Aliso Viejo, California [RenewableEnergyAccess.com] XsunX, Inc. announced Monday that it has secured a total of $21,000,000 in financing with Fusion Capital Fund II, LLC, a Chicago-based institutional investor, to support the launch of its phased plans to build a 100 megawatt (MW) amorphous silicon thin film photovoltaic (TFPV) solar module manufacturing facility.
Over the course of 2007, the company designed a proprietary 25 MW TFPV solar module manufacturing system and developed a phased plan to build and install four of these systems by 2010.
XsunX solicited proposals from over 20 states to ensure that the company benefited from strong business incentives and an educated workforce. After a review of all submitted proposals, XsunX made a decision to locate their multi-megawatt manufacturing facilities in Oregon.
Finally, the Company set out to select a strong investment partner and the right investment structure to finance the first stages of the planned build out of its TFPV manufacturing facilities.
“One of the last aspects to our plan was to find a solid financing partner that was interested in our business. We looked at quite a few term sheets and, in selecting Fusion Capital, I believe that we found the support we needed on the terms that work best for all of our investors,” said Tom Djokovich, CEO of XsunX.
Upon signing the stock purchase agreement, XsunX received $1,000,000 from Fusion Capital as an initial purchase of common stock under the $21 million commitment, at a price of $.30 per share.
The proceeds received by Xsunx under the common stock purchase agreement are expected to be used to build an initial base production system delivering commercial solar modules, and initiate the manufacture of the first of four planned 25 megawatt production lines under the company’s planned 100 MWthin film solar module production facility.