Still operating as a ‘going concern,’ CIGS’ thin-film deposition technology developer, DayStar Technologies reported a second quarter 2011, net loss of US$1.1 million, up from US$0.4 million in the first quarter and down from losses of US$12.2 million in the prior year period. Cash and cash equivalents remaining only amounted to US$5,000 as of June 30, 2011, though the company has received additional bridge financing of $300,000 to fund operations.
DayStar Chairman and Interim CEO, Peter Lacey, commented, “We continue discussions with potential strategic investors with the objective of enhancing shareholder value.”
The company said in the previous quarter that is was ‘well positioned to complete a strategic partnership and to capitalize on the increasing market opportunities within the renewable energy industry.’
However, only in the last month, CIGS equipment supplier, Veeco Instruments exited the CIGS thin film market.
Veeco’s CEO John Peeler cited at the time “various reasons,” for the decision, “including the improved performance of mainstream solar technologies and the lower-than-expected end-market acceptance for CIGS technology to date. While CIGS remains an important thin-film solar technology, we have determined that the timeframe and cost to successful commercialization are not acceptable to Veeco.”
Manz has also yet to find the first buyer of its turnkey CIGS technology, licensed from Wurth Solar, which has successfully been in production for many years.
Weak demand for thin film technologies, due to the rapid price declines across the crystalline solar supply chain during a period of weak market demand is adding further pressure on alternative technologies to remain competitive.