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Posted: January 14, 2008
NanoGram Corporation Raises $32M to Extend Solar Technology and Advanced Materials Solutions to Commercial Scale
(Nanowerk News) NanoGram Corporation, a leading developer and licensor of core process technology for the manufacture of unique nanostructured materials for optical, electronic and energy applications, today announced that it has closed on a third equity round of $32M to date to expand its solar technology and nanomaterials solutions businesses.
In addition to follow-on investments from existing investors ATA Ventures, Bay Partners, Harris & Harris, Institutional Venture Partners, Nth Power, Rockport Capital Partners, SBV Venture Partners, and Technology Partners, NanoGram adds Global Cleantech Capital, Masdar Clean Tech Fund, Mitsui Ventures, Nagase & Co., Nanostart AG, TEL Venture Capital, and Yasuda Enterprise Development as new investors.
The new funding will be used to accelerate development of NanoGram’s proprietary silicon solar technology and its advanced nanomaterials solutions for flat panel displays, solid state lighting, lithium-ion batteries, and printed electronics.
“NanoGram is an agile company creating new market opportunities by understanding the needs of our customers and partners,” said NanoGram President and CEO Dr. Kieran Drain. “Our expansion into the solar market and strong customer interest in our core nanomaterials solutions proves our technology has the potential to generate game-changing products. These new funds allow us to increase momentum.”
Ira Ehrenpreis, General Partner at Technology Partners, concurs stating, “NanoGram has already seen the successful spinouts of NeoPhotonics and NanoGram Devices, and is now pursuing additional exciting Cleantech opportunities in new large markets with their energy and advanced materials technologies. Managed by seasoned executives, the company continues to execute towards their vision of being a leading provider of nano-enabled materials solutions to their customers and partners.”
“The application of NanoGram’s nanomaterials solution to the solar sector opens up an extremely exciting frontier in the development of cost-effective solar technology, “ remarked Alex O’Cinneide, Partner at the Masdar Clean Tech Fund, a part of the Government of Abu Dhabi’s multi-billion dollar initiative in advanced energy technologies and sustainable development. “We believe that this application combined with the deep experience of their management team and their clearly articulated market strategy will achieve both near term successes and deliver on long term potential. Given the enormous promise of their technology, we are more than pleased to have a technology leader such as NanoGram in our portfolio.”
Dr. Paul Kloppenborg, CEO of Global Cleantech Capital and an experienced solar investor who was one of the early active investors in Renewable Energy Corporation (REC) and Q-Cells, states, “We believe that by helping NanoGram to commercialize their proprietary solar knowledge we accelerate our own solar investment program to deliver the high efficiencies of crystalline silicon with the cost savings of thin film. I believe NanoGram’s solar technology has the potential to contribute to the cost breakthrough in next generation photovoltaic technologies.”
The NanoGram Solutions business unit, which serves customers and partners in the optical, electronic, and energy arenas, will use the new funds to hasten the commercial realization of advanced nanomaterials solutions currently in development. These solutions, when coupled with NanoGram’s complete licensing package and production-scale Nanoparticle Manufacturing (NPM™) equipment, offer customers and partners the ability to secure competitive advantages for their applications through higher levels of performance and innovative cost-saving processing routes.
NanoGram today also announced the addition of Timothy H. Starkey as vice president of Solar Manufacturing and Benoit Pouliquen as independent director. Mr. Starkey joins the NanoGram Solar business unit and will oversee the team responsible for the design, integration and operation of a solar module pilot plant. Mr. Starkey brings over 30 years of industry experience including executive management roles at Miasolé, JDSU, SpectraSwitch, and Komag.
Mr. Pouliquen joins the board of directors having most recently served as president and CEO of Sheldahl, a manufacturer of flexible circuits and technical materials which he successfully took private and sold to Flextronics in 2004. Prior to Sheldahl, Mr. Pouliquen was president and COO of BMC Industries and president of the electronics division of Johnson Matthey where he completed the successful sale of the division to Allied Signal, Inc. in 2000.
About NanoGram – www.nanogram.com
NanoGram Corporation develops and licenses core process technology that enables the
manufacture of unique nanoscale compositions for optical, electronic and energy products.
The company has developed an extensive intellectual property portfolio that is expanding
the boundaries of nanomaterials technologies and enabling the development and
manufacture of new generations of materials, devices, components and applications across
a broad range of industries. The NanoGram KK office in Shinjuku, Tokyo supports its
growing presence in Japan, while the NanoGram Korea office in Seoul serves local
customers in that country. NanoGram has established a strategic development and
manufacturing supply relationship with Nagase ChemteX Corporation.