Utilight Secures Round A Funding from RBVC, I2BF and Waarde Capital

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24-Sep-2012

Technology will Reduce PV Manufacturing Costs while Increasing Solar Cell Efficiency

Utilight, an early-stage developer of new methods of wafer-metallization for solar photovoltaic (PV) cells, has secured $4.5m in Round A financing from an investing syndicate which includes Robert Bosch Venture Capital GmbH (RBVC), I2BF Global Ventures and Waarde Capital.

Wafer-metallization is the process of applying a conducting metal layer onto a solar PV cell. The current method that dominates the market is Screen Printing (SP), but this method has significant barriers in solar PV cell manufacturing: in reducing line width, excessive usage of silver paste, exerting excess pressure on the wafers and is suboptimal for maximum electric output of PV cells and panels.

Utilight was founded in 2009 by Amir Noy, Misha Matusovsky, Giora Dishon, and Moshe Finarov. “We are backing an experienced team with an impressive track record in production processes of advanced technologies”, said Gadi Toren, Venture Capital Investment Partner at RBVC, who will be joining the company’s board of directors.

Utilight has developed an innovative, patent pending, non-contact printing method, Pattern Transfer Printing (PTPTM), for high-volume manufacturing of solar PV cells, which both eliminates the manufacturing drawbacks and is more economical than available SP methods. The PTP process enables depositing finer lines with high aspect ratio and yields higher efficiency of solar PV cells.

“Utilight’s innovation comes at a crucial time for the industry as it brings solar PV cell manufacturers exactly what they need – manufacturing efficiency and higher performance of their products,” says Alexey Belyakov, Partner and Head of Research at I2BF Global Ventures. “We are furthermore pleased to join a syndicate of professional investors like RBVC and Waarde Capital.”

Ays Sharaev, Managing Partner at Waarde Capital added “This project has all elements that are crucial for success: very experienced team, strong interest of potential clients, innovative technology and business model, and professional co-investors. Waarde Capital is glad to co-invest alongside with RBVC and I2BF in other projects in Israel and other countries.”