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Solar Thin Films, Inc. formed of majority owned subsidiary Solar Thin Power, Inc.

Solar Thin Films, Inc. today announced the formation of Solar Thin Power, Inc., a majority owned subsidiary.

The purpose of the subsidiary is to pursue international and domestic opportunities to participate in solar energy power projects as part of a strategy to drive increased demand for its line of thin film photovoltaic manufacturing equipment.

The subsidiary will primarily pursue opportunities in Europe (and in particular Greece), North America and the Far East and intends to open an office in Athens, Greece in the near future to seek out and obtain new and existing licenses under government programs designed to stimulate the production of solar energy. It is anticipated that the subsidiary will be involved in the project management, marketing and finance of large-scale power projects.

These projects will require a substantial supply of thin film photovoltaic modules that may be acquired from existing and new customers of Solar Thin Films’ line of manufacturing equipment. The Company develops, manufactures and markets a complete line of manufacturing equipment for the production of “thin-film” amorphous silicon and CIGS photovoltaic (“PV”) modules, together with a wholly owned subsidiary based in Budapest, Hungary.

Personnel associated with the company have been responsible for the setup of 14 thin-film photovoltaic factories worldwide. The Company sells equipment directly to customers including EPV Solar (Hamilton, NJ, USA) and CG Solar (Weihai, China) and offers “turnkey factories” through technology partners including Amelio Solar, Inc. (Ewing, NJ, USA).

Management believes that its line of cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards “thin film” PV modules as part of a cost effective, “clean technology” energy solution. (tradingmarkets, press release)