Xunlight Corp., a Toledo, Ohio-based developer of low-cost and flexible thin-film silicon solar modules, has raised $22 million in Series B funding. Trident Capital led the round, and was joined by return backers Emerald Technology Ventures and NGP Energy Technology Partners. The company had raised $7 million in Series A funding last July.
Xunlight Corporation, a leader in the development of low cost and flexible thin-film silicon solar modules, today announced it has raised $22 million in a Series B financing. The investment was led by Trident Capital, a leading private equity and venture capital firm that has over $1.6 billion under management. Existing investors, Emerald Technology Ventures and NGP Energy Technology Partners, participated in the round. The proceeds will be used to build commercial manufacturing capacity for the production of lightweight and flexible thin film silicon solar modules.
Founded as a technology spin-off from the
“Trident is excited to have the opportunity to lead Xunlight's Series B financing. With its strong management team and technology base as well as its connection with the
Emerald Technology Ventures, the lead investor in the Series A financing, increased its equity position in the company in this round. “We are very pleased with the excellent performance of Xunlight and the ability the company has demonstrated to attract top-class talents and new investors,” said Markus Moor, Partner at Emerald and a current board member of Xunlight.
Chris Sorrells, Managing Director, NGP Energy Technology Partners, added, “We are excited to have attracted an investor the calibre of Trident Capital to Xunlight. Dr. Deng and his team continue to execute on their business plan and the new investment allows Xunlight to accelerate its commercial manufacturing ramp-up.”
The new and existing investors well represent the cleantech investment area and have proven track records of helping companies to build commercial success. “We are very pleased to attract investments from these three leading venture capital and private equity investors in the cleantech space,” said Xunlight Chief Executive Officer Dr. Xunming Deng. “The new round of investment will allow the company to build a roll-to-roll production line and produce commercial PV products in high volume.”
Dr. Deng further noted, “The investment made by the State of
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
About State of
The State of
About Trident Capital
Trident Capital is a leading venture capital and private equity firm with over $1.6 billion of capital under management, including $400 million raised in its most recent fund, Trident Capital Fund VI. Trident focuses on investments in the business services, information services, software sectors, Internet and Cleantech across a variety of industries. Within its sector focus, Trident invests across multiple stages, including traditional venture capital investing as well as investments in micro-cap public companies, buyouts and consolidation platforms. The firm has made over 120 investments since inception. Trident has investment offices in
About Emerald Technology Ventures
Emerald Technology Ventures is a global leader in cleantech venture capital. Founded in 2000 under the name SAM Private Equity, Emerald is a pioneer in this rapidly emerging sector and is focused on innovative technologies in energy, materials and water. From offices in Zurich, Switzerland, and Montreal, Canada, Emerald manages three venture capital funds and two venture capital portfolio mandates totalling over EUR 300 million (US$ 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.
About 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