MEDIA RELEASE PR37760
Innovalight Raises an Additional $18 Million to Expand Silicon Ink Manufacturing for Global Solar
Market
SUNNYVALE, Calif., Jan. 6 /PRNewswire-AsiaNet/ --
New strategic investments from Singapore back plans to expand in region
Innovalight, Inc., a privately-held firm selling silicon ink-based high efficiency solar cell materials and
technology, today announced that the company 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. The opportunity is significant -
crystalline silicon solar cell technology accounts for 86% of the commercial solar panel market today,
according to Paula Mints, principal analyst for Navigant Consulting, Inc., a leading solar industry research firm.
"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. "The company fits well with EDBI's investment
interest in highly promising growth stage clean technology companies globally and helping them grow their
businesses and operations in Asia through Singapore," she added.
"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.
About Innovalight
Innovalight is based in Sunnyvale, California. The company is developing low-cost, high-performance solar
energy technology using proprietary silicon ink nanotechnology. Innovalight is venture capital backed and has
received additional development funds from the US Dept. of Energy. For more information visit
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups. It operates across the United
States, Europe, Israel and Asia and has more than 30 years of investing experience. For more information
About ARCH Venture Partners
ARCH Venture Partners has been investing in seed and early-stage technology companies for 21 years and
has special expertise in building technology companies from Universities and National Laboratories. For more
About Convexa Capital
Convexa is a leading Norwegian venture capital company that invests in early stage companies with
breakthrough technologies in solar and other energy related areas. Convexa has invested in several
companies in solar energy including Silicon Genesis Corporation (Sigen), Solopower, Confluence Solar,
Stellaris, Soliant Energy, Norsun and Metallkraft. For more information please visit www.convexa.com
About EDB Investments (EDBI)
EDBI is a leading investment firm headquartered in Singapore. It invests globally in the innovative and
dynamic sectors of Biomedical Sciences, Clean Technologies, Digital Media, as well as key industries in
Singapore. EDBI leverages on its extensive networks and experience to help bridge and drive the companies'
growth strategies for Asia. For more information please visit www.edbi.com
About Harris & Harris Group
Harris & Harris Group, Inc., is a publicly traded venture capital firm exclusively focused on investing in
companies enabled by nanotechnology and microsystems. For more information please visit www.hhvc.com
About Sevin Rosen Funds
Sevin Rosen Funds has a track record of funding successful technology companies since 1981, including
Compaq Computer Corporation and other early leaders such as Lotus Development Corporation, Electronic
Arts, Citrix, CIENA, Cyrix and Cypress Semiconductor. The firm has offices in Dallas, Palo Alto and Austin.
About Triton Ventures
Triton Ventures is a venture capital firm based in Austin, Texas investing in spinout and startup technology
companies whose products give them a defensible position in large and growing markets. For more
About Vertex Venture Holdings
Vertex Venture Holdings is a wholly owned subsidiary of Temasek Holdings, an investment company
headquartered in Singapore. Vertex was started in 1988 to undertake venture capital investment activities.
Headquartered in Singapore, Vertex focuses on investment in Asia and USA with offices in the Silicon Valley
and Beijing. Since 1988, the Vertex Group had managed a total of 13 direct funds with an aggregate fund size
in excess of US$1 billion invested in more than 300 companies. For more information please visit
SOURCE: Innovalight, Inc.
CONTACT: Tim Turpin of SparkPR
+1-415-244-9699
tim@sparkpr.com
for Innovalight, Inc.
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