Loading ...April 25, 2008
Xunlight Raises $22 million in Series B Financing
Toledo, Ohio - April 25, 2008 - 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 University of Toledo, Xunlight commercialized its technology
with significant assistance from the State of Ohio’s Third Frontier Project. In a press conference to be
held at 10:15am today at Xunlight headquarters, Ohio Governor Ted Strickland will explain how the State
of Ohio’s investment in technology has created high quality Ohio jobs.
“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 University of Toledo, we
expect Xunlight to become a global leader in the fast growing building integrated photovoltaic market.
This is more than just an excellent investment opportunity. We are excited to support a company that can
make a difference toward the achievement of national energy independence while creating jobs for the
State of Ohio and the country”, said Mark Iwanowski of Trident Capital.
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 Ohio through its Third Frontier Project has
helped to incubate the company through its early development stage. Governor Strickland’s proposal on
Energy, Jobs and Progress of Ohio will play a crucial role in creating many green collar jobs in the State.”
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.
