China Nuvo Solar Receives Initial Funding For Development Of Its Stacked Solar Cell
China Nuvo Solar Energy, Inc. announced that it has closed and received net proceeds in a funding of $311,900 from a commitment of up to $700,000 pursuant to an investment banking agreement. The company intends to use the proceeds to further develop, with a view towards commercialization, its unique stacked solar cell technology for which it currently holds exclusive worldwide license rights.
The company recently announced a collaboration and development agreement with a third party that will build, equip, operate and manage for the benefit of China Nuvo a product development, testing and prototype manufacturing facility in Chengdu, Sichuan, China. This facility will develop, test and manufacture prototypes of solar energy products and equipment utilizing the company’s unique solar technology with a goal of producing commercially viable products.
"We believe that this is a significant step in furthering our goal to develop and commercialize our breakthrough solar technology," commented Henry Fong, China Nuvo’s President and CEO. "We remain confident about the longer-term prospects for China Nuvo given the recent announcements that demonstrate we are executing our business plan to develop new solar products and technologies utilizing our unique stacked solar cell with the goal of commercialization. We believe that this funding adds credence to management’s plans for China Nuvo over the short and long term."
The lead investment banker for the transaction is New York-based Divine Capital. The funds are being raised utilizing debentures that are convertible into the company’s common stock.