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May 1, 2006

Innovalight Raises $7.5 M for Its Silicon Ink Technology

Santa Clara, California [RenewableEnergyAccess.com]

Innovalight plans to accelerate the development of ultra-low cost, lightweight solar cells using a proprietary silicon ink-based technology. To this end, the company has raised an additional $7.5 million in private equity Series B financing led by Harris & Harris Group, which includes investment from four other investors.

"Innovalight is developing a technology that could ultimately reduce the cost of producing solar-generated electricity tenfold."

-- Conrad Burke, Innovalight, president and CEO

"We are honored to lead this round of funding for Innovalight as the company is addressing an important problem with an innovative solution," said Dr. Daniel Leff, executive vice president and managing director at Harris & Harris Group, Inc. Dr. Leff will be joining Innovalight's board of directors.

More than 90 percent of solar energy modules are made from crystalline silicon wafers that are costly to produce and in critical short supply because of competing demand from the semiconductor industry, states the release.

"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," said Conrad Burke, Innovalight president and chief executive officer. "Innovalight is developing a technology that could ultimately reduce the cost of producing solar-generated electricity tenfold."

Innovalight, a privately held firm focused on developing low-cost, nanotechnology- based printed solar cells, was recently recognized as a 2006 Technology Pioneer by the World Economic Forum, Switzerland, for the company's potential to substantially reduce the cost of clean, renewable energy production.
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