Bandgap closes $6 million Series A-1 financing with New Enterprise Associates, Massachusetts Green Energy Fund, Robert W. Shaw, Jr.
WALTHAM, MA – June 15, 2009 – Bandgap Engineering, Inc., a developer of nano-structured silicon technologies for high efficiency photovoltaic systems and high energy density Li-ion batteries, today announced it has received seed venture financing from New Enterprise Associates (NEA), the Massachusetts Green Energy Fund (MGEF) and Robert W. Shaw. The company will use the funds to advance its application of its low cost nanotechnology to high efficiency silicon-based photovoltaic cells.
"NEA looks for businesses that feature talented people developing breakthrough technology that will transform a huge market," said Dr. Forest Baskett, General Partner at New Enterprise Associates. "We think that Bandgap has all of these qualities and we are thrilled to be part of the team.”
"Bandgap is focused on bringing solar electricity to grid parity through nano-structuring silicon," said Dr. Marcie Black, co-founder and chief technology officer of Bandgap. "This financing gives us the resources and deep industry knowledge to help us turn our vision into reality."
About Bandgap Engineering, Inc.
Bandgap has pioneered the development of highly tunable and inexpensive methods for nano-structuring silicon and is applying this technology to high efficiency photovoltaic systems and high capacity Li-ion batteries. Founded in 2007, the company is venture-backed by New Enterprise Associates, Sumitomo Corporation and the Massachusetts Green Energy Fund and based in Woburn, MA. For more information, visit the Bandgap web site at www.bandgap.com.
About New Enterprise Associates
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support its entrepreneurs, provide an excellent return to its limited partners and conduct its business with the highest standards of integrity and respect. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 650 companies, of which more than 160 have gone public and more than 240 have been acquired. For more information, please visit www.nea.com.
About Massachusetts Green Energy Fund
The Massachusetts Green Energy Fund invests in a broad range of emerging power generation technologies, including photovoltaics, fuel cells, hydrogen storage, hydrogen generation, wind, wave, tidal, biomass, biodiesel, power control, power conditioning, engine design, and energy management and storage technologies. The Fund manages for competitive investment returns by leveraging its extensive investment experience in the renewable energy sector, strong connections to the region¹s high technology and university communities, and significant deal flow and public support through the Massachusetts Technology Collaborative¹s Renewable Energy Trust. For more information, please visit www.massgreenenergy.com.
For additional information please contact:
Chris Hobson
Bandgap Engineering, Inc.
781.902.0310
Bandgap Engineering, Inc.
