AVA Solar completes second round of funding in 2007
Fort Collins, Colorado — June 27, 2007 — AVA Solar, Inc., a manufacturer of advanced, low-cost, thin film photovoltaic modules, announced that it closed on its second round of financing in 2007. Led by The Invus Group, funds will be used to build AVA Solar’s initial large scale manufacturing facility and bring its high efficiency, low cost cadmium telluride (CdTe) solar products to market.
"We are pleased to provide AVA Solar with the resources they need to implement full-scale production of their commercial-grade solar modules,"said Philippe Amouyal, Managing Director of The Invus Group. "We believe that AVA Solar has great potential not only because of their low manufacturing costs, but also because they have the ability to scale rapidly, which will be very important over the next five years in this industry."
"We are proud to have the financial and strategic support of an investment group as prestigious as Invus,"said Pascal Noronha, Ph.D., CEO of AVA Solar. "They understand the capital markets and, from the very beginning, bring to us the discipline of a public company. They will provide us invaluable support us as we rapidly scale."
The culmination of 15 years of scientific and engineering effort, AVA Solar is commercializing its breakthrough manufacturing process for producing low-cost, high efficiency solar modules. The company was founded in January 2007 and will begin pilot production on its initial 3 megawatt line by the end of this year. By the end of 2008, the company will commence full scale commercial production.
About AVA Solar
AVA Solar, Inc. was founded in 2007 to commercialize an advanced process for manufacturing cadmium telluride (CdTe) thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University’s Material Engineering Laboratory, AVA Solar has perfected a robust, industrial-scale, continuous process for producing solar PV modules at a cost below $1/watt, significantly reducing the cost of generating solar electricity. For additional information, visit www.avasolar.com.
About The Invus Group
Invus is a New York-based investment firm with additional offices in London and Paris. Invus invests in a variety of equity transactions, including buyouts, longer term public equity investments, venture capital, and expansion financings. Invus manages in excess of $4 billion of capital. Invus has achieved both cash on cash multiples and annual internal rates of return over 22 years that are at the very top of the private equity industry. Invus manages interests in a broad range of industries, including technology, consumer goods, consumer services, education, software, biotechnology and medical devices.
For media requests, please contact:
Russell Kanjorski
4557 Denrose Court, Unit B
Fort Collins, CO 80524
Phone: (970)472-1580
Email: rkanjorski@avasolar.com
Fort Collins, Colorado — June 27, 2007 — AVA Solar, Inc., a manufacturer of advanced, low-cost, thin film photovoltaic modules, announced that it closed on its second round of financing in 2007. Led by The Invus Group, funds will be used to build AVA Solar’s initial large scale manufacturing facility and bring its high efficiency, low cost cadmium telluride (CdTe) solar products to market.
"We are pleased to provide AVA Solar with the resources they need to implement full-scale production of their commercial-grade solar modules,"said Philippe Amouyal, Managing Director of The Invus Group. "We believe that AVA Solar has great potential not only because of their low manufacturing costs, but also because they have the ability to scale rapidly, which will be very important over the next five years in this industry."
"We are proud to have the financial and strategic support of an investment group as prestigious as Invus,"said Pascal Noronha, Ph.D., CEO of AVA Solar. "They understand the capital markets and, from the very beginning, bring to us the discipline of a public company. They will provide us invaluable support us as we rapidly scale."
The culmination of 15 years of scientific and engineering effort, AVA Solar is commercializing its breakthrough manufacturing process for producing low-cost, high efficiency solar modules. The company was founded in January 2007 and will begin pilot production on its initial 3 megawatt line by the end of this year. By the end of 2008, the company will commence full scale commercial production.
About AVA Solar
AVA Solar, Inc. was founded in 2007 to commercialize an advanced process for manufacturing cadmium telluride (CdTe) thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University’s Material Engineering Laboratory, AVA Solar has perfected a robust, industrial-scale, continuous process for producing solar PV modules at a cost below $1/watt, significantly reducing the cost of generating solar electricity. For additional information, visit www.avasolar.com.
About The Invus Group
Invus is a New York-based investment firm with additional offices in London and Paris. Invus invests in a variety of equity transactions, including buyouts, longer term public equity investments, venture capital, and expansion financings. Invus manages in excess of $4 billion of capital. Invus has achieved both cash on cash multiples and annual internal rates of return over 22 years that are at the very top of the private equity industry. Invus manages interests in a broad range of industries, including technology, consumer goods, consumer services, education, software, biotechnology and medical devices.
For media requests, please contact:
Russell Kanjorski
4557 Denrose Court, Unit B
Fort Collins, CO 80524
Phone: (970)472-1580
Email: rkanjorski@avasolar.com