China Nuvo Solar Energy has entered into a ‘Collaboration and
Development Agreement’ with Pioneer Materials to build, equip, operate
and manage the product development, testing and prototype manufacturing
of China Nuvo Solar’s novel PV cell technology.
The PV manufacturing start-up will pay PMI monthly to provide the
facilities as well as technical, engineering, development, testing and
manufacturing employees, and support staff. In addition, PMI is
eligible to receive up to 4,000,000 shares of the Company’s common
stock upon completion of certain milestone accomplishments as well as
500,000 shares of which were issued upon execution of the Agreement.
The prototype manufacturing facility will be based in Chengdu, Sichuan, China.