Perhaps it should come as no surprise that struggling CIGS thin-film start-up, DayStar Technologies has said that a lease for premises it uses in Newark, California has been terminated. The company is now pursuing opportunities to manufacture CIGS modules offshore. It noted that since May 2010, raising funds to continue operations has proved difficult, and that it could, in the ‘very near term,’ file for bankruptcy.
However, one piece of good news is that the company says a deal to supply a 25MW solar energy plant to Dynamic Worldwide Solar Energy has almost been sealed, though timelines were not disclosed.
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“While DayStar has accomplished significant innovations with our CIGS process and technology, we have encountered challenges in obtaining affordable capital for the build-out and operation of our facility in Newark, California,” commented Magnus Ryde, CEO of DayStar Technologies. “At this time, we are pursuing opportunities to manufacture our CIGS modules offshore and have begun discussions with several potential partners to implement this strategy.”
