Innovalight Hires Chief Financial Officer

SUNNYVALE, Calif., March 8 /PRNewswire/ -- Innovalight, Inc., a privately-held firm selling silicon ink-based high efficiency solar cell materials and technology, today announced that it has hired Michael Johnson as chief financial officer.

Mr. Johnson brings over thirty years of experience to Innovalight – his career spans companies such as Baron Data Systems, Ascend Communications, CacheFlow, Inc., Amber Networks and more recently, Trapeze Networks.

Mr. Johnson has been instrumental in several very successful initial public offerings that raised over $500 million in new capital. He has also executed some of Silicon Valley's most notable transactions that created very successful exits for investors to the tune of approximately $2 billion as well as mergers valued at over $4 billion.

"Innovalight represents one of the most exciting growth opportunities in renewable energy I have seen to date," said Michael Johnson, chief financial officer. "I am delighted to be part of the executive team bringing such innovative and profitable technology to the solar energy market," he added.

Innovalight's proprietary materials and processes allow crystalline silicon solar cell manufacturers to dramatically boost output capacity and solar cell performance, as well as reduce costs with a simplified additional step to already installed manufacturing lines. The opportunity is significant: crystalline silicon solar cell technology accounts for 77% of the commercial solar panel market today, according to Navigant Consulting, Inc., a leading solar industry research firm.

"Mike brings extraordinary talent to Innovalight at just the right time as we scale our business," said Conrad Burke, president and chief executive officer. "His track record in helping build great companies and creating value is well known in Silicon Valley," he added.

Innovalight has a development roadmap to ultimately bring conversion efficiencies of solar cells to over 20% using its platform for silicon ink and processing technologies. Innovalight has filed for over 60 patents filed for silicon ink and high efficiency solar cells using silicon ink processes.

About Innovalight

Innovalight is based in Sunnyvale, California. The company is developing low-cost, high-performance solar energy technology using proprietary silicon ink nanotechnology. Innovalight is venture capital backed and has received additional development funds from the U.S. Dept. of Energy. For more information visit www.innovalight.com .

SOURCE Innovalight, Inc.

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