Xunlight Corporation, a Toledo, Ohio-based developer of silicon solar modules, has received a $7 million loan from the State of Ohio. Xunlight has received over $40 million of institutional investments from Emerald Technology Ventures, Trident Capital, NGP Energy Technology Partners, and Rabo Ventures.
Xunlight Corporation, a leader in thedevelopment of flexible and lightweight thin-film silicon solar modules,announced that it has received a $7 million loan from the State of Ohio,including $3 million from the Ohio Research and Development Investment Fundand $4 million from the Ohio Enterprise Bond Fund. The proceeds will beused to expedite the construction of a 25 megawatt photovoltaic productionline in Toledo, Ohio to mass produce flexible thin-film solar cells.
“Xunlight is fortunate to be headquartered in a state where the top electedofficials are committed to supporting the renewable energy industry andsustained job growth. Both Lt. Governor Fisher and Ohio Treasurer Cordrayhave visited Xunlight and shared with us their visions of Ohio’s future insolar manufacturing. Strong support like this is critical to Xunlight’sability to attract institutional investments from leading venture capitaland private equity firms all over the world,” said Xunming Deng, CEO ofXunlight. “This new loan will help us accelerate the build-up of ourproduction capacity and create many high-paying jobs in the State of Ohio.”
“We believe the greatest opportunities for economic growth in Ohio liewhere the strongholds of our inventive past intersect with the innovationand new technologies of our economic future,” said Lt. Governor Lee Fisher.”Xunlight is a great collaborative partner with the state and we arecommitted to their success by continuing to support advanced energyeconomic development programs in Ohio.”
“Small businesses with innovative vision like Xunlight are the engine ofOhio’s economy,” said Ohio Treasurer Richard Cordray. “It’s critical thatwe work to keep them here and encourage growth and development today, inorder to secure a stronger Ohio tomorrow. The Enterprise Bond Fund is aperfect example of government working together to keep Ohio jobs here inOhio. Issuing bonds for the Department of Development to fund visionaryventures like this is a vital role for the Ohio Treasury.”
About Xunlight Corporation
Xunlight Corporation, a technology spin-off from the University of Toledo,engages in the development, manufacture, and marketing of lightweight andflexible photovoltaic modules that convert sunlight into electricity.Xunlight has received over $40 million of institutional investments fromEmerald Technology Ventures, Trident Capital, NGP Energy TechnologyPartners, and Rabo Ventures. The Company has also received over $11 millionof R&D funding from the US Department of Energy, US Department of Commerceand Ohio Department of Development to develop its products andmanufacturing process. Xunlight has been featured on Newsweek, Wall StreetJournal, CNN, FOX News, The New York Times, the Associated Press and ABCWorld News. The company is headquartered in a 122,000 sqft manufacturingfacility in Toledo, Ohio. For additional information, visitwww.xunlight.com.
About Ohio Research & Development Investment Loan Fund
The Research and Development Investment Loan Fund (R&D Fund) was created topromote economic development, business expansion and job creation byencouraging private-sector R&D investments. The Ohio Department ofDevelopment (ODOD)’s R&D Fund provides assistance in the form of alow-interest loan, partnered with a tax credit. For additional information,visit:http://development.ohio.gov/cms/uploadedfiles/EDD/R&D%20Guidelines.pdf
About the Ohio Enterprise Bond Fund (OEBF)
The Ohio Enterprise Bond Fund (OEBF) makes funds available to eligibleborrowers for the purpose of purchasing land, buildings and equipment thatwill create and retain jobs and further promote economic developmentthroughout the State of Ohio. The OEBF was developed in 1988 by the OhioDepartment of Development in conjunction with the Ohio Treasurer in orderto provide a source of low cost borrowing for qualified Ohio businesses.For additional information, visit:http://www.ohiotreasurer.org/index.php/businesses/oebf
About Emerald Technology Ventures
Emerald Technology Ventures is a global leader in cleantech venturecapital. Founded in 2000 under the name SAM Private Equity, Emerald is apioneer in this rapidly emerging sector and is focused on innovativetechnologies in energy, materials and water. From offices in Zurich,Switzerland, and Montreal, Canada, Emerald manages three venture capitalfunds and two venture capital portfolio mandates totalling over EUR 300million (US$ 450 million). For additional information, visitwww.emerald-ventures.com.
About Trident Capital
Trident Capital is a leading venture capital and private equity firm withover $1.6 billion of capital under management. Trident focuses oninvestments in the business services, information services, softwaresectors, Internet and Cleantech across a variety of industries. Trident hasinvestment offices in Palo Alto, Calif. and Westport, Conn. and has madeover 120 investments since inception. For additional information, visitwww.tridentcap.com.
About NGP Energy Technology Partners
NGP Energy Technology Partners, L.P. is a Washington, D.C.-based $148million fund investing growth equity capital in companies providingtechnology-related products and services to the oil and gas, power andalternative energy sectors. The fund is managed by investment professionalswith extensive experience investing in virtually all types of energytechnologies and a strong track record of helping companies grow, createvalue, and establish strategic partnerships. NGP Energy Technology Partnersis sponsored by NGP Energy Capital Management, a $9.3 billion family offunds and a leading investor in the energy sector since 1988.www.ngpetp.com
About Rabo Ventures
Rabo Ventures is part of the Rabobank Group, ranked as one of the top 25global financial institutions and a leader in sustainability-orientedbanking. Rabobank has been involved in the financing of large sustainableprojects such as bio-fuel plants and wind parks in different Europeancountries for the last several years. This venture capital fund focuses onfast growing cleantech companies which encompass a broad range oftechnologies dealing with renewable energy generation and environmentalissues such as clean water and clean air. For additional information, visitwww.raboventures.com.