DayStar Technologies, Inc., a Delaware corporation, was incorporated in February 1997. It completed its initial public offering in February 2004. It is a development stage enterprise, which develops, manufactures and markets products for the solar photovoltaic (PV) industry. The Company has developed a proprietary thin film deposition technology for solar photovoltaic (PV) products. It utilizes a proprietary one-step sputter deposition process and has manufactured a commercial scale deposition tool to apply high-efficiency copper indium gallium diselenide (CIGS) material over large area glass substrates in a continuous fashion. The Company intends to integrate this tool with commercially available thin film manufacturing equipment, which will provide it with a critically differentiated manufacturing process to produce low-cost monolithically integrated, CIGS-on-glass modules that address the grid-tied, ground-based PV market. It has initiated construction of its initial module production line. To facilitate its entry into the addressable solar PV market, it has entered into a contract with Blitzstrom GmbH, one of thin film solar PV integrators, that commits Blitzstrom to purchase a minimum of 50% of its production through 2011, subject to these products meeting defined performance criteria. The solar electricity industry currently supplies modules used in solar PV systems primarily for grid-connected systems.
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