PacWest Equities Inc has acquired DayStar Technologies Inc's line of CIG Solar Technology, in a deal analysts have valued in excess of $55m. PacWest specializes in working with under-performing organisations and bringing together the resources needed for them to attain financial stability and growth, says the firm.
The acquisition includes the ownership of DayStar's 15 Chamber copper indium gallium diselenide (CIGS) production line which produces solar covered glass panels at the rate of one 2 x 4 sheet per minute, which is of significant importance to PacWest's subsidiary World EcoSource's MobileFood and MobileFeed Organic Food and Feed production lines (which use solar energy to naturally grow animal bio-feed and organic foods). The technology purchase also includes DayStar's 51 patents, patents pending, and international patents.
DayStar Technologies Inc of Kelowna, BC, Canada, which was founded in California in 1998 to make copper indium gallium diselenide (CIGS) thin-film photovoltaic modules, began negotiating the sale of its CIGS solar technology, equipment and patent library with PacWest earlier this year. The firm developed its CIGS photovoltaic module based on its proprietary one-step CIGS deposition process. The CIGS module addresses the construction market's need to be compatible with solar's largest growth area, i.e. building integration and the most rapidly growing market for thin-film solar (BIPV).
The technology cost over $100m to develop, with $67m going to research & development, $12m to build the prototype line, and $27m going to the production line now in PacWest's possession.
