Xunlight Corporation, a developer of flexible and lightweight thin-film silicon solar modules, has received a $7 million loan from the State of Ohio, including $3 million from the Ohio Research and Development Investment Fund and $4 million from the Ohio Enterprise Bond Fund.
The proceeds will be used to expedite the construction of a 25-megawatt (MW) photovoltaic production line in Toledo, Ohio to mass produce flexible thin-film solar cells.
“Xunlight is fortunate to be headquartered in a state where the top elected officials are committed to supporting the renewable energy jobs growth. Both Lt. Governor Fisher and Ohio Treasurer Cordray have visited Xunlight and shared with us their visions of Ohio’s future in solar manufacturing.”, said Xunming Deng, CEO of Xunlight.
“Small businesses with innovative vision like Xunlight are the engine of Ohio’s economy,” said Ohio Treasurer Richard Cordray. “It’s critical that we work to keep them here and encourage growth and development today, in order to secure a stronger Ohio tomorrow. The Enterprise Bond Fund is a perfect example of government working together to keep Ohio jobs here in Ohio. Issuing bonds for the Department of Development to fund visionary ventures like this, is a vital role for the Ohio Treasury.”
Xunlight Corporation, a technology spin-off from the University of Toledo, engages in the development, manufacture, and marketing of lightweight and flexible photovoltaic modules that convert sunlight into electricity.
Xunlight has received over $40 million of institutional investments from Emerald Technology Ventures, Trident Capital, NGP Energy Technology Partners, and Rabo Ventures.
The Company has also received over $11 million of 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.
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