Solar Thin Films, Inc. has been a manufacturer of solar module production equipment and turn-key amorphous silicon module factories, but now has it eyes set on establishing itself as an international developer and syndicator of solar power projects.
The California-based Company has recognized the rapid growth in solar technologies that is being spearheaded by California and is looking to capitalize on the trend. Earlier this month, Solar Thin signed an agreement to acquire 100% of 2COR9, LLC, a California company which will focus on developing and installing solar power plants for industrial, commercial, and government customers. The personnel of 2COR9 have backgrounds and contacts in many areas and corporations that will bring potential clients with large-scale facilities that can benefit from solar units on large areas of unused roof space.
One of the next steps in executing its business strategy is to acquire or form joint ventures with other companies across the globe to establish, finance, manage and syndicate solar farms as power projects both domestically and internationally. Preliminary discussions are ongoing in Israel, Canada and Europe as well as within the United States. Today, Solar Thin Films announced that it has entered into a Letter of Intent with One Globe Renewables, LLC for the purpose of forming a joint venture and strategic relationships for the development and syndication of solar farms on both a proprietary and turnkey basis.
Founded in 2010, Colorado-based One Globe Renewables, LLC focuses on the development, financing and power project management of rooftop, carport and ground-mount commercial solar photovoltaic energy producing assets in all domestic and selected international markets. Together, the companies are hoping to capitalize on the growing U.S. solar electric capacity, including both photovoltaic and concentrating solar power installations, which increased by 37% in 2009, and photovoltaic installations (grid-tied), which grew by 38%.
Financing for a portion of these projects has been announced through a placement agency agreement with Network 1 Financial Securities, Inc., a Broker Dealer and member of FINRA located in Red Bank, New Jersey, for the purpose of offering for sale, in a private placement, a $3.5 million dollar convertible debenture.
More information on Solar Thin Films can be found on the Company’s website at www.solarthinfilms.com
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