Sunnyvale, Calif.-based Innovalight Inc., which sells silicon ink and advanced solar cell process technology, has inked $3.4 million in funding under the SunShot initiative by the U.S. Department of Energy. The money will help the company accelerate the development and production of silicon ink material and processes for high efficiency solar cells. With more than $63 million raised previously, Innovalight is also backed by EDB Investments of Singapore, Vertex Venture Holdings, Apax Partners, ARCH Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures.
SUNNYVALE, Calif., May 20, 2011 /PRNewswire/ — Innovalight, Inc., a privately-held company selling silicon ink and advanced solar cell process technology, today announced it has been selected for funding under the SunShot initiative by the U.S. Department of Energy (DOE). Innovalight will receive $3.4 million to accelerate the development and production of silicon ink material and processes for high efficiency solar cells at its operations in Silicon Valley.
Innovalight manufactures a nanotechnology-based silicon ink and licenses a proprietary process which allows for a simple upgrade to solar cell manufacturing lines to boost the performance of solar cells and lower production costs. The company recently announced supply agreements with several of the largest solar cell manufacturing companies in the world.
“After a hyper competitive selection process, we are thrilled that we were selected for funding by the U.S. Department of Energy,” said Conrad Burke, President and CEO of Innovalight. “This endorsement from the DOE for our innovative silicon ink technology which was invented and is exclusively manufactured here in the United States, is very timely for our expansion plans,” he added.
The DOE’s SunShot Initiative aims to dramatically decrease the total costs of solar energy at the utility, commercial and residential levels by 75% before the end of the decade, making solar energy cost-competitive with conventional forms of electricity without subsidies and enabling widespread deployment of solar energy.
About The U.S. Department of Energy’s SunShot Initiative
The SunShot Initiative builds on the legacy of President Kennedy’s 1960s “moon shot” goal, which laid out a plan to regain the country’s lead in the space race and land a man on the moon. To achieve the SunShot goal of reducing the total installed cost of solar electricity by about 75 percent, DOE will be working closely with partners in government, industry, research laboratories and academic institutions across the country. More information can be found at www1.eere.energy.gov/solar/SunShot
Innovalight is based in Sunnyvale, California. The company manufactures silicon ink and licenses a proprietary process technology to solar cell manufacturing companies. Innovalight is venture capital backed and has received additional development funds from the U.S. Dept. of Energy.