Item 1.01 Entry Into a Material Definitive Agreement.

As previously reported by Solar Thin Films, Inc. (the "Company") in its periodic filings made with the Securities and Exchange Commission (the "SEC"), during the year ended December 31, 2008, Solar Thin Power, Inc., a then majority owned subsidiary of the Company ("Solar Thin Power"), acquired a 15% equity interest in CG Solar (the "Equity Interest"), formerly WeiHai Blue Star Terra Photovoltaic Co., Ltd, a Sino-Foreign Joint Venture Company organized under the laws of the People's Republic of China for $1,500,000, as part of the Company's business strategy to take a minority interest in its customer base and to secure module supply for planned power projects to improve the chances of securing contracts.

As previously reported by the Company in its Current Report on Form 8-K which was filed with the SEC on July 16, 2009, effective as of June 30, 2009, Solar Thin Power was merged with and into the Company.

On September 16, 2009, the Company consummated the sale and transfer of the Equity Interest to Innofast Investments Limited (the "Transferee") pursuant to an equity transfer agreement dated as of September 16, 2009 with Renewable Energy Solutions, Inc. and the Transferee under which the Company received gross proceeds of $1,350,000. As part of the transaction, Renewable Energy Solutions, Inc. ("RESI"), another former equity owner of CG Solar, sold its equity to the Transferee and assigned its $450,000 payment to the Company in order to retire accounts payable owed by RESI to the Company's Kraft Elektronikai Zrt subsidiary. As a result, the Company received a total of $1,800,000 from the transaction.