Infinia Corporation Announces $50 million Financing
Proceeds to be used for Commercial Deployment of Game-Changing Solar Power Generation Product
Kenniwick, WA (PRWEB) February 11, 2008 –
Infinia Corporation (http://www. infiniacorp. com/main. php) today announced that it closed on a $50 million Series B Preferred Stock financing round led by GLG Partners with participation from Wexford Capital LLC and prior investors Vulcan Capital, Khosla Ventures, EQUUS Total Return, Inc., Idealab and Power Play Energy, LLC. The proceeds from the financing will be used to fund the commercial launch of the Infinia Solar System, a solar power generation product that harvests energy from sunlight to generate clean, emissions-free electricity.
“This financing represents a very important turning point for Infinia,” said J. D. Sitton, President and Chief Executive Officer of Infinia. “With the support of this outstanding investor group, the inspired and diligent effort of our team, and the commitment of our key supply-chain partners, we are clearly on track to begin manufacturing and selling our Infinia Solar System product later this year. This product will change the game in the solar power generation market.”
In connection with this transaction, GLG’s John Small will join Infinia’s Board of Directors. Mr. Small is senior asset manager and President of GLG Inc. and has an extensive background in investing in and building public and private companies.
“My colleagues and I are very pleased to welcome John to Infinia’s Board of Directors,” Mr. Sitton said. “John brings a unique perspective to our board and shares our belief that we are at the front edge of one of the most compelling social and economic opportunities of our time. Adding GLG and Wexford to our already super-charged investor group will help ensure that we deliver on this opportunity. The Infinia team is primed and ready to roll.”
About Infinia Corporation
Infinia is a solar technology company preparing to commercialize its Infinia Solar System, a solar power generation product that converts concentrated solar energy into electricity. The Infinia Solar System couples Infinia’s proven free-piston Stirling engine with a dish-style solar concentrator to produce 3kW of grid-quality AC power. Infinia’s system is the world’s first solar power generation product suitable for automotive-scale manufacturing and deployment ranging from single units for end-users to thousands of units deployed in utility-scale solar power plants. Since 1985, Infinia has been delivering super-high reliability, zero-maintenance, free-piston Stirling engines and power systems to commercial companies and government agencies. Additional information may be obtained at www. infiniacorp. com.
About GLG Partners, Inc.
GLG Partners, Inc., the largest independent alternative asset manager in Europe and one of the largest in the world, offers its base of long-standing, prestigious clients a diverse range of investment products and account management services. GLG's focus is on preserving its clients’ capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world's largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of September 30, 2007, GLG managed gross AUM of over $20 billion. Additional information may be obtained at www. glgpartners. com.
About Wexford Capital LLC
Wexford Capital LLC is an SEC registered investment advisor with over $7 billion of assets under management. The firm, which was formed in 1994, manages a series of hedge funds and private equity funds from its Greenwich, CT headquarters. Additional information may be obtained at www. wexford. com.
About Khosla Ventures
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in both traditional venture areas like the Internet, computing, mobile, and silicon technology arenas but also supports breakthrough scientific work in clean technology areas such as bio-refineries for energy and bioplastics, solar, battery and other environmentally friendly technologies. Vinod Khosla was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Vinod has been labeled the #1 VC by Forbes. Fortune recently labeled him as one the nation's most influential ethanol advocates, noting "there are venture capitalists, and there's Vinod Khosla." Vinod Khosla founded the firm in 2004 and was joined by partners David Weiden and Samir Kaul, as well as chief scientific officer Doug Cameron in 2006. Khosla Ventures is based in Menlo Park, California. Additional information may be obtained at www. khoslaventures. com.
About Vulcan Capital
Vulcan Capital is the private investment arm of Vulcan Inc., the project and investment management company founded by Paul G. Allen in 1986 to manage his personal and business initiatives. Vulcan Capital is focused on generating long-term value appreciation across a multibillion dollar portfolio which spans diverse industry sectors and investment asset classes ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. Additional information may be obtained at capital. vulcan. com.
About EQUUS
Equus Total Return, Inc. (“Equus”) is a business development company publicly traded on the New York Stock Exchange since 1998. Equus provides debt and equity financing to private middle market companies representing the alternative energy, healthcare, real estate, media, entertainment and leisure sectors. Additional information on Equus Total Return, Inc. may be obtained at www. equuscap. com.
About Idealab
Idealab’s mission is to create and operate pioneering technology companies. Founded in 1996 by entrepreneur Bill Gross, Idealab provides a broad range of operational support to its companies, allowing the operating company management teams to focus on getting to market quickly and cost-effectively and to take advantage of the serial start-up experience of the Idealab team. Bill Gross and Idealab have founded companies such as eSolar, Inc., Energy Innovations, Overture Services, Inc., CitySearch, Picasa and Internet Brands. Current operating companies are providing innovative technology solutions in industries such as software, search, 3D printing and alternative energy fields. Additional information may be found at www. idealab. com.
About Power Play Energy, LLC
Power Play Energy, LLC, is a private equity company based in Connecticut that owns alternative energy-related intellectual property and assets.
Press Contact:
Andy Prince
Porter-Novelli for Infinia
512-289-4728
Ap [at] ap-comm [dot] com
Investor Contact:
Gregg Clevenger
Chief Financial Officer
Infinia Corporation
509-737-2140
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