Solar cell maker Ambient Photonics lands USD 17.5 m of debt to develop factory
- California-based low-light solar photovoltaic (PV) cells developer Ambient Photonics stated today it has actually gotten USD 17.5 million (EUR 17.7 m) in debt financing, thus concluding the first funding for its US solar production facility.
Ambient has secured the debt from Silicon Valley Bank and Trinity Capital Inc (NASDAQ: TRIN), adding it to the USD 31 million in equity increased earlier this year.
In May, Amazon, through its Climate Pledge Fund, and Ecosystem Integrity Fund (EIF) led a Series A funding round at Ambient. The last now has actually USD 48.5 million of equity as well as debt at its disposal to develop a manufacturing facility with a fully-automated production line and also a yearly capability for tens of millions of cells.
The company has developed low-light solar cells which, it claims, produce greater than 3 times even more power than standard innovation from the natural and artificial light in the surrounding setting. Currently, it is focused on wise residence as well as IoT applications.
"By putting debt capital to work from leading lenders like SVB and also Trinity Capital, in addition to the equity capital already raised this round, we will establish the U.S. as a significant facility of power harvesting technology production," commented Ambient CEO Bates Marshall.
