Solar Thin Films Inc. has signed a letter of intent to acquire a majority 60% interest in BudaSolar Technologies Co. Ltd. for an initial $3 million in working capital funding, with an option to purchase the remaining 40% minority interest.
BudaSolar is a Budapest, Hungary-based developer of thin-film technologies and manufacturing equipment. The agreement contemplates consolidation of the two companies into a single entity to be called STF Technologies Zrt. The proposed consolidation, which joins BudaSolar operations with Kraft Elektronikai Zrt, Solar Thin Film's main operating subsidiary in Hungary, would strengthen the engineering team, secure local equipment manufacturing capacity and expand production capability.
‘This proposed agreement to invest in BudaSolar Technologies is another step forward in our goal to become a leader in supplying cost-effective thin-film photovoltaic module manufacturing equipment,’ says Peter Lewis, CEO of Solar Thin Films.
SOURCE: Solar Thin Films