Wednesday, January 6, 2010
Innovalight Inc. (Sunnyvale, Calif.) , a startup focused on developing low-cost, printed solar cells, 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.
The 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 silicon ink and processing technologies allow crystalline silicon solar cell manufacturers to boost output capacity, solar cell performance and reduce costs with the addition of a process step on already installed manufacturing lines.
Crystalline silicon solar cell technology accounts for 86 percent of the commercial solar panel market today, Innovalight said citing Paula Mints, principal analyst for Navigant Consulting Inc.
"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, in a statement issued by Innovalight.
Innovalight has announced 18 percent conversion efficiency with their silicon ink solar cell platform. The company has a development roadmap aimed at achieving conversion efficiencies of solar cells over 20 percent with their platform silicon ink and processing technologies.
By: DocMemory
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