Xunlight is on a roll: Only a few weeks after disclosing that it had raised $4.97 million from Ohio’s Third Frontier Projects, the Toledo-based developer of flexible, low cost thin-film silicon modules has secured another $11 million in third round funding from a group of institutional investors, led by Rabo Ventures. Returning investors included Trident Capital and Emerald Technology Ventures.
The company plans on using the funds to expand its manufacturing operations; it currently operates a 2 megawatt roll-to-roll pilot plant that manufacturers lightweight, flexible PV products and is building a 25 megawatt plant. Its other immediate goals are to improve the manufacturing process’ efficiency and to develop a more advanced fabrication technology.
Xunlight has now raked in over $40 million in institutional investments — including $22 million in second round funding and $7 million in first round funding — and $10 million in R&D funding from Ohio, the US DoE and the Department of Commerce over the past 16 months.