Infinia Corporation Announces Additional $7 Million Financing in Series B Round; Total Series B Round Funding at $57 Million
World's Contract Manufacturing Leader, Foxconn Technology Group, to
Accelerate Global Growth of Infinia Solar Power System
Kennewick, WA (PRWEB) April 22, 2008 -- Infinia Corporation today announced that it secured a $7 million second close of its Series B financing. Infinia recently announced a $50 million Series B round, bringing the total Series B financing for the company to $57 million.
The second close was led by Foxconn Technology Group with participation from another undisclosed investor. The proceeds from the Series B financing will be used to fund the large-scale production and global launch of the Infinia Solar System, a solar power generation product that harvests energy from sunlight to efficiently generate clean, emissions-free electricity.
"We are very pleased by Foxconn's decision to invest in and work with us," said J.D. Sitton, president and CEO of Infinia. "Securing the involvement of a manufacturer and technology provider of Foxconn's stature validates two key elements of our business plan. First, that volume manufacturing is a key driver in being able to harvest solar energy on a capital-efficient basis. And second, that the Asia-Pacific market is going to be a very attractive market for our product."
With operations throughout Europe, the Americas and Asia, Foxconn Technology Group is the world's most trusted contract manufacturer. Focusing on diverse fields from alternative materials to green manufacturing processes, Foxconn's over 20,000 world-wide patents confirm its position as a global leader in innovation and technology.
"We believe Infinia's Solar System product represents the future of solar energy technology," said Dr. Chen, Chief Technology Officer of Foxconn. "The ability to mass manufacture such an efficient solar product for commercial deployment will change the way global power companies and solar developers implement energy solutions. This goes hand-in-hand with Foxconn's vision of providing clean technologies and affordable products to users around the world."
The Infinia Solar System couples Infinia's proven free-piston Stirling engine with a dish-style solar concentrator to produce 3 kilowatts of grid-quality AC power. Infinia's system is the world's first solar power generation product suitable for automotive-scale manufacturing and deployment, ranging from single units for end-users to thousands of units deployed in utility-scale solar power plants.
About Infinia Corporation
Infinia is a solar energy technology and the developer of the Infinia Solar System, a solar power generation product that converts concentrated solar energy into electricity. Since 1985, Infinia has been delivering super-high reliability, zero-maintenance, free-piston Stirling engines and power systems to commercial companies and government agencies. Additional information may be obtained at www.infiniacorp.com
About Foxconn Technology Group
Foxconn Technology Group is the foremost provider of joint-design, joint-development, manufacturing, assembly and after-sales services to global Computer, Communication and Consumer-electronics ("3C") leaders. Aided by its legendary execution, uncompromising customer devotion and its award-winning proprietary business model, eCMMS, Foxconn Group is not only the largest, but also the fastest growing multinationals manufacturing services provider (including CEM, EMS, ODM and CMMS) in the world. Additional information may be obtained at www.foxconn.com
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