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DayStar Technologies Sells New York Assets

mergers_acquisitions_225px-w_bwJuly 16, 2009 (FinancialWire) — Solar photovoltaic products developer DayStar Technologies, Inc. (NASDAQ: DSTI) (Current Market Cap: US$  29.13 Mil.) has sold the non-core assets of its Halfmoon, New York operation to Veeco Instruments, Inc. (NASDAQ: VECO).

Company CEO Robert Aldrich said, “we are in negotiations with potential strategic partners to allow us to expand our manufacturing capability and commercialize our CIGS PV modules.”

He said that the sale of the company’s New York assets “is another step in our strategic partnership strategy and is consistent with the direction we established for DayStar approximately two years ago.”

According to DayStar, the sale of the company’s New York assets will reduce annual operating expenses by over $2 million.

The transaction also allows the company to continue its efforts on the DayStar-proprietary reactive sputter process currently in use to produce CIGS-on-glass photovoltaic modules without diminishing opportunities to re-enter flexible PV module markets when business, technology, and market conditions favor such a product.

Santa Clara, California-based DayStar owns core technology that allows the creation of the critical CIGS, or copper indium gallium diselenide, layer in a single heated process step using the same reactive sputter process as used in most flat panel display and architectural glass factories.

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