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BioSolar, Inc. (OTC: BSRC), developer of breakthrough products and materials that reduce the cost of photovoltaic (PV) solar modules, today announced that it expects to benefit from the surge in demand for solar energy.
A report recently released by the Institute for Local Self-Reliance, forecasts that within a decade, more than 35 million buildings may be generating their own solar electricity (without subsidies) at prices lower than their utility offers, sufficient to power almost 10% of the country.
Dr. David Lee, the company’s CEO, commented, “The solar industry has been through a very tough year; however, the future is very bright for the survivors. We expect to see a very powerful surge in demand for solar energy. In addition to demand for distributed systems for individual buildings, we are seeing tremendous growth with public utilities. Big investors, such as Warren Buffet are now entering the market.”
MidAmerican Energy Holdings Company (backed by Warren Buffett's Berkshire Hathaway Inc.) is buying two co-located solar projects in California, billed as the world's largest permitted solar PV power development. The transaction for Antelope Valley Solar Projects, totaling approximately 579 megawatts of combined generation capacity, is for an unspecified amount between $2 and $2.5 billion.
“The energy market is by far the largest market in the world and solar is the fastest growing segment of the energy market,” continued Dr. Lee. “Solar is expected to grow by 15% annually, which should make solar panels at least 25 times more ubiquitous by 2040. The demand for electricity is nearly insatiable. The U.S. is by far the world's greatest user of energy per capita in the world. Each American uses about 87,000 kilowatt-hours per year – that is twice as much as the European Union, the next closest consumer. Also, we expect to see increased demand for electricity from China and India and these will be very strong markets for solar.”