Solar Energy | July 08, 2008 |
Innovalight Scores $5 Million in Funding
Innovalight may move into production of their photovoltaic silicon ink product sooner than previously believed. The solar start-up received $5 million in financing for equipment leases from ATEL Ventures. These funds could help Innovalight move into manufacturing as soon as 2009.
The California-based company already has a 30,000 square foot manufacturing facility in Sunnyvale, as well as offices in Santa Clara. Their work on thin-film solar, specifically Innovalight’s development of a silicon nanocrystalline ink, may lead to solar technology “as much as ten times cheaper than current solar cell solutions,” according to the company's website. ATEL Ventures is the funding arm of ATEL Capital Group, an independent leasing group.
Last year, Innovalight rasied $28 million in series C funding from several venture capital firms. The company has also raised $14 million in series A and B funding. Innovalight’s funds are close to $50 million at this point. Their future looks bright. Predictions for thin-film solar are amazing. Last week, Lux Research announced that they believe thin-film solar will be 28 percent of the solar market in just four years. Innovalight is poised to grab a significant market share if they can move into production quickly.
Image — Innovalight
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