Solar Thin Films, Inc. (OTCBB: SLTZ) is in the final stages of its negotiations to acquire 100% ownership of
BudaSolar Technologies Co., Ltd., a Hungary-based technology company
that develops thin film solar module manufacturing technologies,
including Building Integrated Photovoltaics (BIPV), related equipment,
and components of turn-key production lines and associated
computer software.
The parties have agreed on a five year earn-out arrangement and believe
that their agreement will be finalized within 30 days.
Solar Thin Films also announced that BudaSolar has signed a contract with China City Investments Limited to serve as technology provider for turnkey production lines with a capacity of 85 megawatts (MW) per year.
The agreement is the first phase of the Dalian City Industrial Park Project targeting the development of a complex, vertically integrated production center with cumulative PV production capacity of 1 gigawatt (GW) to be achieved in 10 phases.
Solar Thin Films develops, manufactures and markets a complete line of manufacturing equipment for the production of thin-film amorphous silicon modules through its subsidiary Kraft Elecktronikai Zrt. based in Budapest, Hungary. The Company sells both "turnkey systems" and sub-systems to customers currently located in China, Spain and the United States and has produced equipment for installations in the US, Germany, Portugal, Taiwan, Greece and Spain.