Dyesol: Commentary & Update Q1 FY2012

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During the period we continued to advance our partner projects and work towards the implementation of our technology road map in a cost effective manner. Underpinning the technology roadmap is the key research undertaken by Dyesol within Australia and through its overseas subsidiaries, and with various collaborative parties globally. Working in this collaborative framework enables Dyesol to considerably leverage its resource base, and access new technologies and materials. A coherent, well-structured and robust material supply chain is crucial for Dyesol to support our partners as they move to commercialisation.

Dyesol formally completed the Welsh Government supported project to the complete satisfaction of the assessment authority. The last 2 milestones of the Dyesol Tata collaborative “DSC on Steel” project were presented to the Welsh Government and involved a completed study of process capabilities, an important precursor to large scale production, and a comprehensive review of the Intellectual Property relevant to DSC application on metal strips.

The Dyesol and Tata teams have since been progressing two main activities - product performance advancement as planned in the technology roadmap and demonstration product manufacture. Dyesol's key input has been to demonstrate significant performance enhancement well in advance of the technology roadmap. The bonus has been achieved through new dye, conductor and titania compositions and takes us a lot closer to the goal of grid parity. A second demonstration roof is being built over the next quarter. On the research front, the scientists working on the FP7 projects have achieved a substantial increase in cell voltage through ion modified titania as well as producing and demonstrating DSC on fibre matt suitable for 3D applications.

In North America, Dyesol Inc. successfully supplied and commissioned equipment for the Dyesol-Pilkington North America DyeTec Solar Joint Venture. This equipment is for a DSC (dye sensitized solar cell) based BIPV (building integrated photovoltaic) program which received funding from the Ohio Third Frontier Fund.  Commercial and residential buildings consume a significant amount of energy, and glass based DSC technology is ideally suited to use as a building façade material to capture and convert the light falling on the side of a building into electricity for immediate use within the building.

Dyesol is now a significant step closer to commercialising the outcomes of the joint research agreement between the company and Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO), following the completion of stage 2 of the program funded by CSIRO’s Australian Growth Partnership. The materials developed during this joint collaboration project have the potential to significantly advance the commercialisation of DSC in a range of applications where performance and stability are essential requirements.

Dyesol recently recruited a Brand Manager who will head our effort to improve information available to shareholders, our responsiveness to requests for updated company information, and to substantially revamp our website and online communications.  This appointment was made to address concerns raised by our shareholders on the need for improved communication, and our recognition that as a company we needed to build on our strong brand to better position Dyesol to a range of key stakeholders. The appointee, Angela Geary, has a strong marketing background from her work in the private sector and for peak industry associations.

Planning has begun for the next DSC-IC conference to be held in in late September or early October 2012 in the UK. The dates will be finalised shortly and a “Save That Date” announcement will be distributed to the DSC global community in the coming weeks.  This conference provides the DSC community with valuable insights and updates on key developments that are impacting our industry and driving DSC application in various industry sectors.  This will be the 5th DSC-IC conference Dyesol has organised and provides Dyesol with invaluable exposure to the DSC industrial, scientific and investor community and will coincide with a number of exciting industry developments.

During the quarter, aside from the Stage 3 CSIRO project payment of $366,000, the net operating expenditure continues to be on target with the Company monthly burn range of $800,000 to $900,000. Cash at the end of the September quarter was $4 million with an equity line of credit available of up to $18.6 million.

The Technology – DYE SOLAR CELLS
DSC technology can best be described as ‘artificial photosynthesis’ using an electrolyte, a layer of titania (a pigment used in white paints and tooth paste) and ruthenium dye deposited on glass, metal or polymer substrates. Light striking the dye excites electrons which are absorbed by the titania to become an electric current many times stronger than that found in natural photosynthesis in plants. Compared to conventional silicon based photovoltaic technology, Dyesol’s technology has lower cost and embodied energy in manufacture, it produces electricity more efficiently even in low light conditions and can be directly incorporated into buildings by replacing conventional glass panels or metal sheets rather than taking up roof or extra land area.

The Company – DYESOL Limited
Dyesol, a global company headquartered in Australia, was founded to commercialize and supply 3rd generation solar technology - Dye Solar Cells (DSC).  DSC uses a form of artificial photosynthesis to capture energy like a leaf, using a dye analogous to chlorophyll.  Dyesol provides photovoltaic functionality to mainstream products, by developing and supplying materials and technology to global partners which have routes to market for solar enabled components, including building products such as glass and steel for facades and roofs.   The company is listed on the Australian Stock Exchange (DYE), the German Open Market, and is trading on the OTCBB (DYSOY) through its depositary BNY Mellon.  More details about the company and the technology can be found at: http://www.dyesol.com

Dyesol Corp.
Phone: +61 (0)2 6299 1592
Fax: +61 (0)2 6299 1698
3 Dominion Place
(PO Box 6212)
Queanbeyan, NSW 2620
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