$7.5 million for Innovalight’s New TechnologyMarch 13th, 2009 - 12:23 am ICT by GD
With plans to speed up the development of ultra-low cost lightweight solar cells using a proprietary silicon ink-based technology, Innovalight has decided to rake up additional $7.5 million in private equity led by Harris & Harris.
Confirming the reports, Conrad Burke, president and CEO of Innovalight said, “Innovalight is developing a technology that could ultimately reduce the cost of producing solar-generated electricity tenfold.”
Dr Daniel Leff, executive vice president and Managing director at Harris & Harris Group Inc, who will also join Innovalight’s Board of Directors, said, “We are honored to lead this round of funding for Innovalight as the company is addressing an important problem with an innovative solution.”
Innovalight is using a technology that uses liquid processing silicon to produce solar cells with higher efficiency and will cost half of what solar modules cost in the market today. More than 90 percent of the solar energy modules made are from rigid crystalline silicon wafers that are difficult to work with and expensive to produce and because the semi-conductor industry also requires it in large amounts, the supply is low. Innovalight’s “silicon ink” will be developed on a nanometric scale to allow for easy capacity to be soluble and simpler application. Conrad Burke also said, “Today, solar energy represents a paltry two-hundredths of one percent of the total global electrical energy generated because current production methods are still too expensive.”
Innovalight is a privately owned firm that focuses on developing a low-cost solar cells based on nanotechnology-based prints. The firm was acknowledged as a 2006 Technology Pioneer b the World Economic Forum in Switzerland for its experiments to significantly reduce the cost of clean and more importantly, renewable energy production.
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