AVACO receives purchase order of $5.8M in production tools under a Capital Lease Agreement from Stion.
These tools will complete the first full production line in Stion's manufacturing facility in Hattiesburg, and help double production output from 60MW to 120MW 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. This build-out along with other productivity improvements will allow the line to reach its full target output of 120MW per year. 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 U.S. 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 the key. We feel confident in AVACO as the equipment partner for this expansion."
"AVACO is excited to continue expanding its presence in the U.S. 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."