Sunovia Completes Equity Raise For CdTe Solar Cell Manufacturing Facility & LED Lighting Solutions
Sunovia Energy Technologies, Inc. announced that it has completed its mezzanine round of financing. The company has currently raised a total of $12 million, and continues to allocate proceeds to the development of the scalable Cadmium Telluride (CdTe)-based solar cell manufacturing facility and sales of the EvoLucia™ LED-based solid-state lighting solutions.
Sunovia and EPIR Technologies, Inc. (EPIR) have exclusively partnered to demonstrate a scalable manufacturing system for the production of low-cost, high-efficiency CdTe solar cells. More than $25 million has been invested into the companies’ core CdTe research, development and design for the high-throughput CdTe-based manufacturing facility. The companies claim that, unlike other solar cell manufacturers that require substantial square footage for manufacturing, their advanced manufacturing concepts should allow them to produce more than 100MWs of high-efficiency CdTe solar cells within a 10,000 square foot area. The companies anticipate that the first scalable manufacturing system will be operational in less than 24 months and will have the capacity to produce more than 10 MWs of CdTe-based solar cells during the first year immediately thereafter.
"Initially, the high-efficiency CdTe-based solar cells are targeted at concentrated solar photovoltaic (PV) systems that support the commercial and utility-scale renewable energy markets. After demonstrating the scalable 10 MW high-throughput CdTe manufacturing system, we believe that the company will be ideally positioned to add additional capacity within a relatively short period of time in a cost-effective manner. In addition, the core manufacturing system is designed to have a very small footprint and can be scaled to meet the increasing demands, which are anticipated for this market throughout the foreseeable future," said Carl Smith, CEO of Sunovia. "Our aim is to achieve, or even undercut, the cost-per-watt manufacturing targets and timeframes, which are identified within the Department of Energy’s Solar America Initiative, and we believe that we are uniquely positioned to accomplish this."
In addition, Sunovia’s LED lighting subsidiary, EvoLucia™, recently completed a commercial installation of its ceiling or wall-mounted LED-based solid-state lighting solution. The installation called for the replacement of antiquated 120W incandescent fixtures with the new [email protected] EvoLucia™ fixtures which represents more than an 81% reduction in carbon emissions and more than a $1,000 savings per light over the life of the EvoLucia™ product. The energy and maintenance savings to this customer allow the fixture cost to be recovered within 18 months of the installation. EvoLucia products are guaranteed for five years and have a projected lifetime of at least 50,000 hours, or more than 15 years for products that are utilized eight hours everyday.
"LED lighting is the smartest and most efficient answer to energy-efficient lighting. When compact fluorescent bulbs are thrown away, the mercury (Hg) component poisons the land, and runoff allows the mercury to pollute our waterways. Our cost-efficient and environmentally responsible LED lighting products are the smartest answer to energy-efficient lighting. If you use compact fluorescent bulbs, please recycle them properly as future generations will pay severely for these shortsighted ’solutions’," added Smith.