Wednesday, May 03, 2006

Innovalight, Iogen, Ovation announce raises

Busy last couple of days:
  • Innovalight, which is developing silicon ink-based solar PV technology, announced a $7.5mm Series B, led by Harris & Harris. Existing investors Apax Partners, ARCH Venture Partners, Sevin Rosen Funds and Triton Ventures also participated in the round.
  • Iogen, which is developing technology to produce cellulosic ethanol from agricultural waste, took in $30mm in financing from Goldman Sachs. The company had previously raised significant capital ($20mm from the Canadian government, $100mm in "internal funding and funding from strategic partners" from Petro-Canada and Royal Dutch/Shell). Some indication of valuation is given by the fact that Goldman's stake is a minority ownership. Iogen is planning on breaking ground on a commercial plant based upon their technology sometime next year, with production beginning in 2009. The Red Herring article linked to above also has a nice description of the funding challenges facing capital-intensive new technologies like Iogen's...


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