COLUMBUS — The Ohio Air Quality Development Authority's board is giving Toledo-based Xunlight Corp. until Oct. 15 to raise $3 million, a stipulation of a modified loan agreement with the state.
If the company fails to raise funding by that date, it could be in default and the agency could begin a collections process. Xunlight failed to meet a previous Sept. 30 deadline to raise the $3 million.
Last week, the Ohio Department of Development also set an Oct. 15 deadline on a separate $3 million loan. Dennis Kebrdle, Xunlight’s chief transition officer, told The Blade last week that the company was close to securing the additional financing and would meet the state’s modified deadline.
Xunlight makes flexible solar panels and is in the final stages of restructuring.
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