May 3 2010
Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB: INKN) (OTCBB: INKND), an innovative nanotechnology company developing products and licensing opportunities in the solar energy production, medical diagnostics and sensors and biotechnology research and development tools businesses, announced today that in addition to the solar concentrator application which was filed by its major California public university licensor, Shrink has filed new additional patent applications on its landmark solar concentrator technology.
Shrink has the exclusive rights to develop and commercialize products based on a patent-pending Quantum Dot Solar Concentrator technology, which enhances existing silicon-based photovoltaic (PV) systems and the ability for these systems to absorb sunlight and convert it to electricity. The core technology was invented by Shrink Scientific Advisory Board Member, Dr. Sayantani Ghosh and Shrink’s Scientific Founder Dr. Michelle Khine.
“At Shrink, we believe that over the next 100 years, as countries like China and India and even our United States grow, the world will inevitably consume every single molecule of energy that can be produced. This includes coal, oil, natural gas and alternatives like solar, wind, tide and biofuels. However, the tragedy unfolding off the Louisiana Gulf Coast reminds us all of the role that more clean energy could play if we could simply make solar power, as an example, more affordable without having to rely on the government as a financial partner, subsidizing 'alternatives.' We want our solar technologies and the patent applications we have recently filed to be a part of this vision – to affordably produce clean and renewable forms of energy in the US without the dependence on government hand-outs,” stated Mark L. Baum, CEO of Shrink Nanotechnologies, Inc. “There is much to be done.
“Quantum dot-polymer and other QD impregnated materials have the promise of increasing the efficiency and power generated from traditional solar cells. These silicon-based systems will be optimized with additional development in order to maximize the output of legacy silicon-based PV systems. Leveraging our exclusive rights to patent-pending technologies through our university licensors as well as the rights which we believe will be afforded to Shrink as this new patent application makes its way through the United States Patent & Trademark Office, Shrink intends to bring to market the next generation of ultra-functional non-optical solar concentrators which will be branded and marketed through a soon-to-be-announced branding and related marketing campaign,” said Mark L. Baum, CEO of Shrink Nanotechnologies, Inc.
Baum added, “We believe that with additional development and commercialization work with the partners we have brought on and those who we believe will come online soon, Shrink Solar, our new solar-specific operating unit, can successfully integrate our technologies into existing solar powered rooftop applications, residential and commercial windows and additional 'low hanging fruit' applications. Our technology does not rely on mirrors, a lens or a tracking device. It just absorbs ambient light. Shrink is now securing a number of development relationships and additional marketing partnerships to bring our now patent-pending systems to residential, commercial and industrial end-users.”
“The U.S. electric generation system has roughly 1,000 gigawatts (GW) of generating capacity in place. However, total solar generating capacity is a small fraction of total capacity. Solar energy is being under-utilized to a great extent, but has tremendous potential to serve the world's energy needs given advancements in technology,” said Dr. Khine. “If every home in the U.S. had a 3 kilowatt (KW) rooftop system, more than 35% of our entire residential energy demands could be met. The opportunity to add our quantum dot solar concentrator could speed up the adoption and usage of solar energy to help lower utility costs and create energy independence.”