Iteknowledgies issues letter to GPEC to explore purchasing Solyndra assets

 

 

Ms. Sarah Duncan

Business Attraction Associate

Greater Phoenix Economic Council

2 N. Central Avenue

Phoenix, AZ 85004

 

Dear Ms. Duncan,

 

I met you and Barry Broome at a TIE event on June 14th 2011 where I was one of the technology presenters, Manthou Tsiouris of Iteknowledgies presenting Pfhotonika, a solar hydrogen stand alone power system.

 

I wanted to ask you to review with Barry Broome the viability of GPEC leading a solar business concept. The concept is to have GPEC sponsor and host a meeting of interested investors, lawyers, venture capitalists, representatives of APS and SRP including the State of Arizona to discuss the purchase of the Solyndra LLC., assets located in Freemont, California.  Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise.  Please visit www.EnergyDeals.wordpress.com  and search for Solyndra, for more information.

 

The concept is to explore if there is interest to put together a partnership to purchase Solyndra assets and move the technology and equipment to Arizona and operate the facility as a corporation. The assets cost over $750 million to build out and the US Government through the DOE invested ~ $528 million. As you may be aware, it is a closure that is being, quite correctly, scrutinized by congress.

 

I am proposing that GPEC facilitate a meeting to explore the possibility of putting together a consortium that includes State and local governments and utilities to explore how we could acquire the assets and locate the plant in Buckeye or Chandler Arizona using an existing building of 300,00-500,00 sq. ft. I am asking that you bring this proposal to the attention of Barry Broome and to discuss it further with me to explore the merits. In summary, the reasons that it would make a good opportunity to explore:

 

  • Utilize ASU and UA  and apply grants to continue R&D to improve the technology
  • Equipment, technical, patent and material assets will be available at a discount
  • All direct and indirect input costs are significantly lower in Arizona vs. California
  • All technical, managerial and direct Labor costs are lower in Arizona vs. California
  • State and municipal participation to support an investor led consortium to bid for the assets
  • The solar cells can be produced in Arizona and sold at a price point that is viable in the world marketplace

 

Sincerely,

 

Manthou Tsiouris, President and CEO

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