Home > Press > Orionsolar $1M Series B Funding From 21Ventures
New Second Generation Photovoltaic Solar Energy Cell Reduces Cost Of Producing Solar Electricity At Home By As Much As 50 Percent
Orionsolar Marks Major Milestone With $1M Series B Funding From 21Ventures
New York and Jerusalem | Posted on March 21, 2006
OrionSolar® Photovoltaics, Ltd., a leading global developer of solar energy photovoltaics, today announced that it has completed development of an advanced second generation photovoltaic solar energy cell. The new patented technology significantly reduces the high cost of producing solar electricity with polycrystalline silicon photovoltaic cells by over 50 percent. In marking today's milestone, OrionSolar also announced the receipt of $1 million Series B financing from its sole institutional investor, New York-based 21Ventures LLC.
The company will use this upfunding to finance its marketing initiatives and to develop the pilot production and manufacturing program for the new energy cell. Monies will also be used for additional R&D activities related to optimizing OrionSolar's solar technology for solar home systems in Developing Nations and "Do It Yourself" home installation. OrionSolar's technology will be ready for market in 2007.
"The solar energy market is growing at a rate of 35 percent annually, but it still only accounts for less that 0.5 percent of the world's energy consumption," discussed David Anthony, Managing Partner of 21Ventures. "In the past, solar energy was hindered by the prohibitive costs of solar technology, but with the development of OrionSolar's new photovoltaic cell, this is no longer an issue. Given this combined with the worldwide need to eliminate our dependence on fossil fuels, 21Ventures believes OrionSolar is poised for tremendous success. They have strategically important Intellectual Property aimed at a very large global market opportunity and are supported by the most talented engineers and scientists in the solar energy industry."
OrionSolar Photovoltaics, Ltd. is a leading global developer of low cost energy cells. The company's innovative, patented second generation dye cell photovoltaic technology enables the widespread use of solar energy for commercial consumer applications worldwide by significantly reducing the high costs of today's traditional first generation polycrystalline silicon photovoltaic cells. Founded in 2003, the technology company is headquartered in Jerusalem with a regional office in London.
For more information, please click here.
Founded in 2003, 21Ventures LLC invests in seed and bridge financing for both private and public technology ventures in Israel and non-core technology regions across the U.S.; its goal is to bridge the widening gap between "friends and family" funding and initial professional capital. 21Ventures focuses on portfolio companies in the Energy, Financial Services, Information Technology, Life Science, Media, Semiconductor and Telecommunication markets. In addition to its VC activities, 21Ventures designs and delivers entrepreneurial training programs for scientists, engineers and technology developers worldwide. The company is headquartered in New York City and has made eleven investments to date.
For more information, please click here.
Estimates, expectations and business plans are forward-looking statements. Actual future results, including product introduction schedules, market receptiveness, regulatory approvals and commercial viability, could differ materially due to changes in conditions affecting the industry, political, legal or regulatory developments, and market conditions.
Steven M. Plavny
Copyright © 21Ventures LLC
. OrionSolar is a trademark of OrionSolar Photovoltaics, Ltd.
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Toronto-based Environmental Technology Pioneer Green Earth Nano Science Expands in EU February 6th, 2015
DELSEY by Philippe Starck DELSEY Launches New Collection by Philippe Starck February 4th, 2015
NEI introduces NANOMYTE® SuperAi, a Durable Anti-ice Coating December 4th, 2014
Biosenta Inc. Updates New Household Disinfectant Testing Results; It Kills 100% of a Broad Range of Deadly Molds, Fungi, Bacteria, and Viruses, Including Ebola and Enterovirus D68 November 20th, 2014
Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015
Arrowhead to Present at 2015 Barclays Global Healthcare Conference March 4th, 2015
Arrowhead to Present at 2015 RBC Capital Markets' Global Healthcare Conference February 17th, 2015
Iran 1st among Islamic Nations in Scientific Production, Nanotechnology February 16th, 2015
A first glimpse inside a macroscopic quantum state March 28th, 2015
DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015
Designer's toolkit for dynamic DNA nanomachines: Arm-waving nanorobot signals new flexibility in DNA origami March 27th, 2015
Using magnetic fields to understand high-temperature superconductivity: Los Alamos explores experimental path to potential 'next theory of superconductivity' March 27th, 2015
LAMDAMAP 2015 hosted by the University March 26th, 2015
SUNY Poly & M+W Make Major Announcement: Major Expansion To Include M+W Owned Gehrlicher Solar America Corporation That Will Create up to 400 Jobs to Develop Solar Power Plants at SUNY Poly Sites Across New York State March 26th, 2015
Hong Kong Investors Bullish on Dais Analytic Invest $5.75M, Provide $60M Contract, and Create New Joint Venture Company March 26th, 2015
Industrial Nanotech, Inc. Announces Next Large Order from the Oil and Gas Industry March 26th, 2015