China Nuvo Solar Energy has executed an agreement with Pioneer Materials.
Under the terms of the agreement, Pioneer Materials will build, equip, operate and manage for the benefit of China Nuvo a product development, testing and prototype manufacturing facility in Chengdu to develop, test and manufacture prototypes of solar energy products and equipment utilizing the company's unique solar technology acquired under a license agreement for a patent entitled "Photovoltaic cell with integral light transmitting waveguide in a ceramic sleeve".
The term of the agreement is one year with automatic six-month renewal periods unless terminated by the parties. The company will pay Pioneer Materials monthly to provide the facilities as well as technical, engineering, development, testing and manufacturing employees, and support staff. In addition, Pioneer Materials is eligible to receive up to 4,000,000 shares of the company's common stock upon completion of certain milestone accomplishments as outlined in the agreement; 500,000 shares of which were issued upon execution of the agreement.
Founded in 1998, Pioneer Materials is a supplier of advanced materials for thin-film photovoltaics processing and is building innovative products for the optical recording marketplace. Headquartered in California, the privately held company has manufacturing operations in China and Taiwan.