SOURCE: Solar Thin Films, Inc.

January 03, 2007 15:47 ET

Solar Thin Films Enters Agreement With Renewable Energy Solutions to Prepare for Production of Next Generation CIGS-Based Thin Film PV Equipment and Turnkey Facilities

BUDAPEST, HUNGARY -- (MARKET WIRE) -- January 3, 2007 -- Solar Thin Films, Inc. (PINKSHEETS: SLTF) ("STF") announces R&D program with Renewable Energy Solutions, Inc. ("RESI") to develop manufacturing equipment for CIGS-based thin film PV modules.

STF has signed a three-year R&D agreement with RESI to develop the next generation of manufacturing equipment utilized to produce CIGS-based thin film PV modules.

Management believes that 90% of the modules delivered in 2005 used crystalline and polycrystalline silicon PV technology. The PV industry has recently experienced a shortage of electronic grade silicon used in the crystalline silicon PV modules, which limited the growth of the industry. Further, many of the major crystalline silicon PV module suppliers have initiated work in thin film-based photovoltaic materials, which is not affected by the silicon material shortage. Existing thin film technologies include amorphous silicon, cadmium telluride, and CIGS (Copper Indium Gallium Selenide) as the active semiconductor for the thin film devices.

STF/Kraft presently manufactures and markets amorphous silicon-based manufacturing equipment. "With this R&D contract with RESI, STF plans to introduce module manufacturing equipment to produce the next generation that will be more efficient and lower cost thin film CIGS-based PV modules on a glass substrate," commented Csaba Toro, the CEO of STF. STF's goal is to have the CIGS manufacturing equipment offered for sale during the 2007 fiscal year and further more to strive to become a world leader in providing turnkey facilities for CIGS-based thin film PV modules. Dr. Zoltan Kiss, a director, consultant and significant shareholder of STF, is also a shareholder, director and chief technical officer of RESI.

In a parallel development, STF is participating with RESI in providing a contract proposal responding to the Solar America Initiative (SAI) for the optimization of the CIGS technology presently held by RESI. The prime US governmental and university institutions, NREL (National Renewable Energy Laboratories), IEC (Institute of Energy Conversion), and PNNL (Pacific Northwest National Laboratory), have also participated in this proposal. The proposal covers a three-year optimization of the CIGS technology now existing at RESI. "We are proud of this vote of confidence in our CIGS technology by NREL, IEC and PNNL by participating with us in this proposed national program to optimize CIGS," said Dr. Zoltan Kiss. STF's contribution to this SAI program is the development of a tunnel valve separating two different vacuum zones in the CIGS manufacturing equipment. It is expected that SAI will advise as to whether it has accepted this proposal in mid-2007.

RESI is an R&D company whose personnel have been involved in the development of thin film photovoltaic technology, hydrogen storage using nanomaterials, fluorescent enhancement panels, and betavoltaics. RESI's most recent focus is to commercialize a manufacturing process for CIGS-based PV modules.

About Solar Thin Films, Inc.

Solar Thin Films operates through its majority owned subsidiary Kraft Electronics zRT. Kraft is an equipment manufacturing company headquartered in Budapest, Hungary engaged in the design, development and manufacturing of equipment utilized in the production of thin film based photovoltaic modules. Solar Thin Films' common stock is traded on the Other OTC Capital Market under the symbol "SLTF.PK."


The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.

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    Kriszta Hollo
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