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Your email address will not be published.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

MEMS wafer inspection system from Sonoscan
06/25/2014Sonoscan has announced its AW322 200 fully automated system for ultrasonic inspection of MEMS wafers....
Radiant Zemax announces ProMetric Y series compact imaging photometers
06/18/2014Radiant Zemax, a provider of light and color test and measurement systems, announces the release of the ProMetric Y line of imagin...
Chad Industries will demonstrate world-class flexible automated wafer handling for 450mm wafers at SEMICON West 2014
06/12/2014Chad Industries, owned by Jabil Circuit, Inc., announced today that it will demonstr...