Saudi\'s KAUST signs deal for solar technology licence

Saudi Arabia\'s King Abdullah University of Science and Technology (KAUST) has inked a licence agreement with the University of Toronto for rights to a new solar power technology. Developed by Dr Edward Sargent, Canada research chair in nanotechnology at the University of Toronto, the quantum dot solar cell technology uses quantum dots to convert the sun\'s power efficiently into electrical energy. Dr Sargent\'s work has been funded by KAUST since 2008 as part of its global collaborative research programme, according to a report published by state news agency SPA. KAUST said the technology has made great strides towards the goal of breaking the present-day constraining paradigm between high efficiency and low cost in solar cells. \"This agreement demonstrates a new way for research universities in developing countries to help transform local and regional economies by licensing-in intellectual property rights for the benefit of industry, especially new companies,\" said Terence McElwee, KAUST director of technology transfer & innovation. The exclusive licence covers 38 countries in the Middle East, Western Asia, Russia and India - a rapidly growing market of more than two billion people. While the technology is still in its early stages, KAUST views Sargent team\'s work as a potential game-changer in solar energy. By securing early rights, KAUST said it is investing long term in Saudi Arabia\'s commitment to shift from an oil-based to a sustainable energy economy. The agreement is expected to be the first of many by KAUST to help become a premier global technology broker and help develop Saudi Arabia as a regional hub of technology-based economic development. Inaugurated in 2009, KAUST¹s economic development vision is to become the leading model of technology based development in the kingdom and to catalyse transformation of the kingdom\'s economy.