SOURCE: Solar Thin Films, Inc.

January 04, 2011 09:00 ET

Solar Thin Films, Inc. Enters Into Letter of Intent for Joint Venture

NEW YORK, NY--(Marketwire - January 4, 2011) -  Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has entered into a Letter of Intent with Greensol Alternative Energy Ltd. of Bnei Brak, Israel for the purpose of forming a joint venture and strategic relationships for the development and syndication of solar farms on both a proprietary and turnkey basis. In addition preliminary talks are underway in the United States, Canada, Europe and elsewhere to form similar joint ventures. Solar Thin Films, Inc. announced a similar arrangement last month with One Globe Renewables of Colorado. The Company describes these negotiations as being in line with its shift in focus from the sale of turnkey factories for the production of thin film solar modules, to now concentrate on establishing, financing, managing and syndicating solar farms as power projects both domestically and internationally.

Greensol Alternative Energy Ltd. is an Israeli company founded in 2009 and based in Israel. Greensol's focus is the development of numerous ground mount solar PV systems in sizes ranging from 50 KW to 8 MW. 

Solar Thin Films, Inc. (OTCBB: SLTZ) has manufactured solar module production equipment and turn-key amorphous silicon module factories. The Company is now working to establish itself as an international developer and syndicator of solar power projects.