Posts Tagged ‘solar’
Monday, July 18th, 2011
CHICAGO-True North Venture Partners announced today the launch of its $300 million venture capital company. Founded by Mike Ahearn, the co-founder and former CEO of First Solar (NASDAQ:FSLR), True North will invest primarily in early stage companies in the energy, water, agriculture and waste sectors. Investment amounts will generally range from $100,000 to $25 million.
“We are focused on sectors where the global problems are pressing, the need for disruptive innovation is great and the challenges faced by early stage entrepreneurs and investors are particularly daunting,” said Ahearn. “Our goal is to identify exceptionally talented entrepreneurs with the vision, drive and business potential to significantly improve the world and help them realize their ambitions.”
Ahearn co-founded and until 2009 served as the CEO of First Solar. During this period First Solar grew from a start-up to a global leader in the solar industry and an S&P 500 company. Before investing in First Solar, Ahearn helped to build a number of other successful companies as an early stage investor.
“We are assembling a team of partners and advisors who combine successful investment experience with proven track records in developing start-up businesses into significant enterprises,” said Ahearn. “We can help entrepreneurs navigate the obstacles that they will inevitably face in fundamentally transforming global industries.”
True North has commenced operations and expects to be fully staffed by the end of 2011.
Tags: ag, Chicago, clean tech, Energy, First Solar, launches, Mike Ahearn, New venture firm, solar, True North Venture Partners, waste sector, water Posted in Energy | Comments Off
Friday, June 24th, 2011
DURHAM, NC -With oil prices high, government support for alternative energy projects and investors hot for companies with advance solar technologies, a Durham, NC firm has nabbed substantial new venture backing. Semprius, the Durham, NC-based company with a proprietary technology for printing semiconductors on glass, plastic or other materials for use in solar panels, has raised $20 million of an offering targeted at $30 million, according to a filing with the U.S. Securities and Exchange Commission.
Investors in the firm include Durham’s Intersouth Partners, Austin’s Arch Venture Partners, Chicago’s Illinois Ventures, CA-based Applied Ventures, and Tokyo-based Global Venture Partners.
Semprius develops novel technology for the manufacture of advanced semiconductor devices. This technology enables “point-of-use electronics,” greatly broadening the options available to designers of advanced electronic devices. Semprius presented at TechMedia’s 2010 Southeast Venture Conference.
For many existing designs, the technology can enable a manufacturing process that is faster and far less expensive. It is ideal for multiple markets and applications, the company says, including solar modules, electronic displays and wireless devices.
Tags: alternative energy, clean energy, Durham, NC, Semprius, SEVC, solar, Southeast Venture Confernce 2010, venture funding Posted in Energy, Hardware, IT, Money | Comments Off
Thursday, April 14th, 2011
ATLANTA – 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.
Tags: Advanced Equities, advanced solar cells, Atlanta, clean tech, DOE, DOE loan, Energy, financing, H.I.G. Ventures, MI, NEA, Saginaw, solar, Suniva, Warburg Pincus Posted in Energy, Georgia, Money | Comments Off
Tuesday, August 31st, 2010
SARASOTA, FL – Sunovia Energy Technologies Inc. (OTCBB:SUNV), a clean-tech firm focused on LED lighting and solar technologies, has named Art Buckland CEO.
The company hired the turnaround veteran as it engages in a court battle with EPIR Technologies, a shareholder in Sunovia that terminated a research, development and supply agreement it held with the company after Sunovia allegedly breached the agreement and fell back on the required payments.
Buckland’s leadership has resulted in corporate turnarounds, hundreds of millions of dollars of revenue growth, billion-dollar increases in book value, IPOs and LBOs.
He has raised $175 million in private and public capital while starting nine companies, completed 36 M&A transactions worth over $1.45 billion, and turned around seven companies. He has 24 years of experience serving on public company boards. Buckland has led profitable growth and innovation in energy and clean tech for many years.
He guided some of the first developments of Smart Meters in the 1980s, using his semiconductor background working with a diverse array of utility companies and municipalities.
Buckland received the “Entrepreneur of the Year” award (from NASDAQ, Ernst & Young, Sprint, USA Today, and others) for his work with CP Clare, where he grew a small $5 million failing semiconductor company to $147 million of annual revenue in three years.
The IPO at CP Clare resulted in a 122 percent IRR for investors. Recently, in his two years at Soliant Energy, Buckland pioneered the development of a strategic vision for the next generation of solar panels that could generate distributed electricity at utility costs without government subsidies.
Buckland said, “I expect to grow Sunovia efficiently and effectively to realize the tremendous value that has already been created in EvoLucia, and look forward to the challenge of realizing the value in our solar initiative soon after that.”
Sunovia recently reported that it had sold 58 million shares of stock in a private placement, raising $1.16 million.
Tags: Art Buckland named CEO, FL, LED lighting, Sarasota, solar, Sunovia Posted in Energy, Florida, People | Comments Off
Friday, July 2nd, 2010
Cleantech continues to be a hot investment area, with venture investments matching the last 2010 quarter at $2.04 billion and up 43 percent over a year ago in Q2 2010, with a resurgence in solar leading the parade, according to The Cleantech Group.
The number of deals recorded in 2Q10 was down from a record high of 192 in 1Q10, but still represents a strong quarter by historic standards.
“In spite of the persistence of wider concerns about the strength and sustainability of the global recovery, the strong flow of investment dollars to cleantech growth companies has continued in 2Q10, with cleantech venture investment in the first half of 2010 edging slightly ahead of the record total recorded during the first half of 2008 [$4.04 billion versus $4.02 billion],” said Richard Youngman, head of global research at the Cleantech Group.
“Key to this has been the resurgence of solar, and a high volume of follow-on rounds, including many blockbuster deals, which are, in part, a response to the lackluster and unpredictable state of the cleantech IPO market. Goldwind and Solyndra’s recent IPO withdrawals have been the norm of late, and Tesla’s trend-bucking triumph the exception.”
Corporate activity around cleantech innovation has continued to play an important role in maintaining the levels of investment activity. Corporations are becoming key participants in many of the largest venture and growth capital investment rounds.
“The significant strengthening of corporate and utility investment into the cleantech sector, relative to 2009, is very encouraging, given the key role they will play in enabling broader adoption of clean technologies at scale,” said Scott Smith, partner, Deloitte & Touche and Deloitte’s clean tech leader in the United States.
“Major U.S. utilities are increasing direct investments in wind and solar due to improving cost scenarios, favorable tax credits and incentives, and evolving pressure to meet Renewable Portfolio Standards. Meanwhile, the largest global companies are seeing the business case for operational cleantech integration, leading to record corporate investment. ”
The leading sector in the quarter by amount invested was solar ($811 million), followed by biofuels ($302 million) and smart grid ($256 million). Energy efficiency was the most popular sector measured by number of deals, with 31 funding rounds, ahead of solar (26 deals) and biofuels (13 deals).
Tags: cleantech venture investments, Energy, energy efficiency, Q2 2010, solar, The Cleantech Group, wind Posted in Energy, Studies, surveys, reports, venture capital report | Comments Off
Monday, May 17th, 2010
DUBLIN, GA – German firm Mage Solar plans to locate its U.S. headquarters and first manufacturing facility in Dublin, GA. The firm says it will create 350 jobs over five years and invest $30 million in the facilities.
The company garnered almost $7 million in government incentives to spur the move.
The facility will include a training center and solar module manufacturing plant.
The company says Dublin’s strategic location, about half ways between one of the most well-connected airports in the world and the ever expanding Port of Savannah provides the solar company a logistic advantage.
The company also cited Georgia’s workforce training program Quick Start as well as its overall business-oriented climate as making Georgia an attractive state for locating corporate headquarters and manufacturing facilities. In addition, Georgia is also home to the Center of Excellence for Photovoltaics Research and Education at Georgia Tech in Atlanta. Known for its groundbreaking research in clean, renewable energy sources, it is only one out of two centers of its kind nationwide.
The company expects to start production by the end of the year.
Tags: Economic Development, Energy, Georgia, jobs, Mage Solar, solar Posted in Economic Development, Energy, Georgia, TechJobs | Comments Off
Friday, April 16th, 2010
WINSTON-SALEM, N.C. – Wake Forest University has received the first patent for a new solar cell technology that can double the energy production of today’s flat cells at a fraction of the cost. The University has licensed the technology to Winston-Salem based FiberCell Inc.
“It comes at a pretty high price to be green,” said David Carroll, Ph.D., the director of Wake Forest’s Center for Nanotechnology and Molecular Materials, where the fiber cell was developed. “This device can make a huge difference.”
The university received the patent for fiber-based photovoltaic, or solar, cells from the European Patent Office; applications to the U.S. Patent Office are pending.
Made from millions of tiny fibers
The patent on the technology has been licensed to FiberCell Inc., based in the Piedmont Triad Research Park of Winston-Salem, to develop a way to manufacture the cells. The company is producing its first large test cells.
These new solar cells are made from millions of miniscule plastic fibers that can collect sunlight at oblique angles – even when the sun is rising and setting. Flat-cell technology captures light primarily when the sun is directly above.
Where a flat cell loses energy when the sun’s rays bounce off its shiny surface, the fiber-based design creates more surface area to confine the sun’s rays, trapping the light in the tiny fiber “cans” where it bounces around until it is absorbed almost completely.
That means much greater energy production with fiber-based cells: Wake Forest’s fiber cells could produce about twice as many kilowatt hours per day as standard flat cells.
“We’ve been able to show that with a standard absorber we can collect more of the photons than anyone else can,” Carroll said. “Because of the way the device works, I get more power.”
To make the cells, the plastic fibers are assembled onto plastic sheets, with a technology similar to that used to create the tops of soft-drink cups. The absorber – either a polymer or a dye – is sprayed on. The plastic makes the cells lightweight and flexible – a manufacturer could roll them up and ship them anywhere cheaply.
Carroll envisions several key uses for fiber cells:
•Green building:
“We’ve known how to build the ‘smart house,’ it’s just been too expensive,” he said. “The fiber cell can change that.” Alter the dimensions and dye color, and builders can integrate the cells nearly anywhere in the home’s design. Because fiber cells can collect light at various angles, they no longer have to stay on the roof to work.
Builders could partner the cells with devices that could store the power more efficiently, turn off lights and appliances when not in use, and capture and redirect the heat the building radiates at night, and you have a more affordable, energy-efficient structure.
•Bringing power to developing countries:
Once the primary manufacturer ships the lightweight, plastic fiber cells, satellite plants in poor countries can spray them with the dye and prepare them for installation. Carroll estimates it would cost about $5 million to set up a finishing plant – about $15 million less than it could cost to set up a similar plant for flat cells.
•Revolutionizing the power grid: “What if you didn’t own your roof,” Carroll asked. “What if the power company did?” The fiber cells installed on some homes in each neighborhood would feed the grid, and the power company would monitor energy collection and distribution through a computer network. The homeowner would not maintain the cells; that responsibility would fall to the power company.
Tags: Energy, FiberCell Inc., NC, patents, solar, Tech Transfer, Wake Forest University Posted in Carolinas, Energy, North Carolina, Tech Transfer, University Tech | Comments Off
Thursday, April 1st, 2010
NORCROSS, 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.
Tags: DOE, Energy, Georgia, solar, Suniva Posted in Energy, Georgia, Money | 1 Comment »
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