@Ventures Continues To Invest In Clean Energy Technologies
Thursday November 10, 2:30 pm ET
Follow-On Investment Made in Advent Solar
WALTHAM, Mass.--(BUSINESS WIRE)--Nov. 10, 2005--CMGI, Inc. (Nasdaq: CMGI - News) announced today that @Ventures, its venture capital affiliate, has made an additional $4.75 million investment in Advent Solar, Inc. as part of the company's $30 million Series C funding round. @Ventures initially invested in Advent Solar's Series B investment round in December, 2004 with an investment commitment of $2.5 million. The Series C round announced today was led by Battery Ventures at an increase in valuation over the Series B investment.
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Advent Solar, a solar cell and module manufacturing company, develops photovoltaic technology to convert sunlight into electricity. With its patented innovations in solar cell design and manufacturing, Advent Solar expects to be able to produce solar cells at a significantly lower cost than today's conventional solar cells. Unlike thin films and organic photovoltaic technologies under development today, Advent Solar's "back-contact" cells will enable streamlined manufacturing and the use of thinner silicon to achieve cost reductions, yet at the same time, to deliver the field-tested reliability and efficiency of traditional silicon solar cells.
Advent Solar's Series C round of $30 million is one of the most significant investment rounds to date in a privately-held solar cell company. Based in Albuquerque, New Mexico, the company was profiled by Governor Bill Richardson as a key company in Mesa del Sol, a 12,000 acre economic development cluster receiving financial support from the State of New Mexico. "We believe this public sector recognition and significant private sector financial investment represents solid validation of the potential for Advent's innovative technology to be applied in a market that is already a multi-billion dollar industry and growing about 30% per year," said Peter Mills, a founding partner and Managing Director of @Ventures.
@Ventures has been making venture capital investments since 1995, focusing on early-stage technology companies in emerging but potentially large markets that can benefit from @Ventures' strategic and operational guidance. With the formation of @Ventures' fifth venture capital fund in mid-2004, @Ventures began targeting investments in the emerging and growing market for clean energy technologies, including alternative energy, energy efficiency, and water purification and management.
"CMGI, through @Ventures, continues to be committed to identifying and making early and mid-stage investments in promising technology companies," said Joseph C. Lawler, President and Chief Executive Officer of CMGI. "The clean energy technology market is a growing market with the emergence of new companies and innovative technologies. @Ventures will continue to evaluate companies and technologies in this market to identify new investment opportunities."
About CMGI
CMGI, Inc. (Nasdaq: CMGI - News), through its subsidiary, ModusLink, provides technology and products solutions that help businesses market, sell and distribute their products and services. In addition, CMGI's venture capital affiliate, @Ventures, invests in a variety of technology ventures. For additional information, see www.cmgi.com.
About @Ventures
@Ventures, CMGI's affiliated venture capital group, invests in early-stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 Internet, software, IT and clean energy companies. The primary focus of @Ventures' fifth fund, formed in 2004, is on investments in clean energy technologies, including alternative energy, energy efficiency, and water purification and management. For additional information, see www.ventures.com.
About Advent Solar
Advent Solar, Inc. is a leading manufacturer of innovative solar cells and modules. Its unique, exclusive cell technology was originally developed at Sandia National Laboratories (SNL), and is in a class of solar cells referred to as back-contact cells. This technology is the basis for Advent's high performance products with dramatically lower cost than conventional solar photovoltaic (PV) technology. For additional information, see www.adventsolar.com, or contact Tim Vatuone, Chief Financial Officer, at 505-243-1800 or tvatuone@adventsolar.com. |
