SOURCE: Xunlight Corporation

December 22, 2008 16:04 ET

Xunlight Receives $7 Million Loan From the State of Ohio

TOLEDO, OH--(Marketwire - December 22, 2008) - Xunlight Corporation, a leader in the development of flexible and lightweight thin-film silicon solar modules, announced that it has received a $7 million loan from the State of Ohio, including $3 million from the Ohio Research and Development Investment Fund and $4 million from the Ohio Enterprise Bond Fund. The proceeds will be used to expedite the construction of a 25 megawatt photovoltaic production line in Toledo, Ohio to mass produce flexible thin-film solar cells.

"Xunlight is fortunate to be headquartered in a state where the top elected officials are committed to supporting the renewable energy industry and sustained job growth. Both Lt. Governor Fisher and Ohio Treasurer Cordray have visited Xunlight and shared with us their visions of Ohio's future in solar manufacturing. Strong support like this is critical to Xunlight's ability to attract institutional investments from leading venture capital and private equity firms all over the world," said Xunming Deng, CEO of Xunlight. "This new loan will help us accelerate the build-up of our production capacity and create many high-paying jobs in the State of Ohio."

"We believe the greatest opportunities for economic growth in Ohio lie where the strongholds of our inventive past intersect with the innovation and new technologies of our economic future," said Lt. Governor Lee Fisher. "Xunlight is a great collaborative partner with the state and we are committed to their success by continuing to support advanced energy economic development programs in Ohio."

"Small businesses with innovative vision like Xunlight are the engine of Ohio's economy," said Ohio Treasurer Richard Cordray. "It's critical that we work to keep them here and encourage growth and development today, in order to secure a stronger Ohio tomorrow. The Enterprise Bond Fund is a perfect example of government working together to keep Ohio jobs here in Ohio. Issuing bonds for the Department of Development to fund visionary ventures like this is a vital role for the Ohio Treasury."

About Xunlight Corporation

Xunlight Corporation, a technology spin-off from the University of Toledo, engages in the development, manufacture, and marketing of lightweight and flexible photovoltaic modules that convert sunlight into electricity. Xunlight has received over $40 million of institutional investments from Emerald Technology Ventures, Trident Capital, NGP Energy Technology Partners, and Rabo Ventures. The Company has also received over $11 million of R&D funding from the US Department of Energy, US Department of Commerce and Ohio Department of Development to develop its products and manufacturing process. Xunlight has been featured on Newsweek, Wall Street Journal, CNN, FOX News, The New York Times, the Associated Press and ABC World News. The company is headquartered in a 122,000 sqft manufacturing facility in Toledo, Ohio. For additional information, visit www.xunlight.com.

About Ohio Research & Development Investment Loan Fund

The Research and Development Investment Loan Fund (R&D Fund) was created to promote economic development, business expansion and job creation by encouraging private-sector R&D investments. The Ohio Department of Development (ODOD)'s R&D Fund provides assistance in the form of a low-interest loan, partnered with a tax credit. For additional information, visit: http://development.ohio.gov/cms/uploadedfiles/EDD/R&D%20Guidelines.pdf

About the Ohio Enterprise Bond Fund (OEBF)

The Ohio Enterprise Bond Fund (OEBF) makes funds available to eligible borrowers for the purpose of purchasing land, buildings and equipment that will create and retain jobs and further promote economic development throughout the State of Ohio. The OEBF was developed in 1988 by the Ohio Department of Development in conjunction with the Ohio Treasurer in order to provide a source of low cost borrowing for qualified Ohio businesses. For additional information, visit: http://www.ohiotreasurer.org/index.php/businesses/oebf

About Emerald Technology Ventures

Emerald Technology Ventures is a global leader in cleantech venture capital. Founded in 2000 under the name SAM Private Equity, Emerald is a pioneer in this rapidly emerging sector and is focused on innovative technologies in energy, materials and water. From offices in Zurich, Switzerland, and Montreal, Canada, Emerald manages three venture capital funds and two venture capital portfolio mandates totalling over EUR 300 million (US$ 450 million). For additional information, visit www.emerald-ventures.com.

About Trident Capital

Trident Capital is a leading venture capital and private equity firm with over $1.6 billion of capital under management. Trident focuses on investments in the business services, information services, software sectors, Internet and Cleantech across a variety of industries. Trident has investment offices in Palo Alto, Calif. and Westport, Conn. and has made over 120 investments since inception. For additional information, visit www.tridentcap.com.

About NGP Energy Technology Partners

NGP Energy Technology Partners, L.P. is a Washington, D.C.-based $148 million fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power and alternative energy sectors. The fund is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP Energy Technology Partners is sponsored by NGP Energy Capital Management, a $9.3 billion family of funds and a leading investor in the energy sector since 1988. www.ngpetp.com

About Rabo Ventures

Rabo Ventures is part of the Rabobank Group, ranked as one of the top 25 global financial institutions and a leader in sustainability-oriented banking. Rabobank has been involved in the financing of large sustainable projects such as bio-fuel plants and wind parks in different European countries for the last several years. This venture capital fund focuses on fast growing cleantech companies which encompass a broad range of technologies dealing with renewable energy generation and environmental issues such as clean water and clean air. For additional information, visit www.raboventures.com.

Contact Information

  • For more information, please contact:
    Todd Armstrong
    Business Assistant to the CEO
    Xunlight Corporation
    Tel. 419-469-8622 (Direct)
    Fax 419-469-8601
    Email Contact