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Thin-film start-up Innovalight secures $7.5 million
June, 2006: Innovalight Inc., an early-stage developer of thin-film photovoltaic cells based on a proprietary printable silicon ink, in early May announced it had raised $7.5 million in a second round of venture capital financing. Four of the five investors contributed to an earlier $6.5 million round.
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© David Waldorf / Innovalight, Inc.
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Bright lights: Standing on Twin Peaks in San Francisco, Conrad Burke of venture capital-backed Innovalight holds up the silicon ink his company is developing for thin-film PV.
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The investment will enable the Santa Clara, California-based start-up with about a dozen employees to further develop the performance of its technology, add engineering expertise and equipment, and lay the building blocks for manufacturing. »This is about making solar power cheaper,« says Conrad Burke, Innovalight‘s president and CEO, pointing to a potential tenfold reduction in cost compared to today‘s solar panels. But he knows there‘s a big mountain to climb: »Raising VC is not in itself the measurement of success. Success is returning value on that investment.«
Burke would not say when a product will be available or go deep into specifics on the technology, saying only that the silicon ink is made from tiny 2 to 11 nm particles, and that the company envisions printing the ink onto flexible substrates, glass, and stainless steel for building integrated PV applications. It may sound a bit too simple, but Innovalight, which says it has produced several laboratory prototypes, has convinced investors.
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