Dow and Caltech Announce Next Generation Photovoltaics Research Initiative

MIDLAND, Mich., Nov. 12 /PRNewswire-FirstCall/ -- The Dow Chemical Company
(NYSE: DOW) and the California Institute of Technology (Caltech) announced
today that they had recently signed a multi-year research collaboration that
is strategic to both organizations' interests in solar energy.

The arrangement is aimed at aligning Dow's capabilities in CIGS based
materials with Caltech's research in next generation photovoltaics. Together,
they expect to develop new, ultra low cost, high efficiency photovoltaic
materials.

"In combining the R&D strengths of Dow and Caltech, we have created a powerful
alliance for innovation in the field of photovoltaics," said Bill Banholzer,
executive vice president and CTO of Dow. "This alliance will allow the best
scientists in the field the opportunity to work together to achieve the kinds
of breakthrough technologies that will be game-changing in solar energy
capture."

The research, which falls under a four-year agreement, will initially focus on
direct band gap materials that incorporate elements that are less expensive
and more commonly available than those used in today's thin film PV
semiconductors. Researchers from both organizations will investigate the use
of earth abundant elements to create new direct band gap PVs.

"Use of earth-abundant materials can provide new technology options and could
open new areas of design space," notes chemist Nate Lewis, Caltech's George L.
Argyros Professor. "But it also brings new challenges. This project will
develop the science and technology base for thin-film solar-energy conversion
using these widely available materials."

Photovoltaics provide carbon free electricity, however the cost and aesthetics
of current PV systems has limited its adoption. Dow recently announced its
first building integrated photovoltaic product, the Dow((TM)) POWERHOUSE((TM))
Solar Shingle which provides lower cost, easier installation and a
dramatically improved aesthetic. This product incorporates thin films of a
compound semiconductor, CIGS (copper, indium, gallium and selenium) to convert
sunlight into electricity. Unlike silicon, which is the basis for most
currently available solar cells, CIGS is a thinner, direct band gap material
that can be incorporated into flexible products such as Dow's POWERHOUSE((TM))
shingles. However, some of the elements in CIGS and other thin film
semiconductors are in high demand, expensive and scarce. Increased material
cost could threaten an expanded adoption of PV as part of a comprehensive
energy policy.

The multi-million dollar Dow-Caltech solar research initiative is one of the
Company's largest externally funded research agreements. In addition, both
organizations announced the creation of The Dow Chemical Company Graduate
Fellowship in Chemical Sciences and Engineering, which will be granted to a
second- or third-year doctoral student who shows excellence in research,
leadership, and interpersonal effectiveness, and whose research program aligns
with broad areas of interest to Dow, such as alternative energy sources, the
development of novel specialty chemicals, and the investigation of new polymer
systems. Each recipient will be selected by the chair of the Division of
Chemistry and Chemical Engineering, and will hold the fellowship for up to two
years.

"We are pleased that Dow and Caltech are building this relationship to support
innovative research as a basis for new technologies," says Jacqueline K.
Barton, the division's current chair.

"Dow understands that high quality research is occurring in both industrial
and academic laboratories. We believe that collaborations like this are
crucial to our success in the development of efficient, affordable energy
solutions," said Banholzer.

About Dow
Dow is a diversified chemical company that combines the power of science and
technology with the "Human Element" to constantly improve what is essential to
human progress. The Company delivers a broad range of products and services to
customers in approximately 160 countries, connecting chemistry and innovation
with the principles of sustainability to help provide everything from fresh
water, food and pharmaceuticals to paints, packaging and personal care
products. In 2008, Dow had annual sales of $57.4 billion and employed
approximately 46,000 people worldwide. The Company has 150 manufacturing sites
in 35 countries and produces approximately 3,300 products. On April 1, 2009,
Dow acquired Rohm and Haas Company, a global specialty materials company with
sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and
approximately 15,000 employees worldwide. References to "Dow" or the "Company"
mean The Dow Chemical Company and its consolidated subsidiaries unless
otherwise expressly noted. More information about Dow can be found at
www.dow.com.

SOURCE The Dow Chemical Company

David Winder of The Dow Chemical Company, +1-989-636-0626