Innovalight, Inc., a privately-held firm developing silicon ink-based printed solar cells, 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.
The series C financing was led by Norway-based investor, Convexa Capital and supported by Scatec AS. Existing investors Apax Partners, ARCH Venture Partners, Harris & 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%.
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.
The new injection of capital will help Innovalight transition from development to first production.
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