Solar panel specialist PowerFilm has won a new contract in GPS asset tracking and is moving into thin film transistors.

Iowa-based PowerFilm, which floated on AIM in May with a £10 million funding at 120p, develops and manufactures thin, flexible solar panels with a variety of applications, says it has won orders worth more than £1.23 million this year for this particular application. In this case, the un-named buyer is a leading developer of advanced wireless technologies to use solar panels in GPS systems tracking, for example, lorry fleets, using antennae to transmit cargo location data to satellites, which transmit the data to centralised tracking systems.

PowerFilm, which made £118,000 pre-tax in the first half of this year — more than twice its profits for the whole of 2005 — says demand is fast outstripping supply in its existing markets. Mike Coon, the company's operations and finance chief, says PowerFilm is keen to expand into new areas and has its sights set on thin film transistors - used in the manufacture of flat screen computer monitors.

The company is working with the US Display Consortium and computer giant Hewlett Packard to develop an appropriate product. At 130p, up 5p this morning, PowerFilm shares could well outperform some other sector players.

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PowerFilm (Reg S)	AIM	£12.22m	33.00p	0.00p
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