KLC manufactures a solar panel system known as the Smart Solar Tracking System, or Tracker. The unique feature of the Tracker is that the solar panel changes position in response to the movement of the sun in relation to the earth; in essence, following the sun’s path. According to the company, this feature allows for a 50 percent increase in the amount of energy produced by the panel and has a number of applications.
The parties have agreed to finalize the agreement within 30 days. The acquisition includes 100 percent of KLC including a small amount of work in progress, as well as inventory. The terms of the acquisition are to be reported when the definitive agreement is signed by both parties.
James Solano, chief executive officer of Solar Thin Films, said, “The acquisition of KLC is a small but important transaction for us, as it adds significantly to our line of innovative products.”
Solar Thin Films, through its wholly-owned subsidiary Quality Resource Technologies Inc., develops waste to energy and solar energy projects, and is also focused on fiber reinforced plastics (FRP) technology. For more information, visit www.solarthinfilms.com.
Publication date: 8/26/2013