Solar cell developer, DayStar, raises $5 million

DayStar Technologies, Inc., developer and manufacturer of CIGS Photovoltaic Foil brand sunlight-to-energy products, said today that it has completed the issuance of new securities in connection with its restructuring of an outstanding convertible note and private placement of common stock.

The company closed a previously announced financing round with several new investors, selling 2,500,000 shares of common stock at $2 each—for $5 million in new funding. In connection with this closing, the company converted the principal and interest on an outstanding convertible note into 3,050,203 shares of common stock. Upon this conversion, the Class B Warrant and all the existing debt covenants have been terminated.

DayStar manufactures CIGS solar cells, which are deposited on flexible metal foils using production processes adapted from computer component manufacturing. As an alternative to wafer-silicon solar cells, DayStar believes the unique combination of its CIGS solar cell design coupled with proprietary manufacturing processes on flexible metal substrates could substantially lower costs and remove deployment barriers currently limiting large adoption of solar energy.

POST A COMMENT

Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

NEW PRODUCTS

SEMI-GAS broadens gas mixing capabilities for highly corrosive gases
08/28/2014SEMI-GAS Systems, a provider of ultra-high purity gas delivery equipment, recently broadened the capabilities of its custom Xturion ...
Entegris announces GateKeeper GPS platform
07/15/2014Entegris, Inc., announced last week the launch of GateKeeper GPS, its next-generation of automated regeneration gas purification system (GPS) technology....
Bruker introduces Inspire nanoscale chemical mapping system
07/15/2014Bruker today announced the release of Inspire, the first integrated scanning probe microscopy (SPM) infrared system for 10-nanometer spatial...