Loading ...August 29, 2008
Xunlight Receives $11 Million Additional Financing from Institutional Investors
Toledo, Ohio – August 29, 2008 – Xunlight Corporation, a leader in the development of low-cost and flexible thin-film silicon solar modules, today announced it has received $11 million of additional financing from institutional investors. The investment was led by Rabo Ventures, a division of Rabobank, a top 25 global financial institution based in the Netherlands. Existing investors Trident Capital and Emerald Technology Ventures also participated in the financing.
The proceeds of this investment will be used to fund expansion of manufacturing operations and for working capital requirements. The Company operates a 2 Megawatt roll-to-roll pilot production line and is building a 25 Megawatt roll-to-roll production line to manufacture flexible and lightweight photovoltaic products.
This investment accompanies a recently awarded $4.97 million grant from the State of Ohio’s Third Frontier Projects, which will be used to further improve the Company’s manufacturing technologies.
The Company management and Rabo Ventures representatives will provide additional details at 3:00pm on Monday, September 1, 2008, at Xunlight Exhibit Booth (#3 D39) at the 23rd European Photovoltaic Solar Energy Conference and Exhibition in Valencia, Spain.
“We are very excited to have investors like Rabo Ventures join our team. This will further enhance our strategic connections to assist our expansion into the European market”, said Xunming Deng, CEO of Xunlight. “We look forward to working with Rabo Ventures and existing investors to accelerate the build out of our manufacturing operations.”
“Xunlight is well positioned to become a global leader in the flexible thin-film solar
market. Xunming Deng has brought together a strong, experienced management team and, in collaboration with the University of Toledo, led the development of a unique technology base for the company. We are excited to have the opportunity to make this investment and look forward to supporting the company with its growth ambitions” said Adam Anders of Rabo Ventures.
