ALISO VIEJO, Calif., Aug. 28, 2006 (PRIMEZONE) -- XsunX, Inc. (OTCBB:XSNX), provider of technologies for solar energy infrastructure and developer of Power Glass(tm), an innovative thin-film solar technology that is intended to allow glass windows to produce electricity from the power of the sun, today announced that letters of intent submitted in July for project funding opportunities under the President's Advanced Energy Initiative have been cleared for formal grant submittal under the Technology Pathway Partnerships Phase 1 program to promote the commercialization of emerging technologies in thin film photovoltaics, manufacture, and systems integration.
As part of an increasing objective of the U.S. government to wean the country's dependence on foreign energy sources, the President's Advanced Energy Initiative and its 2007 Budget propose a new $148 million Solar America Initiative (SAI) -- an increase of $65 million over the FY06 budget. The purpose of the Solar America Initiative is to accelerate the development of advanced solar electric technologies, with the goal of making them cost-competitive with other forms of renewable electricity by 2015.
"What's exciting about this opportunity for XsunX is that the government's program can fund half a project's cost up to $20 million dollars and is looking to create vertically integrated groups of technology partners to come together and provide innovative new ways to apply the solar energy opportunity to our environments," stated Joseph Grimes, XsunX's COO. "This has been the focus of our business in the development of building integrated photovoltaics or 'BIPV' applications with partners from other industries such as the glass and glazing industries. Our Company has already made significant strides in developing manufacturing methods and proprietary thin film solar cell designs for converting the large areas of modern high rise glass facades into energy saving, power producing structures. We hope that these efforts may now assist our government in its effort to establish renewable energy sources for the future," concluded Grimes.
The Solar America Initiative, managed by the U.S. Department of Energy Solar Energy Technology Program (SETP), has established goals to develop partnerships and strategic alliances with industry participants, universities, Federal and state government, and other non-governmental agencies. The two primary areas of focus of the SAI are to develop Technology Pathway Partnerships for research and development on PV component and system designs, including low-cost approaches for manufacturing; and Technology Acceptance activities that address marketplace barriers and offer the opportunity for market expansion.
About XsunX
Based in Aliso Viejo, Calif., XsunX is developing and commercializing innovative new thin film photovoltaic (TFPV) solar cell technologies and manufacturing processes to service expanding global energy demands. The Company has focused its efforts on lowering the cost per watt of solar power and making solar cell technology easier to use in a wide variety of applications. XsunX calls this dual improvement to cost and efficiency the XFactor(tm). The XFactor delivers licensee's solar cell designs that break the bounds of crystalline silicon dependency, rigid and limited-use form factors, and rapid efficiency loss. Equally important, the XFactor provides new manufacturing techniques that can significantly lower production costs and allow for easier additions to production capacities and technology upgrades without having to re-build and re-tool. Together, XsunX design and production innovations offer manufacturers of solar products exciting new application opportunities and reductions to the cost per watt of solar power. More information can be found at the Company's website: http://www.XsunX.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.