15 March 2011

XsunX signs multi-megawatt CIGSolar purchase and license deal with energy firm Globe Future

XsunX Inc of Aliso Viejo, CA, USA, which is developing hybrid copper indium gallium (di) selenide (CIGS) thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, has entered into an agreement with Globe Future Technology Development Co Ltd for the purchase of manufacturing systems and an operating license for XsunX's CIGSolar technology. XsunX will provide Globe Future with an initial baseline production system plus an additional 30MW CIGSolar production system to produce CIGSolar cells.

Globe Future is engaged mainly in industrial investment of operations in the field of management for the energy industry, including new energy-saving technologies and the development of renewable energy projects.

“This agreement further supports our business model and technology plan to introduce to the global market solar technologies that are truly unique and competitive with silicon cell technology,” says XsunX’s president & chief operating officer Joseph Grimes. “XsunX continues to target the silicon module manufacturing industry as a major customer segment, and we are positioning XsunX customers for success as they compete in the $18bn silicon solar cell industry,” he adds.

The patent-pending CIGSolar system and processing technology focuses on the mass production of individual thin-film CIGS solar cells that match silicon solar cell dimensions but can be offered as a non-toxic, high-efficiency and lowest-cost alternative. The firm is offering licenses for the use of the CIGSolar process technology, and plans to generate revenue through licensing fees and manufacturing royalties for the use of the CIGSolar technology.

Under the agreement with Globe Future, and as a condition to the commitment, the parties will now work to complete a joint specification to ensure that CIGSolar system configuration meets the optimal compatibility and integration for Globe Future’s specific needs. Once the parties have finalized specifications for the deliverables, Globe Future will post a letter-of-credit for the payment of the systems.

“We are completing our designs and are preparing to build our first baseline production system for use as our primary marketing tool,” Grimes notes. “We can now update these designs to meet Globe Future's specific product needs and re-capitalize our investment rapidly while still meeting our marketing and technology roadmap,” he adds. “We hope to secure additional commitments from other pending customers as we move forward.”

Tags: XsunX CIGS solar cell CIGS

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