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Solar Junction Closes $19.2 Million Round for Scaling of Manufacturing

02/13/2012

Solar Junction, a developer of high efficiency multijunction
cells for the concentrated photovoltaic (CPV) market, today announces the
close of its Series D financial round of $19.2 mil from current investors with an
additional strategic investment and partnership from IQE. This investment and
partnership is to scale up Solar Junction’s manufacturing of its world record cell of
43.5% efficiency.

“I am ecstatic about the partnership with IQE and the closing of this current round,” said
Jim Weldon, Solar Junction founder and CEO. “In the face of all the externalities
hindering solar – pricing, overseas competition, financial markets – Solar Junction has
multi-megawatt orders, the financing, the manufacturing capacity and the world record
for cell efficiency that will catapult CPV into newer and bigger markets.”
Solar Junction closes its largest round to date of $19.2 mil with investments from New
Enterprise Associates (NEA), Advanced Technology Ventures (ATV), Draper Fidher
Jurvetson (DFJ) and IQE. With the strategic partnership, Solar Junction is now able to
meet demand and fulfill current and future orders with a number of CPV companies.
Solar Junction will continue to engage with additional module manufacturers to further
technological advances within the CPV market. Solar Junction’s world record efficiency
and sustainable efficiency roadmap exceeding 50% within the decade is a key enabler
to reduce CPV module costs to meet the U.S. Department of Energy’s $ / 1 watt
objective.

Solar Junction is currently manufacturing CPV cells at a multi-point production efficiency
advantage over current market leaders. Customers immediately realize the cell’s
efficiency benefit in reductions to LCOE (levelized cost of energy) and $/watt of their
CPV modules.

“This is a potentially transformational opportunity. The CPV market has reached an
inflection point in terms of cost comparisons with fossil fuels and is promising
impressive growth potential,” said Dr. Drew Nelson, CEO of IQE. “A combination of
Solar Junction’s core materials IP and technology, together with our own IP and
manufacturing capabilities, provides a compelling route to significantly higher cell
efficiency and cost effective, high volume production.”

Solar Junction sought a strategic epi partner, and selected IQE due to its proven
expertise in high volume epitaxy, its established reputation in the CPV market and IP,
complements Solar Junction’s own technology roadmap to higher efficiencies. IQE is
investing $5 mil and receives an exclusive multi-year epi wafer supply contract with
Solar Junction.

"Another Silicon Valley success story and it couldn't come at a better time," said Silicon
Valley Leadership Group CEO Carl Guardino. "Jim Weldon and his team at Solar
Junction are leading the U.S. in innovating our way out of the cost per megawatt wars in
solar."

Solar Junction’s cells incorporate the company’s proprietary adjustable spectrum latticematched,
A-SLAM™ technology. This financing and partnership enables Solar Junction
to scale to high volume manufacturing of its world record efficiency cells for the benefit
of its customers, while continuing to manufacture in the U.S.