Greatcell Energy - Page 2

The Directors of Greatcell Solar have sadly announced that a decision was taken to appoint administrators to the Greatcell Solar group of companies following sustained, but ultimately unsuccessful, attempts to secure re-financing for its activities.

Greatcell Solar Limited, Greatcell Solar Industries and Greatcell Solar Australia were placed into voluntary administration. The decision follows a series of unfortunate and unwelcome developments in recent weeks, including the untimely death of Chief Scientist, Dr Hans Desilvestro in a mountaineering accident on 10 November.

Greatcell Solar has provided an update on matters relating to its current financial position.

Greatcell reports that significant progress has been achieved in recent weeks; An agreement has been reached with the Australian Renewable Energy Agency (ARENA) on variations to a previously signed funding agreement, which will result in a payment of $425,000 AUD (around $307,200 USD) to Greatcell.

Greatcell Solar ("GSL") has provided an update on matters relating to its current financial position. The Company has agreed to sell 50% of its materials production assets to Dr. Yanek Hebting, the current GSL production manager who has served in that role for over ten years.

The deal anticipates a future 100% transfer of the production assets upon the completion of payments totaling AUD $1 million (almost USD $718,000) by 30 September 2019 and additional payments for FY2020 and FY2021 based on future earnings.

The European Commission has established a new research training network, led by the University of Bath, to make perovskites "truly exploitable" and make perovskite-based devices commercially viable. The new program, called MAESTRO, has been given €4 million in funding and has begun hiring researchers to gain new knowledge and provide innovation in the exploitation of perovskite materials.

A trans-European project, MAESTRO is an inter-sectoral and multidisciplinary network of 10 academic and seven industrial partners from nine EU and EU-Associated countries: the UK, Italy, Spain, Greece, Germany, Poland, Lithuania, Israel and Switzerland.

Greatcell Solar has been awarded €500,000 in a European Union Horizon 2020 project known as H2020-SGA-FET-GRAPHENE. The grant to Greatcell's application has occurred through its 100% Italian subsidiary, Greatcell Solar Italy, located in Rome.

The H2020 project is for the innovative development and the installation of a Perovskite Solar Cell (PSC) 10m² array in the Greek island of Crete and aligns closely with Greatcell's existing technology development plan. Much of the work involved will investigate advanced technology for higher efficiencies, longer life and improved encapsulation of PSC enabled glass substrates, investigating in particular the usage of Graphene in PSC solar cells.