DayStar cuts 20 jobs, moves to Calif.
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HALFMOON, N.Y., May 16 Halfmoon, N.Y.-based DayStar Technologies Inc. will cut 20 jobs and move its base back to California after losing almost $18 million in the first quarter.The Times Union reported that the company had moved from California to Halfmoon in June 2004 with a $600,000 grant and up to $11 million in incentives from New York state.DayStar produces solar cells on a flexible film. The copper indium gallium diselenide, or CIGS, modules that DayStar has been developing are an alternative to silicon, which is in great demand.In a filing with the U.S. Securities and Exchange Commission, DayStar reportedly lost $17.9 million in the first quarter this year. The company said it will need to secure financing to establish a manufacturing line in California. In 2006, DayStar lost $20 million and had only minimal product revenue."We understand that DayStar Technologies has been having financial problems, and that it feels that as a strategic decision involving its future, it needs to move some of its employees from New York to work on a new technology being developed in California," said Dan Gundersen, upstate chairman of Empire State Development Corp. "Nevertheless, we will enforce the requirements of their commitment and aggressively seek to recapture funds advanced to the maximum extent." Copyright 2007 by UPI
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