Solar Thin Films, Inc. (OTC BB:SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic modules, has signed a memorandum of understanding ("MOU") with China Singyes Holding Limited to build out 100MW of module manufacturing capacity in China. Under the MOU, Solar Thin Films will supply equipment, technology and general engineering and design support, and retain certain rights outside of China to market and distribute building integrated photovoltaic (BIPV) products.
"This proposed arrangement with China Singyes could be a significant step forward in our goal to become a leader in supplying cost-effective, thin film photovoltaic module manufacturing equipment," commented Peter Lewis chief executive officer of Solar Thin Films.. Combined with our recently announced $12.3 million order from Grupo Unisolar, S.A to build a 5MW turn-key a-SI Module plant in Spain, it clearly shows the progress we are making.
"Pursuant to the MOU, Solar Thin Films expects to install cost-effective thin-film photovoltaic manufacturing equipment through 2011. Equipment installation is expected to commence as early as the fourth quarter of 2008. The initial production and sale of BIPV products could begin in 2009,
"This is a terrific opportunity for us as China Singyes is one of the country's largest curtain wall engineering companies, with numerous projects inside and outside China, and a demonstrated commitment to expand an already existing presence in the solar field," concluded Lewis. "Our rights to market BIPV output from the new facility outside of China would also open new customer channels and markets for us within the construction industry."
Solar Thin Films and China Singyes are currently minority shareholders and board members of CG Solar, a "thin-film" module manufacturing company located in Weihai, China, that utilizes equipment produced by Solar Thin Films.
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of nearly a dozen amorphous silicon photovoltaic factories worldwide. The Company sells both "turnkey systems" to customers including CG Solar in China and Grupo Unisolar in Spain, and contracted equipment to customers including EPV Solar (Hamilton, NJ, USA). Its line of proven, cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin film" PV modules as part of a cost effective, "clean technology" energy solution.
Forward-Looking Safe Harbor Statement
Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").
These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.
