Xunlight, a Toledo-based company, raise the necessary capital to repay its $3 million loan by Monday.
Xunlight Corp. is up to date on its payments to the Ohio Department of Development and succeeded in raising $3 million in capital, a top official at the company said Tuesday.
The Toledo flexible solar-panel manufacturer was required to make a $164,176.54 payment to the department and raise $3 million by Monday — a deadline that was set by the development department and the Ohio Air Quality Development Authority.
Xunlight has received a mix of financial incentives from both state agencies, including a $4 million loan from the air authority. Dennis Kebrdle, Xunlight’s chief transition officer, said Xunlight is current with all its obligations to the state.
“We’re wrapping up all the paperwork and they have got documents to sign off on,” he said.
The state’s requirement that Xunlight raise $3 million had a Sept. 30 deadline, but that was extended to Monday by the air authority’s board earlier this month.
A statement from air authority spokesman Jenny Camper said: “Xunlight has informed [air authority] that they are receiving a $3 million loan, per the loan modification agreement with [the air authority]. No final paperwork on this is available yet, it’s expected later this week.”
The state Department of Development released this statement Tuesday: “Xunlight Corporation did enter into an extension agreement with a deadline of Oct. 15, 2012. Xunlight met that deadline with a payment of $164,176.54, which was received on time. The company is in good standing with the state.”
In a previous interview with The Blade, Mr. Kebrdle said Xunlight was on track to raise about $5 million in private funding.
The company has spent much of 2012 restructuring, and it introduced new products 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. They weigh much less than traditional glass panels.
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