BioSolar says economic stabilization act will benefit solar-energy industry
October 14, 2008--Biosolar (Santa Clarita, CA), developer of a technology to produce bio-based materials from renewable plant sources that reduce the cost of solar cells, says it anticipates unprecedented growth and benefits for the solar industry thanks to the recent passage of H.R. 1424, the Federal Emergency Economic Stabilization Act of 2008, which provides an eight-year extension of solar energy tax incentives to insure solar-energy industry stability.
"By passing this important piece of legislation, Congress is encouraging the growth of renewable energy and the technology companies across the country, like BioSolar, that support it," said David Lee, CEO of BioSolar. "We are excited about this turning point and the positive impact it will have not only on our company and the industry, but the environment as well."
Lee reports that BioSolar is making a steady progress toward full-scale production readiness and the company has recently announced innovative milestones in its manufacturing technology and processes. As reported recently in the San Fernando Valley Business Journal, BioSolar has applied for a patent for "a new material configuration and manufacturing technique to produce a version of the solar cells that can potentially deliver a 50% reduction in cost." BioSolar, whose breakthrough technology dramatically reduces the cost of these solar cells by replacing traditional and expensive petroleum-based components with bio-based materials derived from renewable plant sources, sent waves throughout the industry this summer when it announced at the SPIE Optics+Photonics conference that its technology was derived from cotton and castor beans.
The manufacture of photovoltaic cells has expanded dramatically in recent years. Photovoltaic production has also been doubling every two years, increasing by an average of 48% each year since 2002, making it the world's fastest-growing energy technology.
For more information, visit www.biosolar.com.