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Natcore Technology Receives $500K Jobs Tax Credit from NY State

2013-05-17 11:15 ET - News Release

Lease Renewal Signals Intent to Grow Solar Industry in Rochester

RED BANK, N.J., May 17, 2013 /PRNewswire/ -- Governor Andrew M. Cuomo today announced that Natcore Technology of Red Bank, NJ, will expand its footprint, and add 27 new jobs as part of an expansion project in Greece, New York, at Eastman Business Park. Lt. Gov. Robert Duffy was on hand for the announcement in Rochester, NY.

The expansion is being driven by a $914,000 company investment, supported by $500,000 over 10 years in Excelsior Jobs Program tax credits. The average wage for the jobs created will be $98,000 per year, with the entire project expected to result in $40,000,000 in wages over the 10 years of the agreement.

Governor Cuomo says, "Too many times, our country has let technology slip away. Entire industries—for example, television sets and digital photography-- followed. Now Natcore's technology gives us an opportunity for the global solar industry to be centered right here in Rochester. The Finger Lakes Regional Economic Development Council has worked hard to make that happen."

"Governor Cuomo is committed to creating jobs and rebuilding the economy in Western New York, and today it is clear that Natcore Technology is contributing to this goal," Lieutenant Governor Robert J. Duffy said. "Today's announcement reveals more high-tech jobs and yet another economic boost at the Eastman Business Park, which will have a great impact in Rochester and the entire region."

Natcore also today extended its lease at Eastman Business Park, the large industrial park formerly known as Kodak Park. The lease extension expands Natcore's footprint to 20,000 sq. ft. The additional space is required to accommodate new equipment that will be used to perfect the company's black silicon and selective emitter technology.

Chuck Provini, Natcore President and CEO, says "The Empire State Development incentive will help us to expedite the move of our technology from the lab to the factory floor. But more important was the cooperation and the persistence of the state and local officials, and of Congresswoman Louise Slaughter, in getting us where we are today. We already have our eye on the first new lab hire afforded by this program, with more to come. We are making major equipment investments.  We are moving from university-based research into the real world."

And Natcore announced that it will move its lab administration function from Red Bank, NJ, to office space in downtown Rochester. "We already have our eye on the first employee for this office," says Provini.

Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Natcore's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact: Chuck Provini
732-576-8800
Info@NatcoreSolar.com

 

SOURCE Natcore Technology Inc.

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