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Sunovia Closes US $12 Million Equity Round

Sunovia Energy Technologies, Inc. announced that it has completed its mezzanine round of financing. The company has raised a total of US $12 million, and continues to allocate proceeds to the development of its scalable Cadmium telluride (CdTe) solar cell manufacturing facility and sales of its LED-based solid-state lighting solutions.

Sunovia's manufacturing concepts could allow them to produce more than 100 megawatts (MW) of high-efficiency CdTe solar cells within a 10,000 square foot area. The company anticipates that the first scalable manufacturing system will be operational in less than 24 months and will have the capacity to produce more than 10 MW of CdTe-based solar cells during the first year immediately thereafter.

"Initially, the high-efficiency CdTe-based solar cells are targeted at concentrated solar photovoltaic (PV) systems that support the commercial and utility-scale renewable energy markets. After demonstrating the scalable 10 MW high-throughput CdTe manufacturing system, we believe that the company will be ideally positioned to add additional capacity within a relatively short period of time in a cost-effective manner. In addition, the core manufacturing system is designed to have a very small footprint and can be scaled to meet the increasing demands, which are anticipated for this market throughout the foreseeable future," said Carl Smith, CEO of Sunovia.

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