Remember that Bruce Springsteen song "Out in the Street" from The River?
DayStar Technologies is living it today.
The early -- and now faltering -- pioneer in copper indium gallium selenide (CIGS)solarcells reported today that it will seek partners to produce its panels overseas. The company will also entertain joint ventures and licensing.
Finding manufacturing partners may not be easy. While contract manufacturers are available for assembling modules or producing crystalline silicon solar cells, CIGS remains a rarefied art. Only a few companies -- Global Solar, Miasole, and Solyndra among them -- actually produce CIGS modules, and even then manufacturing is focused largely on relatively conservative modules. Mass manufacturing finicky CIGS modules remains a challenge.
The shift in part likely has to do with information disclosed in an SEC filing this month.
"On July 15, 2010, DayStar Technologies Inc. (the "Company") was notified by its landlord, BMR-Gateway Boulevard LLC (the "Landlord") that the Company's lease for the premises located at 7333-7373 Gateway Boulevard in Newark, California was forfeited and terminated, and that the landlord has received a judgment for possession of the premises," the filing states.
Tell Ma to pack up the chemical vapor deposition chambers. I'll see if I can get the cleaning deposit. The stock has nearly doubled to nearly $3.
The company has been struggling for some time. Back in February, DayStar appointed Magnus Ryde, who served as president of the U.S. operations of well-regarded TSMC, as its chief executive officer. That made Ryde the fifth person to hold that job in less than a year. The year before, Stephan DeLuca resigned, and was succeeded by interim CEO Robert Aldrich (not the TV actor.). Michael Mathvieshen followed a little while later: he served as CEO from mid-September to the beginning of October, when CFO William Steckel became interim CEO number two.
Also in 2009, COO and Solyndra alumni Ratson Morad left DayStar, as did two board members.
By the way, while DayStar might be sputtering, sputtering is not the basis of its technology -- it focuses on evaporation.