Xunlight Corporation, a developer of low cost and flexible thin-film silicon solar modules, has raised $22 million in a Series B financing. The investment was led by Trident Capital, a private equity and venture capital firm that has over $1.6 billion under management. Existing investors, Emerald Technology Ventures and NGP Energy Technology Partners, participated in the round.
The proceeds will be used to build commercial manufacturing capacity for the production of lightweight and flexible thin film silicon solar modules.
Founded as a technology spin-off from the University of Toledo, Xunlight commercialized its technology with significant assistance from the State of Ohio’s Third Frontier Project.
"We are very pleased to attract investments from these three leading venture capital and private equity investors in the cleantech space," said Xunlight Chief Executive Officer Dr. Xunming Deng. "The new round of investment will allow the company to build a roll-to-roll production line and produce commercial PV products in high volume."
Dr. Deng further noted, "The investment made by the State of Ohio through its Third Frontier Project has helped to incubate the company through its early development stage. Governor Strickland’s proposal on Energy, Jobs and Progress of Ohio will play a crucial role in creating many green jobs in the State."
About Xunlight Corporation
Xunlight Corporation, a technology spin-off from the University of Toledo, engages in the development, manufacture, and marketing of photovoltaic modules that convert sunlight into electricity. The company develops thin-film silicon based photovoltaic products and manufacturing equipment for high-throughput production of flexible and lightweight photovoltaic modules at low cost. Xunlight completed its $7 million Series A financing in 2007 to build a roll-to-roll pilot production line. The company also received major R&D funding from the US Department of Energy, US Department of Commerce and Ohio Department of Development to develop its products and manufacturing process. Xunlight is headquartered in a 122,000 sqft manufacturing facility in Toledo, Ohio.
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