TEL AVIV, ISRAEL--(Marketwired - Mar 7, 2016) - Utilight Ltd. (the "Company"), which developed and markets its PTP™ technology, a disruptive non-contact 3D laser printing technology for high-volume manufacturing of printed electronics including PV solar cells, announced today that it recently raised $2,900,000 in its Secured Convertible Notes. The Company will use the funds to execute its market penetration initiative targeting top 20 global PV manufacturers. TriPoint Global Equities, LLC acted as placement agent and advisor for the transaction.
The Company was founded May 2009 in Israel by experienced successful second timers (including the founders of Nova Measuring Instruments (IPO 2000). In January the Company's PTP™ (Pattern Transfer Printing) system moved from beta testing to production integration at one of the world's largest PV manufacturers. The Company believes that by 2018 the PV retrofit market for its PTP™ system could reach a TAM close to $1B and the market for its proprietary printing U-Tape™ could reach a TAM of $250M for 2018 with a CAGR of approximately 15%.
The new investors include a strategic investor in Israel (from the polymers' industry), SCI Advanced Technology Fund and high net worth Asian investors. The new investors join current investors including Robert Bosch Venture Capital (RBVC), Waarde Capital and I2BF Global Venture, among others. The Company is also being supported by the Israeli Office of the Chief Scientist (OCS) thus far in the amount of approximately $3M. The Company plans to begin marketing a $15M Series B in the 2nd quarter of 2016.
"We are pleased to partner with TriPoint Global Equities for our financing needs and we intend to use the proceeds from this financing to aid in accelerating Utilight's plan to move from beta testing to market proliferation," said Dr. Giora Dishon, CEO and Chairman of Utilight Ltd.
About Utilight Ltd.
Utilight is an Israeli company founded in 2009 by an experienced team having taken a new technology in semiconductors manufacturing from its inception to worldwide market proliferation and the company to IPO on Nasdaq. Utilight is backed by the Israeli OCS, reputable investors such as RBVC, angels and the founders. Utilight's revolutionary laser 3D PTP™ printing technology enables dramatic aspect ratio improvements for metal grid fingers, such as on solar cells, at an unprecedented speed and throughput. This technology delivers solar cell efficiency improvements and significant materials savings, such as savings of expensive silver paste. The ROI for the PV manufacturers is about 6-9 months. The company is in intensive discussions and evaluations with many of the global Top 20 PV manufacturers in China and Taiwan.
For more information, please visit http://www.utilight.com.
About TriPoint Global Equities
TriPoint Global Equities, LLC ("TriPoint "), a FINRA member firm, is a boutique investment bank with corporate finance, sales and trading services. TriPoint focuses on providing U.S. and non-U.S. companies of up to $500 million in revenue with capital raising, corporate finance advisory services, cross border mergers and acquisitions and assistance with navigating the regulatory environment for companies listing on U.S. markets. TriPoint maintains specialized practices in institutional private placements, sales and trading, research, mergers and acquisitions, and corporate finance. TriPoint has offices in New York City, Jericho, NY, Akron, OH, Beijing, China and Washington, D.C.
For more information, please visit http://www.tripointglobalequities.com.
Contact Information:
TriPoint Global Equities contact:
John Finley
Utilight Ltd. contact:
Dr. Giora Dishon