By one estimate, some two billion people at present have no access to electricity. Our vision is to deploy solar power everywhere, since many of those without electricity are not connected to the power grid. Of all the sources of electricity, solar power is the only modularly scalable power source. Traditional sources of electricity such as hydro, coal, nuclear, and natural gas require setting up a plant that connects to the supply grid. Even wind energy farms have to be centralized to generate several hundred megawatt power to be cost effective. In comparison, solar power can be an effective source of electricity for projects that require from a few kilowatts electricity to several hundred megawatt power. The scalability of the solar electric power makes it the unique technology to deploy wherever there is no grid or when large electricity generation is needed to supplement output of a power plant to meet electricity requirements during the peak demand hours.
Magnolia plans to become a major supplier of solar power by serving both commercial and defense market. By supplying high efficiency, low cost solar panels, we expect development of applications that will help sustain life in areas with no grid. There are several applications that can benefit this decentralized power market. These applications include power to extend hours of economic activity, access to telecommunications, preservation of medical supplies, and improvement in night-time security. For the defense markets, Magnolia is developing its technology of flexible substrates so that the power modules can be packed and stowed when not in use. Our vision is to provide a portable source for our soldiers to recharge batteries for electronic gear while on filed missions away from a base.
Magnolia is developing its technology in the New York's Capital Region and plans to establish its first manufacturing facilities in this area to create high-paying technical jobs in the United States. Based on recent developments in the solar photovoltaic market, while many silicon crystal technology based manufacturers have moved overseas to use cheap labor, companies using thin-film technologies have continued to sustain operations in the U.S. By adding high value in its product, Magnolia expects that it will create high paying jobs in the U.S. while competing effectively with foreign manufacturers.
Many state governments or agencies have established aggressive goals to use renewable energy to meet a portion of their electricity requirement. For example, New York has established an aggressive goal commonly referred to as 30x15, which aims to acquire 30 percent of its electricity requirements from renewable sources. By providing a domestic source of cost-effective solar power, Magnolia's vision is to help state and federal governments meet their targets of renewable energy deployment while creating high-paying jobs in the United States.