We combine best business practices and nanotechnology: The key to our long-term strategy is the people we work with. We hire the best technical talent we can find and encourage them to explore and innovate. Our employees are working with some of the world-renowned experts in nanotechnologies of interest to us. This team is working to develop several nanotechnology applications that have the promise to significantly enhance the efficiency of thin-film solar cells and lead to one of the lowest costs in the industry.
We keep capital cost low by leveraging existing facilities, rather than use investor funds: Magnolia Solar established its research office in the College of Nanoscale Science and Engineering's (CNSE) Nanotech Center in the State University of New York, Albany, New York and in Rensselear Polytechnic Institute in Troy, New York. Collectively, this gives us access to about $6 billion in capital resources. By using these facilities for the development of our technology, we are deferring the expenditure of capital costs until our technology and the manufacturing process is well defined. This approach avoids the pitfall of spending investor funds on capital equipment which may not prove to be the most effective approach for manufacturing and significantly reduces the technology risk inherent in any developmental effort.
We use government grants for product development: Our highly talented team has been very successful at attracting grant funding from the state and federal government. We have already announced several awards that have Magnolia Solar has received. This government funding has supported most of the thin-film solar cell developmental effort so far. Magnolia Solar continues to seek new opportunities to access grant funds from various governmental agencies.
We have highly talented employees and members of the technical advisory board: Magnolia Solar's team is highly talented. About 80 percent of our technical employees have doctoral degrees in their fields, are experts in Nanoscale materials technologies, are industry veterans with an average of over ten years of experience in technologies related to the development of thin-film solar cells, and have previously received funding from the government for technology development.