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May 21, 2010 (FinancialWire) — Natcore Technology Inc. (TSX Venture: NXT) (OTC: NTCXF) said it has received approval of the TSX Venture Exchange for the acquisition of Vanguard Solar Inc., thereby closing the acquisition.

As a result of this acquisition, Vanguard's former shareholders, including two venture capital firms, join the ranks of Natcore shareholders.

Natcore said it plans to aggressively advance the solar technologies being developed by Vanguard Solar, in particular the development of a flexible, thin-film photovoltaic material meant to be capable of silicon solar cell-like efficiency performance at potentially one-tenth the manufacturing cost and one-twentieth the capital investment.

The Vanguard Solar technology involves a proprietary chemical bath process similar to Natcore's liquid phase deposition technology. Vanguard had grown II-VI compound semiconductor thin films on carbon nanotubes at room temperature and ambient pressure, while Natcore has thus far concentrated on growing silicon dioxide films on silicon substrates.

According to Natcore, first-generation products from Vanguard's method could produce 15%-16% efficiencies at module costs of 60 cents to 70 cents per watt. The company said that second-generation technology could achieve 20% efficiencies at even lower costs per watt. The investment for production facilities is projected as low as $10 million to $15 million per 100-megawatt to 150-megawatt production capability, as compared with current costs of as much as $250 million for standard solar-cell production facilities.

Vanguard's production equipment would be designed for insertion into existing roll-to-roll film-coating lines of the sort that have been displaced by the emergence of digital photography.

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