Octillion Corp. Completes Name Change to New Energy Technologies, Inc.

WASHINGTON January 14, 2009: Octillion Corp. announced today that it has changed its name to New Energy Technologies, Inc. (OTCBB: NENE). The name change will become effective on the Over-the-Counter Bulletin Board at the opening of trading on Wednesday, January 14, 2009.

“After careful consideration, in order to more clearly represent the true nature of our business, I am pleased to announce that Octillion Corp. has a new name, New Energy Technologies, Inc.” stated Meetesh V. Patel, Esq., President and CEO of New Energy Technologies, Inc.

In recent weeks, New Energy Technologies, Inc. has accelerated its engineering efforts and unveiled early details of its designed energy capture systems. The Company has filed initial patents with the United States Patent and Trademark Office related to its first generation devices that are capable of generating electricity by harvesting wasted energy from vehicles in motion (view New Energy Technologies’ December 16, 2008 press release, unveiling key features of the Company’s energy capture system and related patent filings: http://www.octillioncorp.com/OCTL_20081216.html). Engineers anticipate that these devices are manufacturable, reliable, and resistant to damage from vehicles, road debris or weather. Among key feature considerations of the systems are the important ability to:

• Adapt to the unique characteristics of different vehicles to optimize the amount of energy captured;

• Reduce or avoid potentially undesirable effects on safety, comfort of vehicle occupants, and the stability of cargo;

• Adaptively monitor or regulate the speed or acceleration (or deceleration) of vehicles

Engineers envision that wasted kinetic energy from the movement of an estimated 6,000,000 trucks and 250,000,000 cars on America’s roadways could serve as a potentially viable source for generating valuable electricity, the fastest growing form of end-use energy in the world.

America is the world’s largest consumer of electricity, according to the U.S. Energy Information Administration, with nearly 70% of the nation’s electricity generated by coal and natural gas. The environmental impact and rising costs of these non-renewable fuels, along with the potential doubling of global electricity consumption in the coming years, clearly illustrate the urgent need for more creative, sustainable methods for generating electrical power.

In addition to its energy capture devices, New Energy Technologies, Inc. is also working towards developing photovoltaic technologies that would adapt home and office glass windows, skylights, and building facades into products capable of generating electricity from solar energy without losing significant transparency or requiring major changes in manufacturing infrastructure.