Fiberstars Receives $240,000 in Funding for Solar R&D
SOLON, Ohio, Feb. 14 /PRNewswire-FirstCall/ -- Fiberstars, Inc. (NASDAQ:FBST), the global leader in fiber optic lighting, announced $240,000 in funding through the Very High Efficiency Solar Concentrator Consortium (VHESC). Fiberstars was selected to join the consortium in 2006; this new installment will fund Fiberstars contributions through the next stage of the project.
The Defense Advanced Research Projects Agency (DARPA) established the VHESC program to demonstrate at least 50% efficiency in a photovoltaic (PV) device. The Consortium is led by the University of Delaware and includes the top solar teams in industry and academia. Fiberstars has been working with this group of prominent universities and corporations including University of Rochester, BP Solar and DuPont, to develop materials, processes and optics to speed the solar industry's development of higher efficiency solar cells.
The VHESC is tasked with the ambitious goal of more than doubling the efficiency of the most efficient solar cell from 24.7% to 50% by 2010. The consortium is exploring new processes for fabricating novel structures for advanced high-efficiency PV solar power sources. Building on the advances made with new very high performance crystalline silicon solar cell platforms, the group is researching other innovative technologies that can further boost efficiency levels. Fiberstars' EFO optical solutions currently provide unique high quality lighting solutions for large retailers, grocery stores and hotels and the company is investigating ways the patented fiber optic technology can be applied to deliver direct sunlight to solar cells.
"Fiberstars is proud to join the most innovative and creative companies in the solar industry," said Roger Buelow, CTO of Fiberstars. "The VHESC technology will quickly reduce the heavy battery load US servicemen carry today by enabling them to easily recharge their high power-draw equipment. This technology will also have widespread residential and commercial applications to reduce the overall energy import requirements of our country." "Fiberstars is excited about the potential to expand its breakthrough EFO technology to the solar industry," said John Davenport, CEO of Fiberstars. "The additional funding is further testament to the potential of Fiberstars' EFO technology to dramatically improve the efficiency of solar cells. We are especially excited about how this technology could couple with EFO lighting technology to make a huge impact on retail stores' carbon footprint. A typical retail store consumes 2 tons of coal every year to run their halogen lights; by switching to EFO they could power the same lights with a small VHESC solar panel, only 5 feet across." Fiberstars has already proven its ability to move a new technology from R&D through commercialization, as witnessed with the roll-out of its flagship line of EFO products. Fiberstars was chosen as the system integrator for an earlier DARPA program called High Efficiency Distributed Lighting (HEDL). The technology developed under HEDL enabled Fiberstars to accelerate the deployment of super efficient lighting systems.
About Fiberstars, Inc.
Fiberstars, Inc., is the leading supplier of fiber optic lighting and the world's only supplier of EFO(R), a lighting technology which is more efficient than conventional electric lamps. Fiberstars products are designed, manufactured and marketed for the commercial lighting, sign, swimming pool and spa markets. Fiberstars fiber optic lighting provides energy savings, aesthetic, safety and maintenance cost benefits over conventional lighting. Customers include supermarket chains, retail stores, fast food restaurants, theme parks and casinos, hotels, swimming pool builders, spa manufacturers and many others. Company headquarters are located at 32000 Aurora Rd., Solon, OH 44139. The Company has additional offices in Pleasanton, CA, New York City, United Kingdom and Germany. For more information, see http://www.fiberstars.com/ .
Safe Harbor Statement Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the business outlook for EFO systems. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. Risk factors that could affect the Company's future include, but are not limited to, the slowing U.S. and world economy and its effects on Fiberstars' markets, failure to develop marketable products from new technologies, failure of EFO or other new products to meet performance expectation. For more information about potential factors which could affect Fiberstars financial results, please refer to Fiberstars' SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2005, and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Fiberstars disclaims any intention or obligation to update or revise any forward-looking statements. DATASOURCE: Fiberstars, Inc.
CONTACT: media, Nathan Tinker, +1-203-229-0358, or , or Neil Torres, +1-415-977-1942, or , both of Antenna Group, for Fiberstars, Inc.
Web site: http://www.fiberstars.com/
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