XsunX CIGSolar moves closer to first customer demonstrations
The company is expanding with a new facility and secures institutional investment while focusing on the final assembly of its patent pending CIGSolar technology
XsunX, the developer of "CIGSolar", a patent-pending solar cell manufacturing process offering a capital-efficient, low-cost alternative to the use of silicon solar cells, is expanding its technology development and marketing operations into a new facility in Irvine, California.
The company received equity financing through Ironridge Global IV, Ltd., an institutional investor financing small cap public companies in the energy sector.
XsunX has been working to complete the assembly of its CIGSolar TFPV cell manufacturing system and establish a marketing facility to provide a hands on demonstration environment to customers. With the aid of the Ironridge investment, XsunX settled approximately $500,000 in accounts payable primarily associated with the assembly of the Company's CIGSolar thermal evaporation technology in exchange for unregistered shares of common stock.
The transaction substantially reduced XsunX's liabilities and enables XsunX to expedite the completion of its baseline CIGSolar co-evaporation system and establish its technology marketing and demonstration facility.
"We are excited that through the aid and confidence of the Ironridge investment we can work to expedite progress toward hosting our first customer demonstrations," saysTom Djokovich, CEO, XsunX. Djokovich further adds, "Over the last couple of years the solar industry has experienced significant change driven primarily through extraordinary pricing reductions to silicon which have driven some companies out of business and left others operating on razor thin margins. In offering a solution to this problem we have focused our efforts on the belief that high performance CIGS solar cells could provide further price reductions and restore operating margins. Our target customers agree with this thinking and we have a number of them anxious to participate in our first demonstrations."
The Company's technology, of which samples were certified delivering 15.91% average efficiency in testing conducted by the National Renewable Energy Laboratory (NREL), utilises multi-small area thermal co-evaporation for rapid deposition of final-sized cells to better control the complex management of the CIGS layer deposition process.
The Company's method, unlike other CIGS manufacturing technology, begins and ends using individual thin stainless steel substrates sized to match silicon cells so that they can be used as an alternative to silicon cells in existing module assembly lines. In addition to providing for a smaller and more precise deposition environment, the CIGSolar process also helps to avoid performance losses experienced when cells are either cut from rolls of manufactured CIGS material or mismatched electrically in monolithic assemblies.