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ROANOKE, VA, June 24, 2009 - Luna Innovations Incorporated was selected as one of 13 U.S. small businesses to enter into negotiations for an award in the Photovoltaic (PV) Technology Pre-Incubator program of the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). The PV Technology Pre-Incubator program bridges the gap between the concept verification stage of a technology and the development of a commercially viable prototype. This program is aimed at small businesses that have the capability to enter the market by 2012 with the goal to develop prototypes with projected manufacturing costs of less than $1/watt.
Luna Innovations will investigate new acceptor molecules for the development of improved high efficiency organic photovoltaic cells. In combination with advances in donor materials, this project aims to achieve record organic photovoltaic solar cell efficiencies.
Organic solar cells are made out of plastic-like polymers that serve as electron donors and are combined with fullerene nanomaterials, which serve as electron acceptors. Organic solar cells weigh less and are cheaper to manufacture compared to conventional inorganic silicon-based solar cells, which are presently favored by the solar industry. An existing disadvantage of organic solar cells is the efficiency at which they convert sunlight to electricity.
For more information on the pre-incubator awards, see the NREL news release by visiting http://www.nrel.gov/news/press/2009/696.html.
Name: Karin Clark
Title: Vice President, Marketing and Communications
E-mail:
Phone: 1.540.769.8400
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Company News
Luna Selected for Negotiations in NREL's Photovoltaic Technology Pre-Incubator Program
ROANOKE, VA, June 24, 2009 - Luna Innovations Incorporated was selected as one of 13 U.S. small businesses to enter into negotiations for an award in the Photovoltaic (PV) Technology Pre-Incubator program of the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). The PV Technology Pre-Incubator program bridges the gap between the concept verification stage of a technology and the development of a commercially viable prototype. This program is aimed at small businesses that have the capability to enter the market by 2012 with the goal to develop prototypes with projected manufacturing costs of less than $1/watt.
Luna Innovations will investigate new acceptor molecules for the development of improved high efficiency organic photovoltaic cells. In combination with advances in donor materials, this project aims to achieve record organic photovoltaic solar cell efficiencies.
Organic solar cells are made out of plastic-like polymers that serve as electron donors and are combined with fullerene nanomaterials, which serve as electron acceptors. Organic solar cells weigh less and are cheaper to manufacture compared to conventional inorganic silicon-based solar cells, which are presently favored by the solar industry. An existing disadvantage of organic solar cells is the efficiency at which they convert sunlight to electricity.
For more information on the pre-incubator awards, see the NREL news release by visiting http://www.nrel.gov/news/press/2009/696.html.
About Luna Innovations:
Luna Innovations Incorporated develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Our products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.
Forward Looking Statements: This release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to the development of new acceptor molecules for improved high efficiency organic photovoltaic cells. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov, and at the company's website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
Luna Innovations Incorporated develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Our products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.
Forward Looking Statements: This release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to the development of new acceptor molecules for improved high efficiency organic photovoltaic cells. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov, and at the company's website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
Media Contact Information
Name: Karin Clark
Title: Vice President, Marketing and Communications
E-mail:
Phone: 1.540.769.8400
