PowerFilm, Inc PowerFilm Announces Military Contracts (1842Q)

TIDMPFLM

RNS Number : 1842Q

PowerFilm, Inc

28 August 2014

PowerFilm, Inc.

PowerFilm Announces Military Contracts

27 August 2014, LONDON, UK and AMES, IOWA - PowerFilm(R) , Inc. (AIM: PFLM), ("PowerFilm" or "the Company"), the developer and manufacturer of thin flexible solar panels, today announces military contracts with the US Army and United States Marine Corps (USMC).

USMC Contract

The United States Marine Corps (USMC) has selected PowerFilm for a contract to develop improved thin film solar products for their equipment testing programs for their SPACES and GREENS programs.

This contract provides $634,000 of research funding over a period of 12 months and will result in the delivery of a set of improved thin film photovoltaics arrays for field testing by the USMC. Two types of array are being developed under this contract: a new generation of the PowerFilm 60 Watt foldable panel which is extremely light weight for portability and a larger 240 Watt foldable panel. The latter will be used as base power and therefore needs to have adaptable mounting options.

Frank Jeffrey, Co-Founder and CEO commented, "We are pleased to be working with the US Marine Corps to develop next-generation solar products for them."

Army Contract

PowerFilm announces it has been awarded a $3.0 million contract from the US Army for developing high performance photovoltaic (PV) arrays which combine multiple solar technologies. Approximately half of the $3.0 million will be going to PowerFilm, and the balance to sub-contractors.

This program will evaluate approaches for use of high performance PV technologies to make more power dense foldable arrays for specialized military applications. The program will evaluate Gallium Arsenide (GaAs) PV cells, high performance Heterojunction with Intrinsic Thin layer (HIT) PV cells along with more traditional crystalline Silicon (Si) PV cells.

Under the contract, subject to meeting certain development obligations, Powerfilm will receive approximately $3.0 million in funding over two years. In order to bring in the requisite expertise in these diverse areas, the Company has partnered with Micro-Link, a high-tech GaAs semiconductor manufacturing company with a unique GaAs fabrication process and Arizona State University which has expertise in HIT cells. PowerFilm will provide expertise in mounting, interconnect, lamination, and general module design. It is expected that these arrays will have higher output per square foot than any other technologies, but to date these technologies have not been more widely available on account of the high cost of the materials.

"This innovative US Army program combines several solar technologies in valuable new ways,"commented Frank Jeffrey, Co-Founder and CEO.

For further information, please contact:

   PowerFilm, Inc.                                                              [phone] 

Frank Jeffrey

Mike Coon

   Oriel Securities Ltd., Nominated Adviser                          [phone] 

Giles Balleny

Juliet Thompson

A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com. The common shares of PowerFilm, Inc. are traded on the AIM Market of the London Stock Exchange and are not registered under the US Securities Act 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.

Forward-looking Statements

This release includes forward-looking statements which are based on certain assumptions and reflect management's current expectations as contemplated under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: uncertainty as to whether our strategies, partnerships and business plans will yield the expected benefits; general global economic conditions; general industry and market conditions and growth rates; increasing competition; the ability to identify, develop and achieve commercial success for new products, services and technologies; changes in technology; changes in laws and regulations, including government incentive programs; intellectual property rights; our ability to secure and maintain strategic relationships, including key supply relationships; the availability and cost of capital; the availability of, and our ability to retain, key personnel; and the failure of the Company to effectively integrate acquisitions. Additional factors are discussed in our public disclosure materials from time to time. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is provided by RNS

The company news service from the London Stock Exchange

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