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NEW YORK STATE ENERGY RESEARCH & DEVELOPMENT AUTHORITY FUNDS DEVELOPMENT OF APPLIED NANOWORKS NON-TOXIC NANO-PHOSPHORS



$250,000 Project to refine nano-phosphors for White LED and General Lighting Applications

WATERVLIET, NY -- (06/14/2005; 0900)(EIS) -- Applied NanoWorks, Inc. and New York State Energy Research & Development Agency (NYSERDA) today announced the funding of a $250,000 project aimed at improving the brightness of the company's line of non-toxic nano-phosphors for the white LED and general lighting markets.

Nearly all nano-phosphors and many traditional phosphors contain heavy metals that are toxic and present a hazardous waste-stream risk to manufacturers. "Eliminating the heavy metals while keeping all colors of our nano-phosphors bright is a significant advancement in phosphor technology and the NYSERDA funding will help accelerate our ability to bring this material to market in commercial volumes." said Eric Burnett, President& CEO of Applied NanoWorks. "Based on US Department of Energy data, use of white LEDs could save New York State 29% of its energy consumption which would be the equivalent of nearly $1B in annual energy related savings."

Light emitting diodes, or LEDs, use about 90% less energy than traditional incandescent and fluorescent lighting and last many times longer, making the promise of LED lighting very attractive. White LEDs have been lagging behind other colors due to the complexity and cost of achieving reliable white light from an LED. A nano-phosphor that is bright, comes in all colors of the rainbow, lasts long and eliminates the toxic materials, such as heavy metals is the ideal phosphor for bringing white LEDs closer to market acceptance.

"We see potential in the performance already achieved by the Applied NanoWorks non-toxic nano-phosphors and see tremendous potential for New York State from both an energy conservation perspective as well as the potential for building a new industry right here in New York," said NYSERDA President Peter R. Smith. "Our funding of this innovative material will help address toxicity and performance issues that have been roadblocks to large scale adoption of white LEDs in the past and bring a promising technology closer to market."

According to Lux Research, the nano-phosphor market was $3-5M in 2004. Targeted white LED markets where better phosphors will make a significant impact are much larger -- $350M according to Strategies Unlimited. The general lighting market was a $16B market in 2002 according to the US Department of Commerce.

The New York State Energy Research and Development Authority is a public benefit corporation created by the State Legislature in 1975. The Authority's mission is to help solve some of New York's most difficult energy and environmental problems in ways that improve the State's economy. In addition to helping develop and commercialize new and innovative technologies and products, it also invests in energy efficiency and clean renewable energy technologies to help provide the State with safe and affordable energy.

Applied NanoWorks manufactures high quality semiconductor and metal-oxide nanomaterials to meet both industrial research and manufacturing needs. Their proprietary technologies offers nanomaterials that deliver superior performance in applications ranging from ultra-violet (UV) light blocking to phosphors and ultra-fine abrasives. Materials are available in volumes ranging from grams to metric tons.

For more information: Eric Burnett, President & CEO, 518-266-5445; www.appliednanoworks.com


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