New Energy Technologies, Inc. and US Department of Energy’s National Renewable …

COLUMBIA, Md.–(BUSINESS WIRE)–

New Energy Technologies, Inc. (OTCQB: NENE.OB – News), a developer of innovative
technologies for generating sustainable electricity, is pleased to
announce that Company and NREL scientists collaboratively developing New
Energy’s SolarWindow™ technology – capable of generating electricity on
see-through glass – have successfully fabricated the largest-area
organic photovoltaic (OPV) module ever produced at the United States
Department of Energy’s National Renewable Energy Laboratory (NREL).

Scientists developing New Energy’s SolarWindow™ technology fabricated
today’s large area 170 square centimeters (cm2) working
module, more than 14-times larger than previous OPV devices fabricated
at NREL.

NREL is among the world’s most respected and advanced solar-photovoltaic
research institutions, and over its 35-year history has been credited
for ground-floor support of many of the commercial technologies employed
by today’s renewable energy industries. NREL and New Energy have been
working through a Cooperative Research and Development Agreement to
advance the Company’s SolarWindow™ technology for generating electricity
on glass windows.

“The fabrication of a large-area see-through solar module of these
dimensions is an important step in New Energy’s SolarWindow™ ongoing
development,” stated Dr. David S. Ginley, an award-winning NREL Research
Fellow and accomplished expert in transparent conductors and OPV. “We
believe that building integrated applications provide a promising avenue
for OPV deployment and we are continuing to work with New Energy
Technologies to further address scale-up, a key milestone toward
developing a deployable technology.”

“For more than three decades, NREL researchers have worked to help
companies move their renewable energy technologies closer to commercial
product,” explained Mr. William Farris, Vice President of
Commercialization Technology Transfer at NREL. “It’s encouraging to
contribute to breakthroughs such as today’s large-area solar
photovoltaic array, an important step toward supporting New Energy
Technologies’ SolarWindow™ towards eventual commercial application.”

“Today’s achievement marks our SolarWindow’s ongoing progress in
addressing an important hurdle to commercialization – scale-up,” stated
Mr. John A. Conklin, President and CEO of New Energy Technologies, Inc.
“Our scientists, technical advisors, business team, and shareholders,
whose patience and perseverance have contributed to this significant
technical stride, can be proud of their Made-In-America accomplishment.

In 2012, our focus is on aggressively advancing our SolarWindow™
technology towards commercialization with larger scale, high-speed
manufacturing, higher voltage and bolstered power output, and greater
transparency.”

Today’s large-area SolarWindow™ milestone was made possible through the
efforts of New Energy’s Principal Scientist, Dr. Scott Hammond, in
collaboration with numerous NREL Researchers. Working at lab scale,
scientists made use of a solution-processable coating technique in order
to deposit see-through electricity-generating coatings on to glass
surfaces.

These electricity-generating coatings, consisting largely of ‘polymers’,
are first designed and subsequently produced by way of organic
synthesis; they are then applied to glass using various methods,
including high-speed, high-volume industrial processes important to the
eventual commercial manufacturing of SolarWindow™ products. Once
electricity-generating polymers are applied to a material surface, the
resultant effect is the production of an OPV cell. The prospect of
SolarWindow™ products generating electricity on see-through glass is
made possible by way of the unique architecture associated with this
fabrication of the OPV device.

Last month, New Energy announced that researchers had investigated and
made use of a high-speed/large-area solution-coating process, which
allows for rapid scale-up to larger glass surface areas. This improved
process also generally provides for more uniform and faster application
of SolarWindow™ electricity-generating coatings than conventional
methods, and has resulted in the production of the Company’s new,
large-area SolarWindow™ prototype announced today.

Notably, the Company’s latest solution-coating technique has already
been demonstrated as compatible with roll-to-roll (R2R) high-speed and
high-volume fabrication methods, potentially providing for very-large
scale manufacturing. Compared to manufacturing of first-generation solar
products, low temperature and ambient pressure R2R manufacturing
promises: low labor costs; decreased capital equipment expenditure;
reduced cost of energy required for production; and improved
environmental and occupational control.

Currently under development for eventual commercial deployment in the
estimated 85 million commercial buildings and homes in America,
SolarWindow™ is the subject of ten new patent filings and is the world’s
first-of-its-kind technology capable of generating electricity on
see-through glass windows.

About National Renewable Energy Laboratory
(NREL)

NREL is the U.S. Department of Energy’s primary national laboratory for
renewable energy and energy efficiency research and development. NREL is
operated for DOE by the Alliance for Sustainable Energy, LLC.

About New Energy Technologies, Inc.

New Energy Technologies, Inc., together with its wholly owned
subsidiaries, is a developer of next generation alternative and
renewable energy technologies. Among the Company’s technologies under
development are:

  • MotionPower™ roadway systems for generating electricity by
    capturing the kinetic energy produced by moving vehicles – a
    patent-pending technology, the subject of 33 US and International
    patent applications. An estimated 250 million registered vehicles
    drive more than six billion miles on America’s roadways, every day; and
  • SolarWindow™ technologies which enable see-through windows to
    generate electricity by ‘spraying’ their glass surfaces with New
    Energy’s electricity-generating coatings – the subject of ten patent
    applications. These solar coatings are less than 1/10th the thickness
    of ‘thin’ films and make use of the world’s smallest functional solar
    cells, shown to successfully produce electricity in a published
    peer-reviewed study in the Journal of Renewable and Sustainable Energy
    of the American Institute of Physics.

Through established relationships with universities, research
institutions, and commercial partners, we strive to identify
technologies and business opportunities on the leading edge of renewable
energy innovation. Unique to our business model is the use of
established research infrastructure owned by the various institutions we
deal with, saving us significant capital which would otherwise be
required for such costs as land and building acquisition, equipment and
capital equipment purchases, and other start-up expenses. As a result,
we are able to benefit from leading edge research while employing
significantly less capital than conventional organizations.

For additional information, please call Ms. Briana L. Erickson toll-free
at 1-800-213-0689 or visit: www.newenergytechnologiesinc.com.

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Legal Notice Regarding Forward-Looking Statements

No statement herein should be considered an offer or a solicitation of
an offer for the purchase or sale of any securities. This release
contains forward-looking statements that are based upon current
expectations or beliefs, as well as a number of assumptions about future
events. Although New Energy Technologies, Inc. (the “Company” or “New
Energy Technologies”) believes that the expectations reflected in the
forward-looking statements and the assumptions upon which they are based
are reasonable, it can give no assurance that such expectations and
assumptions will prove to have been correct. Forward-looking statements,
which involve assumptions and describe our future plans, strategies, and
expectations, are generally identifiable by use of the words “may,”
“will,” “should,” “could,” “expect,” “anticipate,” “estimate,”
“believe,” “intend,” or “project” or the negative of these words or
other variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking statements,
as these statements are subject to numerous factors and uncertainties,
including but not limited to adverse economic conditions, intense
competition, lack of meaningful research results, entry of new
competitors and products, adverse federal, state and local government
regulation, inadequate capital, unexpected costs and operating deficits,
increases in general and administrative costs, termination of contracts
or agreements, technological obsolescence of the Company’s products,
technical problems with the Company’s research and products, price
increases for supplies and components, litigation and administrative
proceedings involving the Company, the possible acquisition of new
businesses or technologies that result in operating losses or that do
not perform as anticipated, unanticipated losses, the possible
fluctuation and volatility of the Company’s operating results, financial
condition and stock price, losses incurred in litigating and settling
cases, dilution in the Company’s ownership of its business, adverse
publicity and news coverage, inability to carry out research,
development and commercialization plans, loss or retirement of key
executives and research scientists, changes in interest rates,
inflationary factors, and other specific risks. There can be no
assurance that further research and development will validate and
support the results of our preliminary research and studies. Further,
there can be no assurance that the necessary regulatory approvals will
be obtained or that New Energy Technologies, Inc. will be able to
develop commercially viable products on the basis of its technologies.
In addition, other factors that could cause actual results to differ
materially are discussed in the Company’s most recent Form 10-Q and Form
10-K filings with the Securities and Exchange Commission. These reports
and filings may be inspected and copied at the Public Reference Room
maintained by the U.S. Securities Exchange Commission at 100 F Street,
N.E., Washington, D.C. 20549. You can obtain information about operation
of the Public Reference Room by calling the U.S. Securities Exchange
Commission at 1-800-SEC-0330. The U.S. Securities Exchange Commission
also maintains an Internet site that contains reports, proxy and
information statements, and other information regarding issuers that
file electronically with the U.S. Securities Exchange Commission at http://www.sec.gov.
The Company undertakes no obligation to publicly release the results of
any revisions to these forward looking statements that may be made to
reflect the events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.

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