SAN JOSE, Calif. and TEMPE, Ariz., Jan. 7, 2013 (GLOBE NEWSWIRE) -- Intermolecular, Inc. (IMI) and First Solar, Inc. today announced they have entered into a two-year collaboration and licensing agreement focused on further increases to the conversion efficiency of First Solar's cadmium telluride (CdTe) solar cell technology. Under the new collaborative development program, First Solar and Intermolecular researchers will work together to develop disruptive new approaches to increasing the performance of CdTe solar cell technology using Intermolecular's proprietary High Productivity Combinatorial (HPC") platform. The program targets substantial gains in First Solar's module conversion efficiency beyond its previously announced roadmap.
"We are excited to extend and deepen our collaboration with IMI. The combinatorial approach to material and process screening has shown promise to augment First Solar's already world-leading research and development capabilities in CdTe solar technology, enabling better performance and faster time-to-market," said Raffi Garabedian, First Solar's Chief Technology Officer. "This program targets disruptive advances in our module performance which will be additive to our current roadmap. We are confident this effort will bear fruit in the coming years, combining with our other new R&D advances to extend our leadership in photovoltaic technology and further enhance value for our power plant customers."
Sandeep Nijhawan, Vice President and General Manager of Intermolecular's Clean Energy Group, noted, "We are excited to partner with First Solar, a global leader in thin-film photovoltaic technology and systems. Extending and expanding the collaboration with First Solar after working closely with them last year represents tremendous validation of our value proposition. We look forward to be closely working with First Solar to further increase CdTe solar cell conversion-efficiency by leveraging our HPC platform and capabilities."
Intermolecular's mission is to improve R&D efficiency in the semiconductor and clean-energy industries through collaborations that use its HPC platform, which allows R&D experimentation to be performed at speeds up to 100 times faster than traditional methods.
Statements made in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the Company's expectations for any incremental revenue related to the technology that is being leveraged. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to risks detailed from time to time under the heading "Risk Factors" in the Company's report on Form 10-K for fiscal year 2011, and its subsequent reports on Form 10-Q for fiscal year 2012. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Intermolecular, Inc.
Intermolecular® has pioneered a proprietary approach to accelerate research and development, innovation, and time-to-market for the semiconductor and clean energy industries. The approach consists of its proprietary HPCTM platform, coupled with its multi-disciplinary team. Through paid collaborative development programs (CDPs) with its customers, Intermolecular develops proprietary technology and intellectual property for its customers focused on advanced materials, processes, integration and device architectures. Founded in 2004, Intermolecular is based in San Jose, California. "Intermolecular" and the Intermolecular logo are registered trademarks; and "HPC" is a trademark of Intermolecular, Inc.; all rights reserved. Learn more at www.intermolecular.com .
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About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module collection and recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com .
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
CONTACT: Intermolecular Media Ed Korczynski, Intermolecular Marketing Communications Director email@example.com +1.408.582.5629 Investors Gary Hsueh, Intermolecular Sr. Director of Corporate Development and Investor Relations firstname.lastname@example.org +1.408.582.5635 First Solar Media Ted Meyer email@example.com +1 602-427-3318 Investors David Brady +1 602 414-9315 firstname.lastname@example.org or Ryan Ferguson +1 602 414-9315 email@example.com
Source: Intermolecular, Inc.; First Solar, Inc. 2013 GlobeNewswire, Inc.