News Article
TPCS bags $400,000 order from new customer
The CIGS solar deposition equipment manufacturer is diversifying by joining the alternative energy market with the order from another tier-1 customer.
TechPrecision Corporation (TPCS) a manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defence, aerospace and other commercial industries, has received an order of approximately $400,000 from a new Tier-1 customer for equipment to produce thin-film CIGS photovoltaic solar panels.
This represents the fourth new strategic Tier-1 customer signed by TPCS since the beginning of the Company's 2011 fiscal year.
"At the beginning of fiscal year 2011 we established a goal of signing four new Tier-1 customers, and I am proud that we have now signed our fourth Tier-1 customer," commented James Molinaro, CEO of TechPrecision Corporation. "This engagement further diversifies our customer base, particularly in the alternative energy vertical, and also increases our penetration in the rapidly growing solar energy market. This CIGS product complements our existing multi-crystalline and mono-crystalline solutions, and market trends indicate that CIGS technology will displace traditional thin-film technology in the next few years."
"Ranor's history of producing high-precision components with similar performance requirements gave us a distinct advantage to capture this business," commented Bill Hogenauer, Director of Business Development for TechPrecision. "$641 million was invested in U.S. solar companies in the first quarter of 2011 (according to the Cleantech Group,) and CIGS technology is a significant advance in thin-film photovoltaic materials. TechPrecision, with this strategic Tier-1 customer, will position itself as a leading supplier in the rapidly growing CIGS market."
The initial order is expected to ship by the third quarter of fiscal 2012.
