Xunlight adds $7M to loan total
26.08.2008 11:02
Shopping
- Source: toledoblade.com
Toledo's Xunlight Corp. has been awarded two loans totaling $7 million to help the solar-panel start-up firm buy machinery and equipment to construct an assembly line capable of producing 25 mega-watts worth of panels annually. The loans were approved yesterday by the Ohio Development Financing Advisory Council, part of the state Department of Development. They are $3 million at an interest rate of 3 percent for seven years, for research and development, and a $4 million Ohio Enterprise Bond loan for seven years with the interest rate to be determined at closing. The funds, which are subject to Ohio Controlling Board approval, will help Xunlight, founded by two University of Toledo professors, create about 280 jobs and retain 30 within the first three years of the start of production. The company is developing thin-film-silicon-based solar panels using a production process that makes flexible and lightweight panels at low cost. Xunlight was approved this month for a $4.975 million grant to support engineering research. All told, the company has been approved for nearly $20.5 million in state and federal grants and loans to help it produce solar panels at a factory off Nebraska Avenue in Toledo. It also received $22.3 million in April from a California venture capitalist.
| 
Add comment