FTL Solar Raising $50 Million

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.

 

PRESS RELEASE

 

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 Austin, TX based Terra Firma Capital Group, LLC, The Josh Mailman Foundation and individual investors, completes the initial phase of FTL Solar's robust investment strategy, which is projected to raise at least $50 million in equity capital by Q4 2008. In addition to funds provided by the Company's investors, FTL Solar was awarded a $200,000 matching grant from the New York State Energy Research Development Authority.

 

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.

 

The U.S. Department of Defense, FEMA, Solar Net, Solar Power & Light, and the Cooper-Hewitt National Design Museum of the Smithsonian Institution, are among a fast-growing group of governmental, commercial, academic and cultural leaders using FTL Solar's proprietary flexible solar cell and shelter solutions to accomplish a range of critical tasks. Atlanta's Olympic Games National Park and NY Fashion Week, have all utilized FTL's structural, design and engineering expertise.

 

“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

Solar.

 

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.