King Abdullah University of Science and Technology (KAUST) and the University of Toronto have signed a first-of-its-kind license agreement for rights to the quantum dot solar cell technology of the Canadian University. Developed by Dr. Edward Sargent, Canada Research Chair in Nanotechnology at the University of Toronto, Canada's premier research university, the 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 Program, according to a KAUST press release. This technology has made great strides toward 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 intellectual property rights for the benefit of industry, especially new companies,” said Terence McElwee, KAUST Director of Technology Transfer and Innovation. The exclusive license 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 the Sargent team's work as a potential game-changer in solar energy. By securing early rights, KAUST 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, KAUST's economic development vision is to become the leading model of technology based development in the Kingdom and to catalyze the transformation of the Kingdom's economy.
