Leader Ventures and Silicon Valley Bank Provide $5 Million to Inkjet Solar Cell Manufacturer, Innovalight
Posted on: Tuesday, 14 October 2008, 12:00 CDT
MENLO PARK, Calif., Oct. 14 /PRNewswire/ -- Leader Ventures, an investment firm offering blended debt and equity financing, and Silicon Valley Bank announced today that they have provided $5 million of financing to Innovalight, a developer of silicon-ink based solar cells and modules.
Compared to solar modules in the market today, Innovalight has developed a proprietary technology that utilizes liquid processing of silicon to produce high-efficiency solar cells as well as substantially reducing the manufacturing costs of solar panels.
"Innovalight pushes the envelope in the solar power industry with its proprietary technology," said Brian Best, managing director at Leader Ventures. "Their unique approach to building solar cells combined with an excellent management team makes Innovalight a very strong contender in this hot market."
"SVB is proud of Innovalight's success thus far -- it has outstanding technology with outstanding leadership," said Joseph Restagno, senior relationship manager at Silicon Valley Bank. "It's exciting to, once again, have the opportunity to provide it the financial resources it needs to continue its growth."
"We are delighted to be working with Leader Ventures and SVB, especially during these turbulent financial times," said Christina Teng, Director of Finance for Innovalight. "As we develop and showcase our innovative solar cell technology, continued financial support is a key in being able to deliver upon our promises of providing low-cost solar products into the market."
Innovalight was founded in 2002 and is based in Sunnyvale, California. The company is developing low-cost, high-performance solar energy products. Innovalight is venture capital backed and has also received development funds from the US Department of Energy. For more information visit http://www.innovalight.com/.
About Leader Ventures:
Leader Ventures is a private investment firm providing blended debt and equity financing to a diversified portfolio of private and public companies. With offices in San Francisco and Menlo Park, the firm invests primarily in the U.S. and employs a variety of loan plus equity structures to invest in companies at different developmental stages, across diverse industry segments. For more information, please visit http://www.leaderventures.com/.
About Silicon Valley Bank:
Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 offices in the U.S. and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at http://www.svb.com/.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
Leader Ventures PR Contact: Paulien Ruijssenaars 650.279.8957 paulien@ruijssenaars.com
Leader Ventures
CONTACT: Paulien Ruijssenaars of Leader Ventures, +1-650-279-8957,paulien@ruijssenaars.com
Web site: http://www.leaderventures.com/http://www.svb.com/http://www.innovalight.com/
Source: PRNewswire
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