Energy Photovoltaics, Inc. (EPV), a thin-film photovoltaic manufacturer, has closed on $77.5 million of senior secured notes which are convertible into its common stock.
EPV will use the proceeds to increase manufacturing capacity to over 85 MW in the next 18 months. Up to 25 MW of the expansion will be in the New Jersey region. EPV is currently considering several U.S. states and European countries as locations for remaining capacity expansion beginning in 2008. As next generation equipment is rolled out, EPV plans to expand capacity by approximately 85 MW per year for the next several years.
Said CEO Scott Massie, “This funding represents a strong endorsement for the market position of EPV and the growth potential of our commercially proven solar technology. This capital will allow us to take our solar technology and proprietary manufacturing process and transition EPV into a high-volume, low-cost producer of world class thin-film solar modules and products.
EPV’s 15 year experience in developing its own manufacturing equipment, means that we can expand our manufacturing capacity quickly and on a highly competitive cost basis. Funding at a level of $77.5 million demonstrates that investors wish to participate in EPV’s cost-effective solar electric (photovoltaic) technology growth, positive environmental profile, and vision of making solar energy available and affordable for all types of customers throughout the world.”
About EPV
Energy Photovoltaics, Inc. (EPV), was founded in 1991 as a thin-film solar energy equipment manufacturing company based near Princeton, New Jersey. EPV develops and builds its own manufacturing equipment for production of amorphous-silicon high-performance, low-cost thin-film photovoltaic modules. Due to its proprietary manufacturing process, EPV’s low-cost production process is noted for excellent energy pay-back. EPV’s volume scalability is one of the best in the solar industry.
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