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22 July 2010
CIGS firm DayStar in discussions with potential partners
DayStar Technologies Inc of Newark, CA, USA, which is developing copper indium gallium diselenide (CIGS) thin-film photovoltaic products, says that it is pursuing a strategy for offshore manufacturing of its CIGS solar modules.
“While DayStar has accomplished significant innovations with our CIGS process and technology, we have encountered challenges in obtaining affordable capital for the build-out and operation of our facility in Newark,” states CEO Magnus Ryde. “We are pursuing opportunities to manufacture our CIGS modules offshore and have begun discussions with several potential partners to implement this strategy,” he adds. “They understand the commercial potential for our CIGS modules and they bring substantial manufacturing and financial capabilities to the table. Those potential partnerships, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a reverse merger with or an acquisition of DayStar,” he continues. “We are confident in our core proprietary CIGS technology and believe that completing a transaction with a strategic partner and manufacturing our CIGS modules offshore would provide the best opportunity to bring our product to market and to manufacture the product in the most cost-effective manner.”
On 3 May, DayStar disclosed that it had entered into an agreement for Dynamic Worldwide Solar Energy LLC to provide a series of loan commitments and at least one fully funded 25MW solar energy project. Dynamic proposed to assign to DayStar its interest in a fully financed contract to fabricate, install and commence operation of a 25MW solar energy generation plant. “If consummated, these projects will add a new ‘downstream’ dimension to DayStar and allow us to become a fully integrated solar energy company,” says Ryde. “DayStar’s acceptance of the assignments is subject to applicable due diligence.”
As disclosed in a Form 8-K filing yesterday with the US Securities and Exchange Commission (SEC), DayStar has been notified by landlord BMR-Gateway Boulevard LLC that its lease for premises at 7333-7373 Gateway Boulevard in Newark, CA has been terminated.
See related items:
NASDAQ to continue listing CIGS PV firm DayStar
Visit: www.daystartech.com
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