Bandgap closes financing with New Enterprise Associates, Sumitomo Corporation and Massachusetts Green Energy Fund
Waltham, MA – December 17, 2007 – Bandgap Engineering, Inc., a start-up developing ultra-high efficiency solar cells based on silicon, today announced it has received seed venture financing from New Enterprise Associates (NEA), Sumitomo Corporation (through its U.S. venture subsidiary, SC Greentech Ventures) and the Massachusetts Green Energy Fund (MGEF). The company will use the funds to drive research and development of its proprietary, low cost nanotechnology. NEA general partner Forest Baskett and MGEF partner Eric Emmons will join the company's board of directors.
"Bandgap's technology represents an exciting opportunity for a breakthrough in high efficiency photovoltaics," said Dr. Baskett. "Because it is based on silicon, one of the most abundant, safe and inexpensive elements on earth, Bandgap's business will also benefit from lower costs and the cumulative experience of the bulk of the photovoltaics industry for the last 50 years."
Bob Shaw, managing general partner of SC Greentech Ventures, in partnership with Sumitomo Corporation, added, "The Bandgap team combines deep technical and industry expertise with experience and past success in growing venture-backed startups. We are excited to be working with such a great team of entrepreneurs."
"Bandgap represents exactly the kind of company that Massachusetts Green Energy Fund looks for: a breakthrough technology in a large and growing market, lead by a passionate, experienced team that is looking to create opportunity in Massachusetts," said Mr. Emmons.
"Our goal as a company is simple: to bring solar energy to grid parity," said Dr. Marcie Black, co-founder and chief technology officer of Bandgap. "We are thrilled to be working with such a great group of investors who share our vision and have the resources and deep industry knowledge to help us turn our vision into reality."
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 Sumitomo Corporation (SC Greentech Ventures)
Sumitomo Corporation is a leading globalized trading company based in Tokyo, with multifaceted business activities in areas including energy, mineral resources, electronics and chemical products.
Founded in 1919, Sumitomo Corporation conducts business transactions, provide business investment, and participates in numerous other activities facilitated by its global network and the relationships of trust built with corporate business partners and consumers. In photovoltaics, Sumitomo is a major distributor of silicon materials and modules, and an operator of solar power projects; it also makes focused investments in new technologies that have synergies with Sumitomo's businesses. A full introduction to Sumitomo's business activities is available at www.sumitomocorp.co.jp/english/
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.
About Bandgap Engineering, Inc.
Bandgap’s mission is to bring solar energy to grid parity by engineering high efficiency silicon-based photovoltaic cells using proprietary, low cost nanotechnology. Founded in 2007, the company is venture-backed by New Enterprise Associates, Sumitomo Corporation and the Massachusetts Green Energy Fund and based in Waltham, MA. For more information, visit the Bandgap web site at www.bandgap.com.
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Bandgap Engineering, Inc.