Xunlight lands $22m thin-film funding, new venture
Published Wednesday, 30th April 2008
Thin film firm Xunlight might not win any prizes for spelling (but might be useful in Scrabble) but they know how to win the hearts of VCs and assorted moneymen.
The US solar mob has got itself on the business end of $22 million in Series B financing, led by Trident Capital with existing investors, Emerald Technology Ventures and NGP Energy Technology Partners also joining in.
Xunlight says it will use the investment bonanza “to build commercial manufacturing capacity” for the production of its thin film modules.
In its acceptance speech, Xunlight gave a nod to state of Ohio’s Third Frontier Project, which backed the company in its early life – originally a spinoff of the university of Toledo.
And that’s not all Xunlight has been up to. Along with Dr. Alvin D. Compaan, a physics professor at the University of Toledo, it’s formed Xunlight 26 Solar, which will “develop and commercialise lightweight and flexible solar cells based on cadmium telluride and other II-VI compound semiconductors”.
The state of Ohio has also backed this latest Xunlight venture, dishing out a $997,000 grant under the alternative energy program.
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