WEST PALM BEACH, Fla.--(BUSINESS WIRE)--China Nuvo Solar Energy, Inc. (the "Company" or "China Nuvo") (OTCBB: CNUV) announced today that it has executed a binding term sheet with Pioneer Materials, Inc. ("PMI") of Torrance, California, to establish a pilot development and manufacturing operation in PMI's Chengdu, Sichuan, China facility located in Chengdu’s West High Tech development zone.
The agreement with PMI has the objective of establishing initial production of solar cells using China Nuvo's licensed technology based on an invention titled "Photovoltaic cell with integral light transmitting waveguide in a ceramic sleeve". As discussed in the Company's previous press releases, China Nuvo's licensed technology offers a number of significant advantages in light trapping efficiencies and certain production economies compared to current technologies.
PMI is a manufacturer and supplier of materials for the semiconductor, hard drive media, optical media and photonic industries. PMI is developing for the solar energy industry advanced materials for thin film photovoltaics (solar cell) processing.
The companies are currently negotiating the terms of a definitive agreement that is expected to be completed within the next thirty days.
China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology.
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