Solar

Innovalight Raises US $18M to Expand Silicon Ink Manufacturing

Innovalight Inc. has raised $18 million in additional capital. This new round of capital will be used to expand the company’s proprietary silicon ink production for customers.

Innovalight claims that its 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 a simplified additional step to already installed manufacturing lines.

Innovalight recently announced record 18 percent conversion efficiency with their silicon ink solar cell platform. The industry standard size solar cell results were independently certified by two of the world’s recognized solar cell testing centers, the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and the Fraunhofer Institute for Solar Energy Systems (ISE) in Germany.

The company has a development road map to ultimately bring conversion efficiencies of solar cells over 20% with their platform silicon ink and processing technologies.

This series D financing was led by EDB Investments (EDBI) of Singapore.

“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,” said Swee-Yeok Chu, CEO 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.”