Ecoark Subsidiary Teams With Indian Company For Solar Installations
by October 6, 2016 9:45 am 194 views
Magnolia Solar Inc., a subsidiary of sustainability conglomerate Ecoark Holdings Inc. of Rogers, has signed a contract with India-based InSolare Energy to bring its patented solar photovoltaic (PV) technology to market.
InSolare, headquartered in Bangalore, India, is a system integrator and solar energy provider through engineering, procurement and construction.
The initial purchase order, according to a company release, is for a study of feasibility for applying Magnolia Solar’s thin-film solar PV technology to an existing installation on a commercial property.
Ecoark merged with Magnolia Solar earlier this year.
“The investment thesis was that we could leverage our extensive commercial relationships in the U.S. to continue their commercialization efforts and more efficiently drive market penetration for Magnolia’s thin-film technology,” Ecoark chairman and CEO Randy May said in the release. “Additionally, with the significant drop in solar installation costs, and the increasing prevalence of solar installations, the opportunity to penetrate the market with Magnolia’s technology is something we can capitalize on today.”
Magnolia Solar, with headquarters in Massachusetts and New York, is developing and commercializing high performance, flexible thin-film solar cell technologies that employ nanostructured materials and designs.