Pursuant to the agreement, Solar Thin Films will market and sell photovoltaic (PV) products using copper indium gallium diselenide (CIGS) technology developed and commercialized by Amelio Solar, and has rights to manufacture PV module manufacturing equipment using CIGS technology subject to certain terms and agreements.
Concurrent with the strategic alliance and cross license agreement, the company has signed a stock purchase agreement to arrange for the sale of an aggregate of 18 million shares of common stock owned by the Kiss family.
The strategic alliance, cross license and stock purchase agreements are expected to close simultaneously on or about November 30, 2008 coincident with a capital markets transaction currently contemplated by the company.
Peter Lewis, CEO of Solar Thin Films, said: As the solar industry continues to shift toward thin-film PV applications, the technology will continue to evolve. Today our expertise lies in the process know-how required to produce a complete line of manufacturing equipment for the production of thin-film amorphous silicon modules.
