Nanosolar is one of several Silicon Valley startups that have attracted billions of dollars in venture capital to develop a thin-film technology called copper indium gallium selenide, or CIGS. Such solar cells use little expensive silicon, the main ingredient of conventional photovoltaic cells.

FORBES: Nanosolar Snares a Gigawatt in Orders for its Thin-Film Solar Panels

IBM's approach is based on a process developed by IBM Research to crank out so-called thin-film solar cells based on copper, indium, gallium and selenide.

FORBES: Intel, IBM Get Solar Exposure

At nearly 14%, the efficiency of the thin-film panels which are made from copper, indium, gallium and selenium (CIGS), is close to that of silicon, albeit being much cheaper to produce.

FORBES: 14% Efficiency for Thin-Film Solar Cells, but Where Will the Indium Come From?

The three main types of thin film technologies use cadmium-telluride, copper-indium-gallium-selenide and amorphous-silicon to convert sunlight into electricity.

FORBES: First Solar Struggles Amid Decline Of Thin-Film Solar Market

Today, Intermolecular announced an ongoing project with King Abdullah University of Science and Technology (KAUST) in Saudi Arabia for the enhancement of copper-indium-gallium-diselenide (CIGS) thin film solar manufacturing technology.

FORBES: Intermolecular's Solar Strategy Rising During Industry Eclipse

Solar CIS, which stands for copper, indium and selenium, are solar photovoltaic (PV) modules that leverage the latest developments in thin-film technology.

FORBES: Solar Heats Up in Saudi Arabia