The Development and Distribution Agreement represents the first of a series of income producing Joint Development Agreements flowing from the company’s new technology acquisitions and operations.
The five-year agreement calls for the payment to the company of a minimum of USD$25 million over the first five year term, in a combination of fees and royalties. The parties will be announcing the first group of these product development projects upon completion of the patent protection and market analysis.
These acquisitions, it says, are part of its foundation building Phase I of its strategic plan. The company has also recently launched Phase II of its growth strategy and has began its transition to alternative and renewable energy and technology revenue models.
The company went on to say that it believes the PV and solar thermal market, particularly for residential and commercial use, is a high growth sector that promises to become a significant and vital energy option.
It added that the worldwide market for Organic Photovoltaic (OPV) and Dye-Sensitive Cell (DSC)-based photovoltaics is expected to grow to USD$1 billion with the next five years, whilst the solar thermal market will experience a 46 percent annual growth rate in the next decade.