TOLEDO, Ohio, Sept. 2, 2011 /PRNewswire/ -- Owens Corning (NYSE: OC) and Solexel have been awarded $13 million in funding from the United States Department of Energy (DOE) for projects that will help shape the next generation of solar energy technologies. The funding is part of the DOE's SunShot Initiative which seeks to make solar energy systems more affordable and sustainable for homeowners.
"Owens Corning is excited about the potential to develop game-changing technology that addresses homeowner demand for reliable, high-performance, affordable and sustainable roofing solutions," said Sheree Bargabos, president, Owens Corning Roofing. "We have been monitoring solar roofing as a prospective market where we could provide value for our customers. This is a unique opportunity to make the technology relevant for the broader marketplace that may have been interested but never considered it a viable option due to cost."
With the prospect of the DOE funding, there is great opportunity to integrate Solexel's technology into solar roofing solutions that are affordable, aesthetically beautiful, and easy to install. Solexel's technology leadership coupled with Owens Corning's roofing market leadership presents the industry with the opportunity to revolutionize residential roofing.
"Solexel's mission is to be an innovator to develop truly differentiated solar solutions," said Michael Wingert, president and CEO of Solexel. "Solexel's high-performance technology is particularly well-suited for building-integrated solar products."
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune® 500 company for 57 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.0 billion in 2010 and about 15,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.
Solexel is an innovative solar PV module manufacturer, based in Milpitas, California. The company is developing crystalline silicon solar modules that offer the performance, quality and reliability of the industry's best-performing modules, at significantly lower cost. Solexel's approach is based on a disruptive, IP-protected technology which eliminates dependency on the traditional silicon supply chain, and at the same time, enables unique product performance features. The company is funded by leading Venture Capital firms, including Kleiner Perkins Caufield & Byers, Technology Partners, DAG Ventures and Northgate Capital.
SOURCE Owens Corning