Innovalight, Inc. has raised an additional $7.5 million in private equity financing. This Series B financing led by Harris & Harris Group, Inc., includes investment from existing investors Apax Partners, ARCH Venture Partners, Sevin Rosen Funds and Triton Ventures.
Innovalight plans to employ this additional capital to accelerate the development of ultra-low cost, lightweight solar cells using a proprietary silicon ink-based technology.
“We are honored to lead this round of funding for Innovalight as the company is addressing an important problem with an innovative solution,” said Dr. Daniel Leff, executive vice president and managing director at Harris & Harris Group, Inc. Dr. Leff will also join Innovalight’s board of directors.
Today, over 90 percent of solar energy modules are made from crystalline silicon wafers that are costly to produce and in critical short supply because of competing demand from the semiconductor industry.
“Today, solar energy represents a paltry two-hundredths of one percent of the total global electrical energy generated because current production methods are still too expensive,” said Conrad Burke, president and chief executive officer. “Innovalight is developing a technology that could ultimately reduce the cost of producing solar-generated electricity tenfold.”
Innovalight was recently recognized as a 2006 Technology Pioneer by the World Economic Forum, Switzerland, for the company’s potential to substantially reduce the cost of clean, renewable energy production.
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