NEWS RELEASE
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Roger Rosenbaum
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Prism's patented technology maximizes sun power in cell to electricity generation
LAKE KATRINE, N.Y. (January 23, 2008) Prism Solar Technologies, Inc. (PST) has moved into 2,500 square of office space at the at the Hudson Valley Center for Innovation to grow its core team and develop a long-term manufacturing strategy.
"Prism and the Solar Energy Consortium are working closely together as it sets its long-term strategy," said Vincent Cozzolino, CEO the Solar Energy Consortium.
"The space located at the Hudson Valley Center for Innovation provides a perfect environment for our expected quick growth. There is a natural flow for early stage companies to start at the Center of Innovation and then seek manufacturing space at TechCity," said Rick Lewandowski, CEO of Prism Solar Technologies, Inc.
Prism Solar Technologies, Inc. is expected to grow to 20 employees at the Hudson Valley Center for Innovation, according to Lewandowski.
"Prism Solar Technologies is a company with a very bright future and we are very pleased to be a part of it," said Les Neumann, managing director of the Hudson Valley Center for Innovation.
Last year, PST raised an additional $6.5 million in early stage venture capital funding and received an international award for most promising new, according to Lewandowski.
Prism Solar Technologies, Inc. manufactures a new type of photovoltaic module that uses transparent holographic optical elements in its design. This innovative, patented holographic technology, collects and spectrally selects useful wavelengths from the sun and focuses them onto the cell to create electricity.
Prism’s core technology also allows passive tracking, which can achieve higher output in the morning and late afternoon while reducing the amount of expensive silicon necessary in a module. Prism PV modules minimize the use of expensive solar cells in their modules but still maintain above average output.
"Congressman Maurice Hinchey has been instrumental in developing momentum for a cluster of renewable energy ventures and the Solar Energy Consortium to succeed," said Lewandowski.
Les Neumann said he is pleased that Ulster County is establishing itself as a hub for solar energy technology "We want to help in any way we can. Our goal is to create high value technology jobs by helping early stage companies succeed with office space and a team of highly experienced business mentors," said Neumann.
Prism Solar Technologies, Inc. maintains a research and development facility in Tuscon, Arizona. The company can be found on the Web at: www.prismsolar.com
ABOUT HVCFI:
The Hudson Valley Center for Innovation, Inc. (HVCFI) is a not-for-profit corporation formed to foster the growth and development of emerging high value business and technology development firms, and the creation of high-value jobs throughout the Hudson Valley region of New York State through the implementation, and enhancement, of the cost-effective business incubation model. Go to: www.hvcfi.com
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