State gives Xunlight extra time
Toledo firm has until Oct. 15 to raise funds for loan
10/5/2012
Material used in the production of solar cells goes through a machine earlier this year at Xunlight Corporation in Toledo.
The Ohio Department of Development has granted Xunlight Corp. an extension to raise several millions in funding — a covenant of the company’s modified state loan agreement that was supposed to be fulfilled at the end of September.
The Toledo company has until Oct. 15 to raise the additional funds required under the agreement, which is tied to a $3 million loan.
Xunlight is tying up some loose ends and should receive about $5 million in private funding in the coming weeks, said Dennis Kebrdle, Xunlight’s chief transition officer.
The manufacturer of flexible solar panels is in the final stages of restructuring. Xunlight rolled out a series of new products this year that include solar-powered lanterns and “power in a bag,” a solar panel that can be rolled up and taken practically anywhere.
The solar panels produced at Xunlight are slated to perform at about a 15 megawatt efficiency and weigh much less than traditional glass panels. Some are no heavier than a one-subject notebook.
The company also plans to franchise its technology, although executives don’t use that term for legal reasons.
Xunlight received a mix of incentives from the state that include the loan from the Ohio Department of Development and a series of grants.
It also was awarded a $4 million loan from the Ohio Air Quality Development Authority.
The air authority required Xunlight to raise $3 million by Sept. 30, but the company did not meet that deadline. The air authority’s board is to discuss the matter at its meeting Tuesday, Todd Nein, interim executive director of the air authority, wrote in an email to The Blade.
Mr. Kebrdle said the company has been in touch with state officials and is keeping them apprised of any challenges that arise in meeting its state loan agreements.
Contact Kris Turner at: kturner@theblade.com or 419-724-6103.