Solar Firm Secures Seed Funding

Advent Solar has announced it completed a seed round of funding from its founders and Seattle-based angel investment fund, Angels with Attitude. In addition, James Gee, former Senior Scientist in Energy Efficiency and Renewable Energy Technologies at Sandia National Laboratories, has joined the company as the company’s Chief Technology Officer.

Albuquerque, New Mexico – August 11, 2003 [] Advent Solar’s initial products will be based on the emitter-wrap-through (EWT) solar cell design patented by Gee, for which the company has obtained an exclusive license from Sandia. According to Advent Solar, EWT technology offers the potential for significantly lower cost and higher performance than conventional solar cells. The company said that one key to cost reduction is the use of ultra-thin silicon wafers, which will reduce raw material consumption. According to Advent Solar, this has long been an industry goal, but is not achievable with conventional cells. “Advent’s technology will improve the performance and reduce the cost using proven and reliable crystalline silicon PV technology, thus creating a unique opportunity to position PV as a viable energy option,” Gee said. Advent Solar plans to build on its established relationships in the solar industry, as it sells into the worldwide market for PV, which is growing at 20 to 30 percent per year and currently accounts for over $3.0 billion in sales. The company has announced that a proven sales and marketing executive from the PV industry will be joining the company in early 2004 to prepare Advent Solar’s market entry. “Advent will build on its technology, innovation, and market knowledge to create the next generation of PV products and offer a unique value proposition to customers,” Rusty Schmit, CEO of Advent Solar said. The company, currently located in Albuquerque, New Mexico, plans to establish a manufacturing facility in a location to be determined.
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