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Innovalight Raises 28 Million Dollars For Solar Product Development
Santa Clara CA (SPX) Oct 16, 2007 Innovalight announced that the company has raised $28 million in new capital. With new financing in hand, the Company is relocating to a new 30,000 square foot manufacturing facility in Sunnyvale, California. This series C financing was led by Norway-based investor, Convexa Capital and supported by Scatec AS. Existing investors Apax Partners, ARCH Venture Partners, Harris and Harris Group, Sevin Rosen Funds and Triton Ventures also participated in this financing. "Innovalight is developing a very attractive approach to lower the costs of conventional solar energy," said Bjorge Gretland, managing partner for Convexa Capital who joins the board of Innovalight. "The company's silicon ink process to make cheaper solar cells offers huge potential to help accelerate growth in the overall solar market," he added. Compared to solar modules in the market today, Innovalight has developed a proprietary technology that utilizes liquid processing of silicon to produce high-efficiency solar cells that have the potential to reduce solar costs by more than 50 percent. Innovalight recently elected Alf Bjorseth, Chairman of Scatec AS, to the company's Board. Alf Bjorseth is founder, former president and chief executive officer of Renewable Energy Corporation (REC) -- one of the largest vertically integrated solar energy companies in the world. "This new injection of capital into Innovalight will help transition the company from development to first production," said Conrad Burke, president and chief executive officer. "We are delighted to add two new very distinguished investors to our already strong syndicate," he added. Community Email This Article Comment On This Article Related Links Innovalight All About Solar Energy at SolarDaily.com
Advanced Energy Research Technology Center Being Built At Stony Brook University
Stony Brook NY (SPX) Oct 16, 2007Ground will be broken Tuesday for a $35 million energy center that will work to make alternative energy available to everyone and establish Long Island as a leader in the growing alternative energy sector. The Advanced Energy Research Technology Center being built on the campus of SUNY Stony Brook will research and promote every area of alternative energy, including solar, wind, hydrogen fuel cells, geothermal, biomass and nano-technology. |
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