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The board of directors for DayStar Technologies has accepted the notice to terminate a letter of intent in regards to the proposed transaction with EPOD Solar, citing its decision as in the best interest for all of DayStar’s shareholders. The company will still search for other financing options and will also continue with the $125 million loan guarantee application with the U.S. Department of Energy, filed September 14.

DayStar Technologies, a copper-indium-gallium-(di)selenide thin-film PV developer based in Santa Clara, CA, is running out of money. Although the company posted a smaller net loss in its just-announced second-quarter results than it experienced in the first quarter and the value of its net property and equipment has risen to $50 million because of increased investment during the period, its cash and cash equivalents have dwindled to $1.3 million. As a result of its financial woes, DayStar says it will need "substantial funds in the near term" to continue operations, ramp its first production line, and begin shipping products, and a failure to raise such monies may result in the company declaring bankruptcy and possibly shutting down part or all of its operations.