BioSolar, Inc. (OTCBB:BSRC), developer of a breakthrough technology to
produce bio-based materials from renewable plant sources that reduce the
cost of photovoltaic (PV) solar modules, today reported that the company
intends to pursue an opportunity to capture a larger than previously
expected market share. By teaming with additional strategic partners,
the company will be able to increase volume and reduce the cost of
BioBacksheet to meet the demand of solar manufacturers that must now
offer solar modules at a significantly lower price point.
The solar industry is dealing with a precipitous slide in solar module
prices, which dropped approximately 40 percent from 2007 to 2010 and by
another 40 percent in 2011. This rapid decline in prices has caused
industry wide concern over the viability and sustainability of many
solar module manufacturers throughout world, especially those located in
Many industry experts believe solar module prices will eventually bounce
back from the lowest level of 2011, once steadily growing solar energy
demand catches up with the current oversupply. However, in the short
term, the competitive pressure to reduce the cost of solar modules has
resulted in efforts by manufacturers to cut component costs, including
the cost of backsheets.
Dr. David Lee, President and CEO of BioSolar, commented, "The current
industry misfortune has created an immediate opportunity for BioSolar.
As solar manufacturers search for alternative high quality PV components
at a lower cost, our BioBacksheet is now viewed as a very attractive
candidate to immediately replace higher cost, petroleum-based
To drive its costs even lower and seize this unique market opportunity,
BioSolar recently revised its strategic plan and intends to enter into
additional strategic partnerships with manufacturers capable of
producing and delivering BioBacksheet in large volume at low cost
anywhere in the world. In addition to its North American customers, who
already are in the process of completing integration trials of
BioBacksheet in their solar panels, BioSolar is accelerating its selling
efforts to Asian solar manufacturers.
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce
bio-based materials from renewable plant sources that will reduce the
cost per watt of solar cells. Most of the solar industry is focused on
photovoltaic efficiency to reduce cost. BioSolar is the first company to
introduce a new dimension of cost reduction by replacing petroleum-based
plastic solar cell components with durable bio-based materials. To learn
more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on
the expectations of the Company and are subject to a number of risks and
uncertainties. These include, but are not limited to, risks and
uncertainties associated with: the impact of economic, competitive and
other factors affecting the Company and its operations, markets,
product, and distributor performance, the impact on the national and
local economies resulting from terrorist actions, and U.S. actions
subsequently; and other factors detailed in reports filed by the Company.
Investor Relations Contact:
Tom Becker, 877-904-3733