Subj: Rentech Announces $733,166 NREL Contract to ITN Energy...
Date: 12/18/98 3:22:35 PM Eastern Standard Time
From: AOL News
BCC: TokyoMexx
Rentech Announces $733,166 NREL Contract to ITN Energy Systems
DENVER, Dec. 18 /PRNewswire/ -- Denver based holding company Rentech, Inc. (Nasdaq: RNTK), the developer, licensor and marketer of a patented and proprietary process for the conversion of natural gas and solid or liquid hydrocarbons to valuable products today announced that ITN Energy Systems (ITN) was the recipient of a three year, $733,166 federal contract for the development and commercialization of thin film solar technology from the National Energy Research Laboratory (NREL). Rentech maintains a 10 percent interest in ITN.
ITN has won the contract from NREL under the Thin Film Partnership program titled "Atmospheric Pressure Chemical Vapor Deposition of CdTe For High Efficiency Thin Film PV Devices" (CdTe is cadmium telluride, PV is photovoltaic).
ITN specializes in the manufacture of thin film using proprietary vapor deposition technology developed by its founder Dr. Mohan Misra. ITN holds a 50% interest in Global Solar Energy LLC, a venture with Advanced Energy Technologies, Inc., a wholly-owned subsidiary of Tucson Electric Power Corporation. Tucson Electric Power Corporation is a wholly owned subsidiary of UniSource Energy Corporation (NYSE: UNS). Global Solar Energy also won a contract under the program titled "Process Development of Large Area, Thin Film CIGS" for the amount of $1,698,232 over three years. (CIGS is copper indium gallium selenide)
The grants are part of $60 million NREL has awarded "to companies nationwide to speed the research and production of new photovoltaic cells, known as thin film cells." as reported in the Rocky Mountain News Tuesday, December 15.
Ken Zweibel who is the director of NREL's thin film partnership program views thin films as "the most likely (technology) to succeed in reaching very low cost (production)" the News reported. Thin film PV cells convert sunlight into clean energy. The process, if perfected, could allow for much lighter weight, more efficient solar cells that will be produced roll to roll like a newspaper.
Four Colorado companies and three research institutes received $5 million. The awards ranged from $345,000 to more than $1.2 million to the seven Colorado-based entities.
The purpose of the program is to allow federal NREL researchers to work more closely and at an earlier stage with private companies to accelerate the technologies to the market.
"When thin film cells take hold commercially, Colorado will become a hotbed for the technology...much as it is now known for its computer and telecommunications industries." Zweibel stated to the News.
Rentech's interest in ITN Energy Systems in relation to thin film solar development is passive. Rentech maintains certain rights and active interests in other technologies being developed at ITN including, Radio Frequency Identification Tags, which incorporates another form of thin film technology plus shape memory alloys also known as smart metals. Rentech's interest ITN as well as its focus as one of the world leaders in the development of Gas to Liquids technology has postured the Company to be a pacesetter in the advancement of cleaner energy and "green fuels."
At this time no assurance may be given that ITN or the commercialization of "thin film" as mentioned in the release will be successful.
For more information please contact Mark Koenig, Director of Investor Relations at 303-298-8008 or visit the Company web site at www.gastoliquids.com
Information on ITN may be found at www.thinfilmdepo.com
SOURCE Rentech, Inc.
CO: Rentech, Inc.; ITN Energy Systems; National Energy Research Laboratory
ST: Colorado
IN: OIL
SU: CON
12/18/98 15:22 EST prnewswire.com
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