Natcore Technology Included in List of “Game Changers” in Lux Research Report

Red Bank, NJ – (September 27, 2012) – A new research report from Lux Research, an independent research and advisory company, has identified Natcore Technology Inc. (TSX-V: NXT; NTCXF.PK) as an innovator with “next-generation technologies that will drive down cost per watt and restore profit margins to low double digits” for solar module manufacturers.

In a Lux news release announcing the report, Natcore was singled out as “the leader in [antireflective and light-trapping coatings] with likely commercialization this year.”

In the study titled “Searching for Game Changers in Photovoltaic Materials Innovations: Next-Generation Technologies that Drive Down [Cost/Watt],” Lux Research has created a “Disruptive PV Technology Grid” that quantitatively evaluates new PV technologies for their cost reduction potential and time to market. Using the Grid, Lux Research analysts evaluated technologies on the horizon in order to assess which will be game changers and which will likely never be commercialized.

New innovations that improve existing technologies will lead to reduced costs and higher margins, the report says, noting solar companies that have failed (like Solyndra and Evergreen) did so because they were trying to break the mold instead of improving it. The Lux Research analyst says:

“To avoid future Evergreens and Solyndras, tomorrow’s PV winners will focus on innovative PV technologies, addressing $/W [cost/watt] as the single most important metric. One of the key reasons for Solyndra’s demise was its high ~$3.5/W. Moreover, Solyndra’s technology was hard to scale, wherein [its technology] proved too ambitious for current capabilities.

“Learning from history, next- generation PV technologies that offer both low $/W and are easy to scale using substantially existing PV infrastructure will be the likely winners in the midst of an equally large array of corpses.”

“Halve the cost, double the efficiency: That’s our mantra,” says Chuck Provini, Natcore’s president and CEO. “We have been working for years to dramatically lower the cost of solar energy through techniques such as our ‘absolute black’ silicon, and commercialization is finally within our grasp. We are elated by the validation that this report is giving our scientific and technical staff for the work they have done. We are gratified that our technology has been recognized by another highly respected observer of the solar industry. We look forward to commercializing our disruptive technology.”

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Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or Natcore’s future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Natcore’s business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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