Nano-based solar energy developer raises $7.5 million

May 11, 2006, Santa Clara, CA--Innovalight, a privately-held firm developing low-cost, nanotechnology-based printed solar cells, has raised an additional $7.5 million in private equity financing from existing investors to accelerate the development of ultra-low cost, lightweight solar cells using a proprietary silicon ink-based technology.

Over 90 percent of solar energy modules are made from crystalline silicon wafers that are costly to produce and in critical short supply because of competing demand from the semiconductor industry. "Today, solar energy represents a paltry two-hundredths of one percent of the total global electrical energy generated because current production methods are still too expensive," said Conrad Burke, president and chief executive officer. "Innovalight is developing a technology that could ultimately reduce the cost of producing solar-generated electricity tenfold."

Innovalight was recently recognized as a 2006 Technology Pioneer by the World
Economic Forum, Switzerland, for the company's potential to substantially reduce the cost of clean, renewable energy production.

For more information, see www.innovalight.com.

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