SANTA CLARITA, Calif.--(BUSINESS WIRE)-- BioSolar, Inc. (OTCBB:BSRC), developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of photovoltaic (PV) solar modules, today reported that the company intends to pursue an opportunity to capture a larger than previously expected market share. By teaming with additional strategic partners, the company will be able to increase volume and reduce the cost of BioBacksheet to meet the demand of solar manufacturers that must now offer solar modules at a significantly lower price point.
The solar industry is dealing with a precipitous slide in solar module prices, which dropped approximately 40 percent from 2007 to 2010 and by another 40 percent in 2011. This rapid decline in prices has caused industry wide concern over the viability and sustainability of many solar module manufacturers throughout world, especially those located in North America.
Many industry experts believe solar module prices will eventually bounce back from the lowest level of 2011, once steadily growing solar energy demand catches up with the current oversupply. However, in the short term, the competitive pressure to reduce the cost of solar modules has resulted in efforts by manufacturers to cut component costs, including the cost of backsheets.
Dr. David Lee, President and CEO of BioSolar, commented, “The current industry misfortune has created an immediate opportunity for BioSolar. As solar manufacturers search for alternative high quality PV components at a lower cost, our BioBacksheet is now viewed as a very attractive candidate to immediately replace higher cost, petroleum-based backsheets.”
To drive its costs even lower and seize this unique market opportunity, BioSolar recently revised its strategic plan and intends to enter into additional strategic partnerships with manufacturers capable of producing and delivering BioBacksheet in large volume at low cost anywhere in the world. In addition to its North American customers, who already are in the process of completing integration trials of BioBacksheet in their solar panels, BioSolar is accelerating its selling efforts to Asian solar manufacturers.
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce bio-based materials from renewable plant sources that will reduce the cost per watt of solar cells. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. To learn more about BioSolar, please visit our website at http://www.biosolar.com.
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