Sunovia Raises $12M for Cadmium-Telluride Solar Cells

Sunovia Energy Technologies, Inc. (NASD OTC Bulletin Board: SUNV) announced the completion of its mezzanine round of financing. The company has currently raised a total of $12 million, and continues to allocate proceeds to the development of the scalable Cadmium-Telluride (CdTe) based solar cell manufacturing facility and sales of the EvoLucia^TM LED-based solid-state lighting solutions.

Sunovia and EPIR Technologies, Inc. (EPIR) have exclusively partnered to demonstrate a scalable manufacturing system for the production of low-cost, high-efficiency CdTe solar cells. More than $25 million has been invested into the companies’ core CdTe research, development and design for the high-throughput CdTe-based manufacturing facility.

Unlike other solar cell manufacturers that require substantial square footage for manufacturing, the companies say their advanced manufacturing concepts should allow them to produce more than 100 megawatts (MW) of high-efficiency CdTe solar cells within a 10,000 square foot area. The companies anticipate that the first scalable manufacturing system will be operational in less than 24 months and will have the capacity to produce more than 10 MW of CdTe-based solar cells during the first year immediately thereafter.

"After demonstrating the scalable 10 MW high-throughput CdTe manufacturing system, we believe that the company will be ideally positioned to add additional capacity within a relatively short period of time in a cost-effective manner. In addition, the core manufacturing system is designed to have a very small footprint and can be scaled to meet the increasing demands, which are anticipated for this market throughout the foreseeable future," said Carl Smith, CEO of Sunovia. 

In addition, Sunovia’s LED lighting subsidiary, EvoLucia^TM, recently completed a commercial installation of its ceiling or wall-mounted LED-based solid-state lighting solution. EvoLucia products are guaranteed for five years and have a projected lifetime of at least 50,000 hours, or more than 15 years for products that are utilized eight hours everyday.

About Sunovia Energy Technologies, Inc.

Sunovia Energy is a Sarasota, Fla.-based renewable energy and energy conservation company that is working to develop an advanced and cost-effective cadmium telluride (CdTe) solar cell technology. Sunovia is also the owner of the proprietary EvoLucia^TM LED lighting product line. Sunovia owns a significant equity interest in Illinois-based EPIR Technologies, Inc. (http://www.epir.com), an advanced IR sensor and IR imaging company.