ATEL Ventures, a leading provider of secured financing to emerging growth companies, has announced that they have committed $5.0 million in equipment lease financing to Innovalight, Inc., a privately held company focused on making inexpensive, portable solar power systems using nanotechnology.
The Silicon Valley based company has earned accolades from TIME, Red Herring and proponents of clean, renewable energy for their innovative technology that allows thin-film solar power modules to be printed onto flexible surfaces.
Commenting on the transaction, Innovalight’s director of finance, Christina Teng said, “We are thrilled to have the support and financing from ATEL Ventures. We look forward to working with them as we move into full scale commercial production to satisfy the burgeoning demand for solar technology.”
“The market for alternative energy is witnessing an unprecedented shift as the economics of traditional energy sources continue to worsen,” said Steven Rea, executive vice president at ATEL. “Innovalight’s groundbreaking technology represents a tremendous opportunity for residential and commercial consumers as well as for investors such as ATEL.”
About ATEL Ventures, Inc.
Since its founding in 1977, San Francisco-based ATEL Capital Group has become the largest private and closely-held independent leasing company in the United States, with approximately $2 billion in asset-secured transactions under management. ATEL Capital formed ATEL Ventures, Inc. to provide working capital and equipment financing term loans to emerging growth companies in information technology, life sciences, specialty retail and alternative energy. For information about ATEL Ventures, contact Steven Rea, executive vice president, or visit their website at www.atel.com/ventures.
About Innovalight, Inc.
Innovalight is focused on bringing ultra low-cost solar power modules to the marketplace. Innovalight is harnessing a proprietary silicon-ink process, developed by the company to print thin-film solar power modules. Leveraging the advantages of solvent-based processing, Innovalight will help accelerate the promise of more affordable solar power solutions for residential and commercial applications.
The Company was recognized as a 2006 Technology Pioneer winner at the 2006 Annual Meeting of the World Economic Forum held in Davos, Switzerland. The Company has been extensively profiled in Time Magazine, The Economist, Red Herring and other major news organizations as a technology leader crusading for new cleaner energy solutions.
Innovalight is an early-stage company and is based in the heart of Silicon Valley.
Contacts:
Steve Rea, 415-616-3436
srea@atel.com
