Solar Thin Films, Inc. Signs Agreement
November 12 2010 - 9:00AM
Marketwired
Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has
signed an agreement to acquire 100% of 2COR9, LLC, a California
company which will develop and install solar power plants for
industrial, commercial, and government customers. The types of
facilities which the company's personnel have sold while at
predecessor firms include agricultural centers, corporate offices,
distribution centers, manufacturing facilities and retail
facilities. The company's host customers generally have sizable
facilities so they can utilize extensive unused roof space.
The U.S. has become the fastest growing solar market in the
world and poses a great opportunity for Solar Thin Films. Vast
utility scale solar power projects are fueling a sharp increase in
the U.S. Solar Market overall. The U.S. solar electric capacity,
including both photovoltaic and concentrating solar power
installations, increased by 37% in 2009. Photovoltaic installations
(grid-tied) grew by 38%.
Solar has been a very visible component of California's overall
renewables initiative. The state created the California Solar
Initiative to target subsidies for residential sized systems in
addition to other programs aimed at large-scale commercial utility
sized installations. In the past few years, many states, following
California's lead, have passed laws promoting large scale adoption
of solar power. California will still remain the largest player in
the PV market, but other states will be close behind. 2COR9 LLC,
along with Solar Thin Films, Inc., are in the perfect spot to
exploit this opportunity and we have a pipeline of projects that
could make our company a meaningful participant in the Solar
Market.
As was stated in a recently filed 8K, we have decided to shift
our focus from turnkey factory sales in foreign markets through our
Hungarian manufacturing business to concentrate on establishing and
managing solar farms throughout the United States, Israel, Canada
and other places with government support programs for solar power
generation.
The acquisition should be completed within the next week or 10
days.
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