AQT Solar seeks support

VentureWire has reported that on the back of continued difficult market conditions, California-based AQT Solar, along with a number of other small private solar manufacturers, is looking to find a partner or buyer. It says the company has "retained Gerbsman Partners to handle the sale of its assets and intellectual property." Neither AQT Solar nor Gerbsman could be contacted to confirm the news.

Established in 2007, AQT Solar manufactures thin film photovoltaic CIGS cells. This January, it announced it had secured US$18.7 million in venture funding, which it wanted to use for a second CIGS line in Sunnyvale. The company further said it had attracted almost $40 million in capital to date. It added that its production line was "operating around the clock" and that it expected to have an installed capacity of over 30 MW by the middle of 2012.

Meanwhile, in January 2011, AQT said it had chosen Richland County, South Carolina as the site of its new manufacturing facility and unveiled its plans to create 1,000 jobs and expand annual production capacity to 1 GW.

Also this January, Lux research wrote that AQT, along with ISET and Flisom, is a potential acquisition target. "All three are … firms with strong technical value but weaker business execution scores … and have assets that make them prized acquisition targets," it explained.