HATTIESBURG, Miss.– Stion, a leading U.S.-based thin-film solar manufacturer and project developer, announced today the purchase of $5.8M in production tools from AVACO under a Capital Lease Agreement.
These tools will complete the first full production line in Stion’s manufacturing facility in Hattiesburg, and help double production output from 60 MW to 120 MW per year. The two companies will also extend their Engineering Services Agreement as part of this deal.
AVACO is providing 6 thermal processing furnaces for the absorber formation process, and 2 TCO (transparent conducting oxide) deposition tools. These tools will allow Stion to eliminate bottlenecks within the production line. This build-out along with other productivity improvements will allow the line to reach its full target output of 120 MW per year.
AVACO has traditionally specialized in the manufacturing of flat panel display (FPD) equipment, and is continuing to grow its presence in the solar photovoltaic (PV) market by leveraging its thin-film coating and system engineering expertise. AVACO has already assisted Stion in building and retrofitting several key tools for its Hattiesburg factory.
“This partnership represents an exceptional opportunity for Stion to take advantage of strong demand in the US and other global markets,” said Chet Farris, CEO of Stion. “As our product has become more widely accepted for larger megawatt-scale projects, increased capacity has become key. We feel confident in AVACO as the equipment partner for this expansion.”
“AVACO is excited to continue expanding its presence in the US solar market,” said Jimyung Wee, Executive VP of Strategy and Planning for AVACO. “Our partnership with Stion shows our belief in and commitment to CIGS technology, and we hope to help Stion drive continued technology progress.”
Stion is a leading U.S.-based manufacturer of high-efficiency thin-film solar modules and provider of solar solutions. Stion was founded in 2006 and is backed by Khosla Ventures, the largest institutional investor in clean technology in the U.S. Stion is headquartered in San Jose, Calif. and opened its first high volume production facility in Hattiesburg, Miss. in 2012. For more information, visit www.stion.com.
About AAVACO CO., LTD:
AVACO, a publicly traded company headquartered in Daegu, South Korea, is a global supplier of thin-film processing equipment and specializes in the manufacture of SuVAS™ sputtering (PVD) vacuum deposition equipment (in-line, cluster, and roll-to-roll type), AEON™ atomic layer deposition (ALD) equipment, various BEOL equipment, and factory automation equipment. AVACO is known for delivering proven mass production manufacturing equipment that encompasses all aspects of display and semiconductor manufacturing. for more information, visit www.avaco.com.