DayStar Technologies Awarded NYSERDA Grant for $1 Million
Wednesday January 19, 8:31 am ET
HALFMOON, N.Y., Jan. 19 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI - News), a pioneer in the development and commercialization of solar electric power generation technologies, today announced that the Company has been awarded a $1,000,000 competitive grant by the New York State Energy Research and Development Authority (NYSERDA). Payment of the award will be in phases as DayStar meets facility scale-up and production milestones to commercially produce solar cells. The first $600,000 is based on production capacity milestones at the HalfMoon facility. The final $400,000 is based on product sales coupled with DayStar's commitment to a new facility at the Saratoga Technology + Energy Park.
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Peter Smith, President of NYSERDA, stated, "After evaluating a series of candidates vying for this competitive grant, which specifically relate to the manufacturing of renewable energy technologies, we are pleased to make this award to DayStar Technologies in consideration of its exciting plans to mass manufacture its innovative and promising, solar cell product here in the State of New York."
The award comes on the heels of recently approved legislation in New York mandating that by the year 2013 at least 25 percent of the electricity sold to consumers in New York State will be generated from renewable resources such as solar, wind and geothermal powered solutions. Referred to as the Renewable Portfolio Standard (RPS) Program, this landmark renewable energy policy was officially adopted by the New York State Public Service Commission (PSC) on September 24, 2004, and inspired largely by Governor George E. Pataki's demonstrated commitment to and relentless pursuit of a comprehensive energy strategy that will address the State's future energy demands.
The recent adoption of the RPS Program serves to greatly accentuate the State of New York's continuing support and unwavering commitment to the development and use of renewable energy resources. "With this grant, we are delighted to help DayStar advance their plans to produce high volume, high performance, low cost solar cells. Moreover, by partnering with enterprising, forward-thinking companies like DayStar, the State of New York stands to reap numerous benefits -- not the least of which is ultimately meeting our ambitious renewable energy goals over the next nine years," continued Smith.
"We applaud the State of New York for taking such a proactive, aggressive stance on the support of alternative energy solutions to meet the growing power needs of this great State. Governor Pataki's vision, Chairman Flynn's decisive execution, and the collaborative effort and support of NYSERDA have all united to yield a renewable energy platform that is sure to inspire profound advancements in our industry," said Dr. John Tuttle, DayStar Chairman and CEO. "This grant will permit DayStar to accelerate our developmental efforts and move rapidly towards achieving our high volume manufacturing objectives," concluded Tuttle.
