Taiwan Semiconductor Manufacturing Company and Stion have signed a series of agreements covering licensing, supply and joint development of thin-film solar photovoltaic (PV) modules.

Under the agreements, Stion will license and transfer its thin-film CIGSS technology to TSMC, while TSMC will provide solar modules using the technology to Stion.

TSMC and Stion will also advance the thin-film technology through joint development, TSMC said in a statement.

As a part of the agreements, VentureTech Alliance, a TSMC affiliate, will invest $50m, taking a 21% stake in Stion.