Solar Thin Films, Inc. Enters Into Agreement With Ulster County, New York to Establish a Solar Module Manufacturing Facility
14 Agosto 2008 - 2:27PM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTN), a developer, manufacturer and
marketer of manufacturing equipment for the production of
"thin-film" amorphous silicon photovoltaic modules, announced today
the signing of an agreement with Ulster County, New York, for the
establishment of a solar module manufacturing plant. The accord was
negotiated with Congressman Maurice Hinchey (D-NY), Ulster County
officials, and representatives from the Ulster County Development
Corporation (UCDC) and The Solar Energy Consortium (TSEC). As part
of the transaction, the Company will establish a new manufacturing
facility in Ulster County. The facility will represent Solar Thin
Films' first amorphous solar module manufacturing plant in the
United States.
The Company will utilize solar module manufacturing machinery
produced by Kraft Electronikai Srt., based in Budapest, Hungary, a
subsidiary of Solar Thin Films. The Company anticipates that, once
established, the facility will be capable of establishing six lines
of equipment capable of producing 36 megawatts of module power. In
addition, Solar Thin Films will also use its new Ulster County
location for research into the enhancement of amorphous silicon
module efficiency as well as the development of copper indium
gallium selenide (CIGS) panels. The parties believe that the new
facility will create a substantial number of new jobs in Ulster
County over the next five years.
In his keynote statement, Congressman Hinchey said:
"Today we take another enormous step forward in our goal of
establishing the Hudson Valley and all of New York as a national
and international hub for solar research and development. I am
especially pleased that Solar Thin Films uses amorphous silicon
since it is the most well-developed thin film technology to-date
and has a promising avenue of further development. Solar Thin Films
is playing a critical role in the steady advancement of solar
technology by increasing the efficiency of solar products and
lowering their costs. I am excited to welcome into The Solar Energy
Consortium, Solar Thin Films -- a firm dedicated to making solar
technology more mainstream across the county, state and
country."
"TSEC is to be complimented in making Solar Thin Films aware of
the enormous potential available in Ulster County as the company
pursues its goal to be a leading provider of amorphous silicon
solar modules," Robert Rubin, Solar Thin Films' Chairman said.
"TSEC and the Ulster County Development Corporation have assisted
Solar Thin Films in finding an appropriate factory site, have
assisted us in satisfying our financial needs and have been
instrumental in forging potential power partnerships with local
utilities. These steps will be instrumental in protecting the
environment, reducing our need and utilization of oil and
significantly alter the rate of the energy cost spiral. We hope to
be a major employer in the county and more importantly a very good
neighbor."
Solar Thin Films will formally apply for a $10 million
industrial development bond with the assistance of the Ulster
County Development Corporation in order to aid in the purchase of
equipment. Ultimately, Solar Thin Films will invest approximately
$60 million into the manufacturing and research components.
The amorphous silicon modules produced in Ulster County will be
offered for sale worldwide.
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 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.
For Solar Thin Films, Inc. Corporate Communications Group, Inc.
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