Innovalight, a privately-held firm selling silicon ink-based solar cell materials and technology, has raised USD18m in additional capital.
The new round of capital will be used to expand the company’s proprietary silicon ink production for customers.
The series D financing was led by EDB Investments of Singapore. Also joining was Vertex Venture Holdings, the venture subsidiary of Temasek Holdings, Singapore. All existing investors – Apax Partners, Arch Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures – participated in the round.
Innovalight’s proprietary nanotechnology-based silicon ink and processing technologies allow crystalline silicon solar cell manufacturers to boost output capacity, solar cell performance as well as reduce costs with an additional step to already installed manufacturing lines.
"With its elegant and cost-effective technological platform to improve performance of silicon-based photovoltaics, Innovalight is well positioned to take advantage of opportunities in the fast growing solar market," says Swee-Yeok Chu (pictured), chief executive of EDB Investments. "The company fits well with EDBI’s investment interest in highly promising growth stage clean technology companies globally and helping them grow their businesses and operations in Asia through Singapore.”
"This new injection of capital will allow Innovalight to expand sufficiently to support our numerous customer engagements," adds Conrad Burke, president and chief executive officer of Innovalight. "We are delighted to add EDB Investments and Vertex Venture Holdings to our already strong syndicate of investors.”
