Magnolia Solar Corp. (OTCBB: MGLT) raced higher in price by 93.4% Wednesday to 35 cents, after the Company revealed that it will be a key partner in the U.S. Photovoltaic Manufacturing Consortium (PVMC), a major new initiative that will be funded from a $57.5-million grant by the U.S. Department of Energy. Volume for the stock topped 26,000 shares, in contrast to a typical daily average around 1,500 shares.

The consortium will be located at the College of Nanoscale Science and Engineering (CNSE) at the University at Albany, New York, and will greatly enhance Magnolia Solar’s work developing and commercializing revolutionary new thin film solar cell technologies.

Dr. Ashok K. Sood, President and CEO of Magnolia Solar, commented, “We are so pleased to be part of this important PVMC team led by the College of Nanoscale Science and Engineering, and are committed to growing in New York’s Capital Region. We are leveraging the world-class technological and intellectual infrastructure at CNSE’s Albany NanoTech Complex for our product development.

“We believe,” Dr. Sood continued, “ that the PVMC Program will accelerate the development of high-efficiency thin-film solar cells. Photovoltaic technology is the only truly scalable renewable energy technology. Our close collaborations with CNSE, our excellent relations with NYSERDA, and ongoing work with nearby universities allow us to capitalize on our innovations and help us expand our business.”

The consortium is designed to develop new photovoltaic manufacturing technologies, streamline their introduction into the global marketplace, and help the United States gain a greater market share of this growing industry.