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Suniva lights up with $94.4M of $115M raise for advanced solar cells

Thursday, April 14th, 2011

SunivaATLANTA – Suniva, which makes more efficient solar cells, has raised $94.4 million of an equity raise targeted at $115 million, according to a regulatory filing. The company, one of only two in the Southeast on the Wall Street Journal’s recent “Next Big Thing” list, previously raised more than $130 million from investors including New Enterprise Associates, Warburg Pincus, H.I.G. Ventures, and Advanced Equities.

The company has an operating facility in Georigia and plans a second  $200 million facility in Saginaw, Michigan.

The company is behind schedule on the Michigan project as it waits on a US Department of Energy loan guarantee. (See: Suniva negotiating for $141 million DOE loan.

Suniva was a presenting company at TechMedia’s 2008 Southeast Venture Conference. TechMedia’s next event, the Digital Summit, is scheduled for May 16-17 in Atlanta.

Suniva’s technology is based on the work of Ajeet Rohatgi of the Georgia Institute of Technology’s University Center of Excellence in Photovoltaics, who founded the company in 2006.

Suniva’s high-quality monocrystalline solar cells incorporate multiple proprietary design elements that allow them to achieve best-in-class efficiencies of 19 percent. Conventional solar cells are only about 16 percent efficient at turning solar rays into electricity.

Additionally, Suniva reduces the time and cost associated with commercializing new solar technology by developing its innovative designs in incremental stages.

The sun is shining brightly on clean tech companies, particularly in solar, this year. We have reported half a dozen clean tech financing stories in the Southeast alone, several of them with various types of advanced solar technologies. A recent report also noted that clean tech investments were on the upswing in the first quarter 2011.

The company disclosed the latest raise in a filing with the U.S. Securities and Exchange Commission.

Virginia’s CIT Gap Funds $6M richer, plans info sessions for entrepreneurs

Wednesday, April 13th, 2011

CITHERNDON, VA – The Center for Innovative Technology (CIT) has received $4 million for its GAP Funds as part of Gov. McDonnell’s and the Virginia General Assembly’s budget package, and $2 million from the Virginia Department of Mines, Minerals and Energy (DMME) through the U.S. Department of Energy  American Recovery and Reinvestment Act  to identify and fund commercially ready, innovative green technology companies located in the Commonwealth of Virginia.

CIT also announced its plan to co-host with Virginia’s ten regional technology councils information sessions to discuss these new funding opportunities for seed- and early-stage companies in the technology, energy, and life sciences sectors.  These venues will serve as free opportunities to meet firsthand with the investment team and to hear more details about CIT’s three funds: GAP Tech, GAP BioLife, and the newly formed Commonwealth Energy Fund.

“We will use this campaign to aggressively reach out to the innovative entrepreneurs across Virginia to discuss how these new funds may help them launch their ideas and new companies,” said Pete Jobse, CIT president and CEO.

The CIT GAP Funds make seed-stage equity investments in Virginia-based technology and life sciences companies with high potential for achieving rapid growth and generating significant economic return.  The sessions will provide entrepreneurs a unique opportunity to network with fellow entrepreneurs and the CIT GAP Funds investment team, who head up the most active early-stage venture fund in Virginia.

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said of the GAP Funds, “We offer entrepreneurs access to hard-to-find capital, all the while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.”

Since its 2005 launch, CIT GAP Funds has placed 42 investments across the Commonwealth, deploying $4.3M of public funds to attract $61M of private investment. (For a list of portfolio companies, see the GAP Funds website.)

DOE overhauling its web presense and new media channels

Thursday, August 26th, 2010

Cammie Croft

Cammie Croft

By Allan Maurer

WASHINGTON, DC – While the Obama Administration has taken its share of political heat, no one says it is not Internet and new media savvy. From helping establish the first New Media department at the White House to her current role as Department of Energy Senior Advisor and Director of New Media and Citizen Engagement, Cammie Croft has played a pivotal role in helping the administration create and shape its approach to new media communications.

Croft most recently served as the Deputy New Media Director at the White House. Prior to that, she was New Media Rapid Response Manager for the Obama for America campaign.

Croft is one of more than 50 Internet gurus, entrepreneurs, executives, venture capitalists and other stake holders participating in the first Digital East conference in Tysons Corner, VA, Oct. 18.

Just the beginning

Croft is already hard at work helping give  the DOE some turf in the 21st century media landscape. On July 20, the DOE launched its blog and Twitter account. Its Director, Stephen Chu now has a Facebook page.

That’s just the beginning of Croft’s efforts to meet its three main goals, she tells us. Those goals are:

Amplifying the DOE’s announcements about its programs, activities and work; providing transparency and accessibility to the DOE’s work; and providing service to and engagement with citizens.

While Croft notes that the first thing she does every morning is look at the comments on the agency’s Facebook page, Twitter responses, new media email, and “Anyplace the public engages with us,” she says.

A different approach

She adds that while there are various ways of setting up online communications teams, such as having a Facebook manager or director of Twitter, she is taking a somewhat different approach.

The media specialists on her team, she explains, “Will focus on key subject areas,” rather than a person focusing on one communications channel and being responsible only for that each day. “So,” she says, “A number of people have that as part of their responsibilities. I think of it as online programming.”

But, Croft says, the DOE blog and social media presence is not all the agency needs.Currently, she points out, the DOE is a large entity with a variety or pre-existing web sites, online programs, Facebook accounts here, Twitter accounts there and Linkein somewhere else.

“We need to rebuild the entire web platform,” she says. “We need to do Web 1.0 really well before we can do Web 2.0 really well. So our first priority is to overhaul energy.gov to make it a better resource for the public.” That includes significant rebuilding of the front and back ends of the site, she notes.

How it helps

“We’re trying to set u a structure and best practices forum to elevate the quality across the agency, but in such a way as to foster innovation.”

One example of how social media helps the agency get its message across happened just recently, she says.

“We have an event with the Vice President regarding our weatherization program. So people have been asking questions about weatherization all this week on our blog and social networks. One person said she couldn’t afford weatherization. We let her know the program is for people just like her. That’s an example of responding to a Facebook comment and providing what she needed within a 24-hour time frame,” Croft says.

Porticos wins only DOE ARRA grant to NC firm

Friday, June 25th, 2010

PorticosMORRISVILLE, NC – A mechanical engineering company that has designed cell phones for Sony-Ericsson, hand-held scanners for Motorola and laptop components for Dell, has won the only grant from the Department of Energy’s American Recovery and Reinvestment Act to a North Carolina company. Porticos Inc. won a $1.7 million grant to develop technology for a new clothes dryer that could save 50 percent or more energy over current machines.

Gregory Patterson, president at Porticos tells us that the company, founded in 2003, is developing a totally different way of drying clothes. Existing clothes dryers suck air out of a home, heat it, and run it through the turning clothes to evaporate the moisture.

By lowering the pressure inside the dryer to near vacuum, the Porticos technology dries clothes at a much lower temperature. “Then the amount of temperature needed to transform the water from liquid to vapor is much less,” Patterson explains.

Patterson says the 11-person company expects to hire two to four new employees to help cover other work as staff works on the dryer technology.

The company also recently developed a cooling vest (www.porticool.com) that HAZMAT responders, firefighters and other people who have to work wearing a great deal of protective clothing or in high heat situations can don under their existing turnout gear to help stay cooler.

– By Allan Maurer

Suniva called “An American Success Story” by DOE Secretary

Wednesday, May 12th, 2010

SunivaNORCROSS, GA – Department of Energy Secretary Steven Chu has called Georgia-based Suniva, which makes advanced solar cells, “An American Success Story,” on the White House blog.

The entry followed Chu’s visit to the Georgia Institute of Technology, where Suniva’s technology was developed.

Suniva evolved from the Georgia Tech University Center of Excellence in Photovoltaics (UCEP) and the research of its founding director, Dr. Ajeet Rohatgi, Suniva’s founder and CTO.

Chu wrote in his blog post that “This center and this company are powerful examples of how clean energy technology can drive job creation in the U.S. and increase our competitiveness.”

Suniva has exemplified the economic growth ideals put forth by the Obama administration by exporting production while creating U.S. jobs. Last year, Suniva exported more than 90 percent of its product to Asia and Europe.

“The U.S. needs to jump back into the clean energy race and play to win. That is the work we have started with investments like the Recovery Act and companies like Suniva,” continued Secretary Chu in his blog post. “Suniva has created more than 150 clean energy jobs manufacturing high-efficiency silicon solar cells and modules, using technology developed at UCEP.

Suniva, which makes silicon solar cells and modules of higher efficiency than others, ranked #2 in The Wall Street Journal’s Top 10 Venture-Backed Clean Technology Companies in 2010.

The company has also been one of TechJournal South’s Tech 50, and was a presenting company at the first Southeast Venture Conference in 2007.

For the full post on Suniva see: Success Story

Previously on Techjournal South:

Suniva has sunny outlook on solar cells

Suniva beams in $75M round

Suniva negotiating for $141M DOE loan

Planar Energy wins $4M DOE grant for battery tech

Friday, April 30th, 2010

PlanarenergyORLANDO, FL - Planar Energy, the developer of large-format, solid-state, ceramic-like batteries at half the cost and triple the performance of lithium-ion batteries, today received a $4 million award from the U.S. Department of Energy.

The grant is part of the DOE’s Advanced Research Project Agency-Energy (ARPA-E) initiative to accelerate transformational energy research projects.

“With our breakthrough technology, which couples a fundamental electrolyte materials innovation with our proprietary low-cost, chemical deposition platform and manufacturing process, Planar Energy is creating scalable, environmentally friendly and cost-effective technology that will enable the U.S. transportation industry to reduce reliance on fossil fuels, help reduce greenhouse gas emissions, and reestablish U.S. leadership in energy storage,” said President and CEO Scott Faris.

He added that the DOE award will enable Planar Energy to accelerate the development and commercialization of all solid-state lithium batteries, which will encourage the adoption of plug-in hybrid and all-electric vehicles.

Planar Energy was established in Orlando, Fla., in 2007. It was spun out of the U.S. Department of Energy’s National Renewable Energy Laboratory in Golden, Colo., by Princeton, N.J.-based Battelle Ventures and its Knoxville, Tenn.-based affiliate fund, Innovation Valley Partners.

Suniva negotiating for $141M DOE loan

Thursday, April 1st, 2010

Suniva logoNORCROSS, GA – Suniva Inc., a U.S. manufacturer of high-efficiency monocrystalline silicon solar cells and modules,  has been selected for the U.S. Department of Energy Loan Guarantee Program under the DOE’s Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies Solicitation.

Upon the completion of the DOE’s due diligence and subject to the successful negotiation of the terms of a loan for approximately $141 million, Suniva plans to start the construction of a new manufacturing plant in Saginaw County, Michigan.

Building such a manufacturing plant could create approximately 500 direct jobs at Suniva, while creating an additional 2,000 indirect jobs for the Michigan economy according to the Michigan Economic Development Corporation.

Suniva currently employs a diverse workforce—approximately a quarter of its employees are military veterans and many others were hired from shuttered automotive plants.

“The DOE’s acceptance of Suniva into the Loan Guarantee Program is very timely and supports the shared vision of President Obama and Suniva in significantly increasing the level of exports over the next five years,” said John Baumstark, chairman and chief executive officer of Suniva.

“The loan guarantee is essential to our efforts in building a second manufacturing plant in Michigan as quickly as possible, creating new cleantech jobs for Americans and supporting the economy by substantially increasing the number of solar cells and modules available for export.”

The loan guarantee will enable Suniva to more than triple exports over the next five years. Last year, Suniva exported more than 90 percent of its products to Asia and Europe.

“Suniva exemplifies the innovative force behind the development of America’s leading-edge green technology, and it exports to the global marketplace,” said Fred P. Hochberg, Ex-IM Bank’s chair and president.

“Suniva exports products, not jobs. America will lead in exports when its businesses deliver value and innovation, which will also drive job growth.”

Suniva presented at the Tech Media Southeast Venture Conference in 2007.

www.suniva.com.