Infinia Announces $50 Million Financing For Solar System

Infinia Corp. announced that it closed on a $50 million Series B Preferred Stock financing round led by GLG Partners with participation from Wexford Capital LLC and prior investors Vulcan Capital, Khosla Ventures, EQUUS Total Return, Inc., Idealab and Power Play Energy, LLC.

The proceeds from the financing will be used to fund the commercial launch of the Infinia Solar System, a solar power generation product that harvests energy from sunlight to generate clean, emissions-free electricity. The devices combine a small engine with a concentrating dish that directs sunlight onto the motor, which is said to converts it into electricity more efficiently than regular solar panels. Its 250 components were purposely designed so that auto parts manufacturers could use their space capacity to produce them.

Infinia hopes to start production by November 2008, and reach annual production of about 200MW within a few years, with a plan to market to utilities.

"This financing represents a very important turning point for Infinia," said J.D. Sitton, President and Chief Executive Officer of Infinia. "With the support of this outstanding investor group, the inspired and diligent effort of our team, and the commitment of our key supply-chain partners, we are clearly on track to begin manufacturing and selling our Infinia Solar System product later this year. This product will change the game in the solar power generation market."

In connection with this transaction, GLG’s John Small will join Infinia’s Board of Directors. Small is Senior Asset Manager and President of GLG and has an extensive background in investing in and building public and private companies.