FTL Solar, a New York-based developer of thin-film solar cells, is raising $50 million in first-round funding. It said that it has already held a first close on an undisclosed amount, from Terra Firma Capital Group, the Josh Mailman Foundation and individual angels.
FTL Solar, a developer of lightweight, flexible tensile structures embedded with thin-film solar cells providing military and commercial enterprises with economical, scalable and portable sources of electrical power and shelter, announced today that the Company had closed a successful first round of funding, as Phase I of the Company's $50 million capital acquisition initiative.
The financing, spearheaded by
Proceeds from the present and subsequent rounds of funding will be used to expand FTL Solar's domestic and international R&D, Plant, Marketing and Business Development initiatives.
“Today, FTL Solar is the first provider in the world for flexible,
transportable and lightweight energy generation products and structures using a flexible solar cell and structural fabric solution,” said Todd Dalland FAIA, Co-Founder and Chairman of FTL Solar.
“FTL Solar's products can generate power anywhere on earth where there is sunlight, and can operate maintenance-free in excess of ten years,” said Robert Lerner AIA, FTL Solar's Co-Founder and COO.
“Our defense and corporate clients can adapt our power generating units to almost every task, from small installations which can power residential needs, charge lap-tops, cell phones, power water purification and sanitation systems, to large-scale megawatt-generating solar farms,” said Tony Saxton, CEO of FTL
Marketing and distribution of FTL Solar products is facilitated through the Allbaugh Group, headed by Joe Allbaugh, the former Director of FEMA (2000-2003) and the Repton Group.
FTL Solar's successful capital acquisition and growth strategies reflect positive, sustainable trends within the alternative energy sector. For 2007, private equity led investments in solar power totaled $3.0 billion dollars.
\FTL Solar's award winning technologies and products provide innovative power solutions to a global market with an estimated value of $11.2 billion dollars.
ABOUT FTL SOLAR:
FTL Solar is the world's first creator of flexible, tensile structures
integrated with thin film solar cells, which can be used for power-generation and shelter. FTL Solar is an independent spin-off of FTL Design Engineering Studio, founded in 1977 by Todd Dalland. In 1998, FTL Design Engineering Studio designed and produced the world's first tensile structure featuring thin film solar cell technologies. The Company enjoys a 30-year leadership position in the manufacture of tensile structures and has been the world's leading provider of flexible photovoltaic fabrics since 1998.
FTL licensed product designs have generated more than $2 billion dollars in sales. The Company has received over 50 design awards. FTL technologies have been featured on CNN, NBC Weekend Today, The Science Channel and The Discovery Channel. Discover how FTL Solar products generate power that is sustainable, secure and independent at: http://www.ftlsolar.com.