SolarWindow Sets New Record, Doubling Its Power Conversion Efficiency

NEW YORK and SEOUL, South Korea, March 30, 2021 (GLOBE NEWSWIRE) — SolarWindow Technologies, Inc. (Symbol: WNDW), developer of transparent liquid coatings and processes for generating electricity on glass and plastics today announced that SolarWindow has more than doubled its prior certified performance, also achieving the highest independently-certified power conversion efficiency of previous organic photovoltaic devices fabricated at the U.S. Department of Energy’s National Renewable Energy Laboratory in Golden, Colorado through a Cooperative Research and Development Agreement (CRADA).

SolarWindow reported a record 14.72% (+/- 0.29%) power conversion efficiency using industry-standard single-cell patterning for performance testing. Spurred by these positive results, engineers are already working to further optimize power conversion efficiency for a single cell, and additionally translate this record efficiency to large-scale SolarWindow applications for products such as electricity-generating glass windows for buildings, automotive sunroofs, and more.

“This remarkable efficiency tangibly demonstrates SolarWindow capabilities to the marketplace by setting a new standard for power conversion efficiency, the absolute metric for determining how much power is generated from light. This is only the beginning,” stated Dr. James Whitaker, SolarWindow Principal Scientist and Vice President of Technology Development.

Last quarter, SolarWindow management announced plans to increase power and prototyping capabilities. Within weeks, Dr. Whitaker and his team achieved a 500% increase in testing speed, 12-fold greater testing capacity and output, and 20-times reduction in material costs for rapid lab-scale prototyping of SolarWindow electricity-generating glass.

Only 60 days later, the SolarWindow team successfully engineered, fabricated, tested, and independently certified the highest power conversion efficiency organic photovoltaic device thus far in its CRADA with NREL, more than doubling past performance.

The Company has repeatedly exhibited the aesthetic appeal of its transparent glass window panes generating electricity, and successfully demonstrated suitability to low-cost manufacturing and materials. Today’s record-setting power conversion efficiency further emboldens the SolarWindow promise to turn ordinary surfaces into affordable, attractive, easy to produce, high-power products.

Unlike conventional solar panels, SolarWindow applies ultra-thin layers of its LiquidElectricity™ coatings and processes to plastics and glass, which then generate electricity. Available in a variety of colors and transparencies, these liquid coatings are 1/100th the thickness of a human hair and can be applied using low-cost and high-throughput methods typical to commercial manufacturing of tinted window films, digital displays, semiconductors, and newspaper printing.

14.72% POWER CONVERSION EFFICIENCY, INDEPENDENTLY CERTIFIED
Notably, all tested SolarWindow devices were fabricated under the CRADA between SolarWindow and NREL. Under the leadership of Dr. James Whitaker, SolarWindow has worked through the CRADA in collaboration with NREL researchers, namely: Dr. Bryon Larson; Dr. Bertrand J. Tremolet de Villers; Dr. David Ostrowski; Rosemary Bramante, MS; Mickey Wilson, MS; and Reilly Seban, who provided important technical support to the SolarWindow project.

“SolarWindow works with a team of highly qualified, talented, and devoted scientists, engineers, and technicians at NREL, enabled by our CRADA. I want to thank each member of the team for their support as we work to build transparent electricity-generating glass and plastics which produce high-power at low cost,” stated Dr. Whitaker.

“Today’s announcement represents a significant step towards realizing large area, but more importantly high efficiency, organic photovoltaic technologies,” explained Dr. Bryon Larson, NREL Scientist and Project Leader of the SolarWindow CRADA.

“For years, the prospect of high-performance organic photovoltaics appeared beyond reach. The latest power conversion efficiency numbers achieved by NREL and SolarWindow show promise for the future of large-area low-cost organic photovoltaics,” stated Dr. Bertrand J. Tremolet de Villers, NREL Scientist and expert in scale-up processing of photovoltaic devices.

Notably, today’s record-setting achievement has been enabled by the support of Raynergy Tek. The Company’s long-standing collaboration with Raynergy has optimized the power and transparency of SolarWindow electricity-generating products under development. Headquartered in Taiwan and backed by several publicly listed companies, Raynergy Tek is a world leader in organic photovoltaics technology and develops next-generation materials in chemistry, materials science and device physics.

NREL TESTING FACILITIES & CAPABILITIES
SolarWindow™ device performance measurement and certification was conducted independently from the CRADA team by NREL’s Device Performance Measurement Laboratory.

The Device Performance Measurement Laboratory facility for calibrating primary reference cells is one of four in the world certified in accordance with the World Photovoltaic Scale, and the only U.S. laboratory certified to calibrate primary reference cells, secondary reference cells, secondary reference modules, cells, and modules.

The Laboratory is accredited by the American Association for Laboratory Accreditation to ISO 17025 standards for calibration of primary and secondary reference cells and secondary modules. Measurements outside the scope of the ISO 17025 accreditation are accredited to ISO 9001 standards by Orion Registrar.

This accreditation gives test results the same stature as those performed by a national metrology laboratory, such as the National Institute of Standards and Technology, but with the added breadth and depth of NREL capabilities.

The Device Performance Measurement Laboratory has been accurately measuring the performance of PV devices for decades and has more than 190 years of combined professional experience.

ABOUT SOLARWINDOW TECHNOLOGIES, INC.
SolarWindow Technologies, Inc. (Symbol: WNDW; www.solarwindow.com) is a developer of transparent LiquidElectricity™ coatings and processes which generate electricity when on glass and plastics. LiquidElectricity™ generates electricity, producing power under natural, artificial, low, shaded, and reflected light conditions.

The subject of over 90 granted and in-process trademark and patent filings, LiquidElectricity™ is under development for applications and products which generate electricity on building facades, balcony railings, curtain walls, skylights and shading systems, as well as automotive, truck, marine and aircraft applications, and consumer products and military uses.

SolarWindow operations include research and development agreements with U.S. Government laboratories. The Company’s executive management and operations are primarily supported by full-time and part-time employees and contract staff, service providers, contract partners and suppliers, and Advisors in the United States, Canada, and South Korea.

For additional information, please call Amit Singh at 1-800-213-0689 or visit: www.solarwindow.com.

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Social Media Disclaimer and Forward-Looking Statements
SolarWindow investors and others should note that we announce material information to the public about the Company through a variety of means, including our website (https://www.solarwindow.com/investors), through press releases, SEC filings, public conference calls, via our corporate Twitter account (@solartechwindow), Facebook page (https://www.facebook.com/SolarWindowTechnologies) and LinkedIn page (https://www.linkedin.com/company/solar-window-technology/) in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.

No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “our goals,” “our mission,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company’s products, technical problems with the company’s research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company’s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company’s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company’s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/137df069-9e23-40f1-9b2e-e0a41baba3f4


(GlobeNewsWire)

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