TOLEDO -- Xunlight Corporation announces it has raised $22 million to produce lightweight and flexible thin film silicon solar modules. The move is expected to bring hundreds of jobs to the area, reports News 11's Shelley Brown.
Founded as a technology spin-off from the University of Toledo, Xunlight commercialized its technology with assistance from the State of Ohio's Third Frontier Project. In a press conference held Friday, Ohio Governor Ted Strickland explained how the State of Ohio's investment in technology has created high quality Ohio jobs.
Strickland encouraged other companies to follow Xunlight's lead because energy standards "will require by the year 2025 that 25 percent of all the electricity sold in Ohio must come from renewable and advanced energy technologies... ."
Xunlight Chief Executive Officer Dr. Xunming Deng 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 collar jobs in the State."
The company has even more information about this announcement on their website: visit www.xunlight.com.
Xunlight was featured in the October 8, 2007 issue of Newsweek magazine and a March 24, 2008 report of CNN News. Thomas Weisel Partners served as a financial advisor to Xunlight in connection with its Series B financing.
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. For additional information, visit www.xunlight.com.
About State of Ohio's Third Frontier Project
The State of Ohio's Third Frontier Project was initiated in February 2002. This project is the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come. The 10-year, $1.6 billion initiative is designed to build world-class research capacity; support early stage capital formation and the development of new products; and finance advanced manufacturing technologies to help existing industries become more productive. Through the Third Frontier Project, additional federal and private sector support can boost the total investment to more than $6 billion. For additional information, visit http://www.ohiochannel.org/your_state/third_frontier_project/about.cfm.
About the three investors
* Trident Capital
Trident Capital is a leading venture capital and private equity firm with over $1.6 billion of capital under management, including $400 million raised in its most recent fund, Trident Capital Fund VI. Trident focuses on investments in the business services, information services, software sectors, Internet and Cleantech across a variety of industries. Within its sector focus, Trident invests across multiple stages, including traditional venture capital investing as well as investments in micro-cap public companies, buyouts and consolidation platforms. The firm has made over 120 investments since inception. Trident has investment offices in Palo Alto, Calif. and Westport, Conn. For additional information, visit www.tridentcap.com.
* Emerald Technology Ventures
Emerald Technology Ventures is a global leader in cleantech venture capital. Founded in 2000 under the name SAM Private Equity, Emerald is a pioneer in this rapidly emerging sector and is focused on innovative technologies in energy, materials and water. From offices in Zurich, Switzerland, and Montreal, Canada, Emerald manages three venture capital funds and two venture capital portfolio mandates totalling over EUR 300 million (US$ 450 million). Emerald is currently investing out of its latest fund and is looking for energetic and passionate entrepreneurs with the vision to build world-class clean technology companies. For additional information, visit www.emerald-ventures.com.
* NGP Energy Technology Partners
NGP Energy Technology Partners, L.P. is a Washington, D.C.-based $148 million fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power and alternative energy sectors. The fund is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP Energy Technology Partners is an affiliate of NGP Energy Capital Management, a $9.3 billion firm based in Irving, Texas that invests in all sectors of the energy industry. For additional information, visit www.ngpetp.com.
Oops...didn't see that neighborhood concerns had already posted this. Sorry.