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.

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