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XsunX and Globe Future sign CIGSolar purchase agreement

XsunX will initially provide Globe Future with baseline production system, and an additional 30 MW CIGSolar production system to produce CIGSolar cells.

XsunX, a developer of hybrid, thin-film photovoltaic (TFPV)CIGS solar cell technologies and manufacturing processes, has entered into an agreement with Globe Future Technology Development Company.

Globe Future will purchase of manufacturing systems and an operating license for XsunX's CIGSolar technology. Under the agreement, XsunX will provide Globe Future with an initial baseline production system, and an additional 30 MW CIGSolar production system to produce CIGSolar cells.

Joseph Grimes, XsunX's President and COO, commented, "We are very fortunate to solidify this agreement with Globe Future. This agreement further supports our business model and technology plan to introduce to the global market solar technologies that are truly unique and competitive with silicon cell technology."

Grimes added, "XsunX continues to target the silicon module manufacturing industry as a major customer segment and we are positioning XsunX customers for success as they compete in the $18 billion silicon solar cell industry."

Under the agreement, and as a condition to the commitment, the parties will now work to complete a joint specification to ensure that CIGSolar system configuration meets the optimal compatibility and integration for Globe Future's specific needs. Once the parties have finalised specifications for the deliverables, Globe Future will post a letter-of-credit for the payment of the systems.

Grimes further noted, "We are completing our designs and are preparing to build our first baseline production system for use as our primary marketing tool. We can now update these designs to meet Globe Future's specific product needs and re-capitalise our investment rapidly while still meeting our marketing and technology roadmap. There's a lot of work ahead but we are very excited about the opportunity to execute on our agreement with Globe Future and hope to secure additional commitments from other pending customers as we move forward."   

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