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Solar Thin Films Schedules Delivery and Installation Of 5MW Amorphous Silicon Module Manufacturing Plant For Grupo Unisolar, S.A.

Posted on: Tuesday, 9 September 2008, 09:00 CDT

Solar Thin Films, Inc. (OTC BB:SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of "thin-film" amorphous silicon (a-Si) photovoltaic modules, has received $3.6 million from Grupo Unisolar, S.A. ("Grupo Unisolar") against the $12.3 million contract to build a 5MW turn-key amorphous silicon (a-Si) module thin-film photovoltaic manufacturing plant in Spain. With this 30% deposit, Solar Thin Films has moved beyond the planning stage, and has begun to fulfill the contract.

Delivery and installation is expected to commence in late 2008 and to be completed during 2009. Solar Thin Films will receive an additional 50% of the $12.3 million dollar purchase price upon delivery of the equipment throughout 2009, and the remaining 20% upon completion and acceptance. Under the terms of the turnkey sale, Solar Thin Films will also provide certain installation and testing services to Grupo Unisolar.

"With this payment, we are ready to move beyond the initial phases of the project and schedule the first deliveries for the fourth quarter. We expect to deliver and install throughout 2009 and to have acceptance late next year," said Peter Lewis, chief executive officer of Solar Thin Films. "This plant is another opportunity for Solar Thin Films to demonstrate its capabilities and process expertise in producing a complete line of cost-efficient manufacturing equipment for the production of thin-film amorphous silicon modules. The environmental and cost advantages of thin-film a-Si over crystalline silicon and other thin-film technologies is creating many opportunities for us to expand our share of the photovoltaics market and establish Solar Thin Films as a clear leader in supplying cost-effective, thin-film photovoltaic module manufacturing equipment. As thin-film technology continues to advance we anticipate it will play an increasing role relative to crystalline silicon and garner a growing share of the solar power market," concluded Lewis.

About Solar Thin Films

Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of nearly a dozen amorphous silicon photovoltaic factories worldwide. The Company sells both "turnkey systems" to customers including CG Solar in China and Grupo Unisolar in Spain, and contracted equipment to customers including EPV Solar (Hamilton, NJ, USA). Its line of proven, 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.

About Grupo Unisolar, S.A.

Grupo Unisolar, S.A. is a corporation organized and in good standing under the laws of Spain. The Company's largest shareholder is Itelsa, S.L., which was formed in 1982. Itelsa has worked together with some of the largest manufacturers in the renewable energies industry, such as BP-Solar, AEG, Siemens, Chronar, Arco, Helio, Solarex, Made, and Isofoton. Itelsa has had more than 3,000 PV and 800 thermal installations and is considered a pioneer in the solar sector within Spain. Grupo Unisolar's Corporate Brochure (in English) can be accessed through the following link: http://www.grupounisolar.com/docs/Grupo%20Unisolar%20-%20Corporate%20 brochure%20v2007-10-03.pdf

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Forward-Looking Safe Harbor Statement

Statements in this news release regarding future financial and operating results, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will,""believes,""plans,""anticipates,""expects,""estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including: limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").

These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.

Source: Business Wire

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