DayStar Technologies, Inc. is a publicly traded solar energy company located in Santa Clara, California. Its primary product is a thin film photovoltaic material on a glass or plastic substrate. These thin film solar modules are manufactured using copper indium gallium (di)selenide (CIGS), which has shown a 19.5% NREL efficiency in real world conditions, slightly above CdTe and significantly above amorphous silicon. As part of their initiative to become a more integrated global renewable energy company, Daystar undertook to purchase Eco Energy Solutions Australia Pty Ltd on June 4, 2012 with a binding letter of intent. Daystar failed to consummate the transaction by tendering cash and shares as per this agreement. As a result, the Managing Director of Eco Energy Solutions and Daystar Technologies board member were forced to place Eco Energy Solutions into liquidation. This resulted in the lodgement of a lawsuit in the United States to recover losses from Daystar Technologies International.