Sunovia Energy Technologies, Inc. (OTCBB: SUNV) announced the completion of their mezzanine round of financing. With $12 million already raised, the company will proceed with funding to the development of the scalable CdTe-based solar cell manufacturing facility, and sales of the EvoLucia™ LED-based solid-state lighting solutions. The company’s stock rose 43.14% at the closing of Wednesday’s trading.
EPIR Technologies, Inc. (EPIR) has partnered up with Sunovia in order to put forth a practical application of a scalable manufacturing system for the production of low-cost, high-efficiency CdTe solar cells. Funding for the company’s core CdTe research, development and design for the CdTe-based manufacturing facility has reached $25 million. Operating in a much smaller square footage (10,000 square feet), the company’s advanced manufacturing notions will still allow them to produce more than 100 megawatts (MW’s) of high-efficiency CdTe solar cells. It has been anticipated by both companies that within a 24 month period the first scalable manufacturing system will be operational, which will be equipped with the capacity to produce more than 10 MW’s of CdTe-based solar cells.
Carl Smith, CEO of Sunovia, said, “Initially, the high-efficiency CdTe-based solar cells are targeted at concentrated solar photovoltaic (PV) systems that support the commercial and utility-scale renewable energy markets. After demonstrating the scalable 10 MW high-throughput CdTe manufacturing system, we believe that the company will be ideally positioned to add additional capacity within a relatively short period of time in a cost-effective manner. In addition, the core manufacturing system is designed to have a very small footprint and can be scaled to meet the increasing demands, which are anticipated for this market throughout the foreseeable future. Our aim is to achieve, or even undercut, the cost-per-watt manufacturing targets and timeframes, which are identified within the Department of Energy’s Solar America Initiative, and we believe that we are uniquely positioned to accomplish this.”
Sunovia’s subsidiary, EvoLucia™, recently completed a commercial installation of their ceiling or wall-mounted LED-based solid-state lightning solution. Replacements for antiquated 120 watt incandescent fixates were installed with the new 22 watt EvoLucia™ fixtures, resulting in an 81% reduction of carbon emissions, and $1,000 savings per light. Products that are made by EvoLucia are guaranteed to last for five years, have a lifetime of at least 50,000 hours, or more than 15 years of life if utilized eight hours daily.
“LED lighting is the smartest and most efficient answer to energy-efficient lighting. When compact fluorescent bulbs are thrown away, the mercury (Hg) component poisons the land, and runoff allows the mercury to pollute our waterways. Our cost-efficient and environmentally responsible LED lighting products are the smartest answer to energy-efficient lighting. If you use compact fluorescent bulbs, please recycle them properly as future generations will pay severely for these shortsighted solutions,” explained Smith.
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