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fueled electricity generation today. From raw material sourcing through end-of-life module collection and recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.