January 6, 2010
Sunnyvale,
CA, USA: Innovalight Raises Additional $18 Million to Expand Silicon
Ink Manufacturing
Innovalight,
Inc., a privately-held firm selling silicon ink-based high efficiency
solar cell materials and technology, has raised $18 million in
additional capital. This new round of capital will be used to
expand the company’s proprietary silicon ink production for customers.
This
series D financing was led by EDB Investments (EDBI) of Singapore.
Also joining this investment round is Vertex Venture Holdings,
the venture subsidiary of Temasek Holdings, Singapore. All existing
investors – Apax Partners, ARCH Venture Partners, Convexa Capital,
Harris & Harris Group, Sevin Rosen Funds and Triton Ventures participated
in the round.
Innovalight’s
proprietary nanotechnology-based silicon ink and processing technologies
allow crystalline silicon solar cell manufacturers to dramatically
boost output capacity, solar cell performance as well as reduce
costs with a simplified additional step to already installed manufacturing
lines.
“With
its elegant and cost-effective technological platform to improve
performance of silicon-based photovoltaics, Innovalight is well
positioned to take advantage of opportunities in the fast growing
solar market,” said Swee-Yeok Chu, CEO of EDB Investments.
“This
new injection of capital will allow Innovalight to expand sufficiently
to support our numerous customer engagements,” said Conrad Burke,
president and chief executive officer. “We are delighted to add
EDB Investments and Vertex Venture Holdings to our already strong
syndicate of investors,” he added.
Innovalight
recently announced record 18 percent conversion efficiency with
their silicon ink solar cell platform. The industry standard size
solar cell results were independently certified by two of the
world’s recognized solar cell testing centers, the U.S. Department
of Energy’s National Renewable Energy Laboratory (NREL) and The
Fraunhofer Institute for Solar Energy Systems (ISE) in Germany.
The company has a development roadmap to ultimately bring conversion
efficiencies of solar cells over 20% with their platform silicon
ink and processing technologies.
Further details about: Innovalight,
Inc
|
