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Summary:

Innovalight, a thin-film solar startup developing photovoltaic silicon ink, has received $5 million in equipment lease financing from ATEL Ventures. The Santa Clara, Calif.-based startup has a 30,000-square-foot manufacturing facility in Sunnyvale, Calif., and this financing could help the company move into production. (Rumors put a […]

Innovalight, a thin-film solar startup developing photovoltaic silicon ink, has received $5 million in equipment lease financing from ATEL Ventures. The Santa Clara, Calif.-based startup has a 30,000-square-foot manufacturing facility in Sunnyvale, Calif., and this financing could help the company move into production. (Rumors put a start date as early as 2009.)

Innovalight is developing a silicon nanocrystalline ink, which supposedly will have the advantage of high throughput print manufacturing — without the lowered efficiency CIGS-based solar technologies suffer.
The company says its technology “could be as much as ten times cheaper than current solar cell solutions.”

The market for thin-film solar is going to explode over the next few years. Last week Lux Research estimated that thin-film solar will grab 28 percent of the solar market by 2012. While this seems like a big jump for such a new technology, the sector is moving forward quickly as more startups like Innovalight put their funds into production. Nanosolar recently clicked on its 1 GW solar printer and Global Solar says it has the world’s largest thin-film solar production plant with a capacity of 40 MW a year.

Founded in 2002, Innovalight raised $28 million in series C funding last year led by Convexa Capital, and including Scatec AS, Apax Partners, ARCH Venture Partners, Harris Group, Sevin Rosen Funds and Triton Ventures. Previously, the startup had raised $14 million in series A and B funding. This newest financing pushes the startup’s funds up close to $50 million.

By Craig Rubens

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  1. [...] a startup called Innovalight, which makes photovoltaic silicon ink for thin-film solar printing, said it had received $5 million in equipment lease financing from ATEL [...]

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  2. [...] Innovalight took in $5mm in equipment lease financing from ATEL Ventures. [...]

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  3. [...] Innovalight Nabs $5M for Thin-Film Solar: Thin-film solar got one step closer to production this week when thin film startup Innovalight got $5 million in equipment lease financing. [...]

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  4. [...] research done at national labs and universities. A look at recent fundings bears this out. In July Innovalight, which makes photovoltaic ink, raised $5 million in equipment lease financing from ATEL Ventures, and battery startup ActaCell [...]

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  5. [...] and Silicon Valley Bank. The startup looks to be ramping up for production as it previously announced it had raised $5 million in equipment lease financing from ATEL Ventures back in July. Originally founded in Santa Clara, Calif. in 2002, Innovalight has moved its base of [...]

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  6. [...] and Silicon Valley Bank. The startup looks to be ramping up for production as it previously announced it had raised $5 million in equipment lease financing from ATEL Ventures back in July. Originally founded in Santa Clara, Calif. in 2002, Innovalight has moved its base of [...]

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  7. [...] and Silicon Valley Bank. The startup looks to be ramping up for production as it previously announced it had raised $5 million in equipment lease financing from ATEL Ventures back in July. Originally founded in Santa Clara, Calif. in 2002, Innovalight has moved its base of [...]

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  8. [...] has raised a whole lot of money over the past few years, including $5 million in debt financing, $5 million in equipment lease financing, a $28 million Series C round, and $14 million in its Series A and B rounds. Innovalight says the [...]

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  9. [...] has raised a whole lot of money over the past few years, including $5 million in debt financing, $5 million in equipment lease financing, a $28 million Series C round, and $14 million in its Series A and B rounds. Innovalight says the [...]

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