Octillion Corp. (OTCBB:OCTL) today announced expansion of the Company's research and development program with plans to identify, evaluate and acquire strategic enabling and complementary photovoltaic technologies in order to further accelerate development of the world's first-of-its-kind transparent window capable of generating electricity.
"Today's announcement to bolster the development of our NanoPower Window(TM) with the potential acquisition of key technologies follows on the heels of important research-related developments and several, favorable corporate events," explained Octillion President and CEO, Mr. Nicholas S. Cucinelli.
In recent months, the Company's efforts have produced encouraging outcomes from internal research of silicon nanoparticles incorporated into Octillion's NanoPower Window(TM) technology. In addition, several published studies by researchers in prominent peer-reviewed journals have demonstrated enhanced power output of conventional solar panels coated with silicon nanoparticles and corroborated the presence of a high-energy effect found in silicon nanoparticle materials.
Prompted by positive research results, the Company announced plans in August 2007 to focus exclusively on the development of solar-photovoltaic technologies and to initiate the spin-off of its wholly-owned biotechnology subsidiary, MicroChannel Technologies Corporation, whose shares will be distributed as a special dividend to shareholders of Octillion on a one-for-one basis.
"The spin-out of our Company's biotechnology subsidiary allows us to move ahead with a solid mandate to strengthen our photovoltaic technology portfolio. We're also now able to truly leverage the collective experience of our recently-enhanced Board of Directors, who bring us decades of experience in sustainable development, and the research, development and commercialization of renewable, alternative, and conventional energy technologies.
"I very much look forward to building on our recent successes and firmly establishing Octillion's position as an early leader in solar-photovoltaic technologies which stand to radically transform the way in which we power our homes, offices and buildings," concluded Mr. Cucinelli.
About Octillion Corp.
Octillion Corp. is a technology incubator focused on the identification, acquisition, development and eventual commercialization of emerging solar energy and solar related technologies.Among our current research and development activities is the development of a technology that could adapt existing home and office glass windows into ones capable of generating electricity from solar energy without losing significant transparency or requiring major changes in manufacturing infrastructure.