| New Energy Announces Name Change, New Stock Symbol, and Exclusive Focus on SolarWindow™ 15:15 04.03.15 COLUMBIA, Md. --(BUSINESS WIRE)-- New Energy Technologies, Inc. (OTCQB: NENE; SOLW, SOLW.D-temporary), developer of see-through coatings capable of generating electricity on glass and flexible plastics, today announced that, effective March 9, 2015, the Company’s name will be “SolarWindow Technologies, Inc.” and shares will trade on the OTCQB market under the stock symbol “SOLW”. Today’s name change follows last week’s news that SolarWindow™ achieves the industry’s fastest-ever financial payback of less than one calendar year when installed on commercial towers, according to newly released financial modeling results.
Engineers estimate that SolarWindow™ systems could generate up to 50-times the power of conventional rooftop solar systems while delivering 15-times the environmental benefits. To produce the equivalent amount of power with conventional solar systems would require at least 5-11 years for payback and at least 10-12 acres of valuable urban land.
“Our most recent payback breakthrough marks a very significant boost for eventual commercialization of SolarWindow™ products. Moving forward, we are devoting all development efforts exclusively to SolarWindow™ products using our see-through electricity-generating coatings,” stated Mr. John Conklin, President and CEO of New Energy Technologies, Inc.
The Company’s name change to "SolarWindow Technologies, Inc.” and redesigned logo aligns its corporate identity with its core product. A new website and marketing collateral aligns the corporate brand with New Energy’s focused development of SolarWindow™ products, important for future customers, development partners, and investors. On March 9, 2015 the Company’s new website will be launched at www.SolarWindow.com. New Energy’s development efforts will be exclusively directed to SolarWindow™ products for the estimated 85 million commercial buildings and detached homes in the United States. Intellectual property and related ‘know-how’ assets from legacy technologies, such as MotionPower™, will continue to be retained by the Company. About New Energy Technologies, Inc. New Energy Technologies, Inc. is a developer of next generation electricity-generating SolarWindow™ coatings. SolarWindow™coatings generate electricity on see-through glass and flexible plastics with colored tints popular to skyscraper glass. Unlike conventional systems, SolarWindow™ can be applied to all four sides of tall towers, generating electricity using natural and artificial light conditions and even shaded areas. SolarWindow™ uses organic materials, which are dissolved into liquid, ideal for low-cost high-output manufacturing; and is the subject of a patent pending technology. Through established relationships with universities, research institutions, and commercial partners, we strive to identify technologies and business opportunities on the leading edge of renewable energy innovation. Unique to our business model is the use of established research infrastructure owned by the various institutions we deal with, saving us significant capital which would otherwise be required for such costs as land and building acquisition, equipment and capital equipment purchases, and other start-up expenses. As a result, we are able to benefit from leading edge research while employing significantly less capital than conventional organizations. New Energy’s Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations that are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 3600 building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide (CO2) equivalents. Actual power, energy production and CO2 equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.
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