Shares of BioSolar Inc. jumped 39 percent on Wednesday after announcing the first commercial order for its innovative solar panel protective film.
The Santa Clarita company did not identify the customer for its BioBacksheet product, but said it was a manufacturer of specialty photovoltaic panels for electric utility vehicles. It anticipates further shipments to be used for military and other mobile uses.
“This first commercial order marks an important event in the history of our company,” Chief Executive David Lee said in a statement. “In spite of recent turmoil in the solar market, we have found success.”
BioBacksheet is made from plant material rather than competing petroleum-based products. BioSolar touts its protective film as being more efficient and environmentally safe than conventional solar panel films, which are used to provide insulation for photovoltaic panels and protect them from water, wind and dust damage.
Shares closed up 14 cents, or 39 percent, to 50 cents on the Nasdaq Over-the-Counter Bulletin Board.