BY LEADING € 85 MILLION INVESTMENT ROUND IN SULFURCELL
Intel Capital Invests in German thin-film solar module developer
MUNICH, Germany and SANTA CLARA, Calif., – July 9, 2008 – As an important part of its cleantech investing, Intel Capital, Intel’s global investment organization, has invested € 24 million in Sulfurcell, a leading German developer and manufacturer of thin-film, electricity-generating solar modules. Sulfurcell will use the new investment to significantly expand production with a new plant in Berlin.
Intel Capital led the € 85 million total equity round, with a € 24 million investment. European cleantech investors including Climate Change Capital Private Equity (London), AIG (Zurich), Demeter Partners (Paris), Zouk Ventures (London) and BankInvest (Copenhagen) invested € 38 million with the remainder of the round coming from existing investors.
“Cleantech investments worldwide, including solar power generation, are a key focus for Intel Capital, particularly in the wake of global warming concerns and rising energy costs for businesses and consumers,†said Arvind Sodhani, president of Intel Capital and Intel executive vice president. “By investing selectively in innovative technologies, such as those delivered by Sulfurcell, we further the viability of alternative energy options and help increase adoption while reducing carbon emissions.â€
“This funding round constitutes a major milestone for Sulfurcell and we are pleased to be working with a global investor of Intel Capital’s leadership and expertise,†said Dr. Nikolaus Meyer, CEO of Sulfurcell. “We have an aggressive growth strategy and the funding will enable us to respond to the rapidly increasing demand for thin-film solar modules in all market segments.â€
Solar modules convert sunlight to electricity. Sulfurcell makes monolithic modules using thin-film materials from the CIS/CIGSe (Copper-Indium-Sulfide/Selenide) family of chemical elements for the conversion of light to electricity. The company’s pilot production line has demonstrated product performance and process scalability to enable future high-volume supply.
“Intel Capital invested in Sulfurcell because CIS/CIGSe solar modules have demonstrated some of the highest energy conversion efficiencies of all thin-film materials. They also enable emerging applications such as building integrated photovoltaics (BIPV), where solar modules are integrated in the core structure of roofs and walls,†said Heiko von Dewitz, investment director of Intel Capital’s cleantech sector in Europe and Israel. “Germany is a leader in adopting photovoltaics as an alternative energy source and we believe Sulfurcell is well positioned to contribute to broader adoption in Germany and in other countries worldwide.â€
Intel Capital is focused on the cleantech sector, actively seeking and structuring investments in companies worldwide that are producing products and services in a variety of “green†areas such as energy efficiency, alternative power generation and storage, transportation and materials.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech.
Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries. In that timeframe, 168 portfolio companies have gone public on various exchanges around the world and 212 were acquired or participated in a merger. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About Sulfurcell
Sulfurcell develops, manufactures and distributes thin-film photovoltaic solar modules using a proprietary technology based on CIS. Sulfurcell’s PV solar modules are characterised by high power output, even at elevated temperatures or under partial shading. Their unobtrusive and homogeneous outward appearance meets the highest aesthetic expectations. Sulfurcell is currently among the top 3 of approximately 20 manufacturers of CIS/CIGSe based solar modules worldwide. The company employs a staff of 120. For more information, visit http://www.sulfurcell.de.
