| Paladin leads $77M Funding for Heliovolt |
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Thin Film Solar Producer Receives $77M Series B Investment from Paladin Capital Group, New Enterprise Associates, Masdar Clean Tech Fund, Solúcar Energia and Morgan Stanley
Austin, Texas – August 16, 2007 – HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced it has closed $77 million in Series B financing. Paladin Capital Group and the Masdar Clean Tech Fund co-led the round with support from returning investor New Enterprise Associates as well as Solúcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital. Funds will be used to build HelioVolt Corporation’s first factory and bring Copper Indium Gallium Selenide (CIGS) thin film enabled solar products to market. “CIGS thin film is emerging as one of the most exciting frontiers in cost-effective solar technology. We believe that HelioVolt has the technical understanding and market vision to achieve near term successes and deliver on long term potential,” said Ken Pentimonti, principal at Paladin Capital Group. “Given the enormous promise of low-cost CIGS thin film, we are more than pleased to have a technology leader such as HelioVolt in our portfolio.” Nadim Barakat, Managing Director at Credit Suisse and the general partner of the Masdar Clean Tech Fund, added, “With significant market opportunities emerging across today’s entire renewable energy sector, HelioVolt’s proprietary FASST™ manufacturing process represents the breakthrough that can establish solar energy as the most economical – and practical – choice for distributed electricity generation.” “Clean energy is a global need, and we are proud to have the support of a premier group of financial and market partners as we target those international markets,” said B.J. Stanbery, Ph.D., CEO of HelioVolt. “This funding round marks the next step in our sustained path toward developing and delivering streamlined CIGS-based systems for both conventional solar modules and building integrated photovoltaic (BIPV) products.” Building off of founder and CEO Dr. B.J. Stanbery’s experience with high-efficiency photovoltaics, HelioVolt is commercializing its FASST™ process to manufacture CIGS, nature’s most efficient photovoltaic material. Recently lauded as a 2006 Wall Street Journal Innovation of the Year and a Time Magazine Best Invention of 2006, HelioVolt’s CIGS thin film technology is 100 times thinner, and 100 times more absorbent, than traditional silicon and 10 times faster to produce than alternative CIGS manufacturing methods. About HelioVolt HelioVolt Corporation was founded in 2001 in order to develop and market new technology for applying thin film photovoltaic coatings to a variety of substrates including conventional construction materials. The company’s proprietary FASST™ process, based on rapid semiconductor printing, was invented by HelioVolt founder Dr. Billy J. Stanbery, an eminent expert within the international PV community in the materials science of CIGS and related compound semiconductors. FASST™ is a low-cost, flexible manufacturing process for CIGS synthesis and is protected by both nine issued US patents and by numerous global patents pending. For additional information, visit www.heliovolt.net About Paladin Capital Group Headquartered in Washington D.C., Paladin Capital Group is a premier private equity firm that provides expansion capital for growing companies. Paladin has over $440 million under management and operates two funds with 27 portfolio companies. Paladin's Homeland Security Fund invests in enterprises whose principal business centers on products and services that address homeland security issues and needs. Importantly, the fund's leadership is comprised of individuals with a proven track record of financial expertise, national security experience and specialized technical competence. For more information, see www.paladincapgroup.com. ### Press Contact: Rosalind Jackson Antenna Group (for HelioVolt) 415-977-1923 |