Innovalight gets USD 3.4m grant from DoE

(ADPnews) - May 24, 2011 - US solar-tech company Innovalight Inc has nabbed a USD 3.4 million (EUR 2.4m) funding from the US Department of Energy (DoE) to help it accelerate the development and production of silicon ink.

The grant is part of the DoE's SunShot initiative aimed at cutting the cost of residential and utility-scale solar power development by 75% by 2020.

California-based Innovalight is a manufacturer of nanotechnology-based silicon ink. The company's processes allow for a simple upgrade to solar cell manufacturing lines to ramp up the performance of solar cells and lower production costs.

With more than USD 63 million raised previously, Innovalight is also supported by EDB Investments of Singapore, Vertex Venture Holdings, Apax Partners, ARCH Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures.

(USD 1.0 = EUR 0.713)

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